Bitcoin Gold (BTG) Releases ASIC-Resistant Mining Algorithm Hard Fork Update
BTG Team Taken A Big Step To Guard Against Mining Releasing A New Algorithm For A Secured Future
In Bitcoin cryptocurrency, Bitcoin gold (BTG) is one of the oldest coins which recently has launched a new algorithm over ASIC mining. ASIC (Application specific integrated circuit) is the hardware over which the mining can be done. ASIC was ruling the market for a long time but BTG has launched a new algorithm which will change the mining process.
What Is Mining?
Mining is the process in which validation is done over the transactions. If the customers have successfully completed the validation process, then he is rewarded a new cryptocurrency. So, a mining process is designed in such a way where anyone can do it with his or her desktop.
ASIC (Application Specific Integrated Circuit) To Adopt An Equihash-BTG Algorithm
ASIC has divided the BTG on the Bitcoin network initially. Further, it was seen that the cryptocurrency changed to the Equihash-BTG algorithm and was divided from the core Bitcoin. There is already a competition in the market for BTC as the ASIC mining device is being supported by Bitmain, they are one of the famous ASIC device manufacturers in the globe and creating new miners which can mine tokens using their algorithm. It was necessary for BTC to come up with a new technology to survive in the market,
By the recent time, there was a research done by the team that almost 51% attacks including ASIC miners were done that was very bad for BTC network.
Edward Iskra Favored BTC New Algorithm Over ASIC
According to Edward Iskra, he mentioned that the change was very necessary for the BTG for its survival as the miners were getting comfortable with the ASIC algorithm as there was no alternative. With a change and releasing the new algorithm, it’s a new step for BTG which will show a positive effect in a longer run. He also mentioned in favor of safety it is a brilliant step.