Bitgold proof

The stated purpose of the hard fork is to restore the mining functionality with common Graphics Processing Units GPU , in place of mining with specialized ASIC customized chipsets , used to mine Bitcoin.

A central part of the bitcoin process, mining, is being controlled by a few manufacturers who sell their products to a select group of industrialized miners, centralizing the mining task and breaking with one of the core values of bitcoin - decentralization [2].

ASIC resistant GPU powered mining provides a solution, as this kind of hardware is ubiquitous, and anyone can start mining with a standard, off-the-shelf laptop computer. The hard fork occurred on October 24th, , at block height The team did this via a rapid mining of approximately 8, blocks at However, of the K coins, some five percent were set aside as a bonus for the team, or about coins for each of the six members.

Bitcoin gold uses the memory hard equihash as proof-of-work algorithm instead of the sha But for the rest, the project follows the guidelines of the Bitcoin core project. From Wikipedia, the free encyclopedia. This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. December Learn how and when to remove this template message.

This article may be too technical for most readers to understand. Please help improve it to make it understandable to non-experts , without removing the technical details. This is an interesting idea, but the price is likely rising due to another reason as well.

When Bitcoin last forked into two on Aug. And since that coin shared its blockchain with Bitcoin, everyone who owned Bitcoin at that time automatically became the owner of Bitcoin Cash. Somewhat surprisingly, Bitcoin Cash took off and immediately became a coin with a multi-billion-dollar valuation.

If you owned, say, 1 bitcoin at the time of fork, you received a few hundred dollars worth of Bitcoin Cash for free. One month until bgold exodus fork.

Hodl BTC on Right now, it looks like everyone is buying Bitcoin so they can get their "free" Bitcoin Gold at the time of the next fork, which is scheduled for Oct. Bitcoin Gold developers have stated they might pre-mine a certain amount of Bitcoin Gold to fund their efforts, which would essentially mean free money for them and is generally frowned upon by the community.

Also, when Bitcoin Cash was created, it had a certain degree of support from some large miners, which is why it did so well. And after it became clear that Bitcoin Gold was here to stay, initially reluctant exchanges started supporting it and giving Bitcoin owners the BCH coins they rightfully owned.

Bitcoin Gold doesn't have that kind of support, and it's entirely possible that it just fizzles and dies right after inception. On top of all that, another other fork that's just around the corner more on that later could be very tumultuous for Bitcoin. So why, despite all that, is the price of Bitcoin rising so sharply? We've asked a few experts, and the consensus seems to boil down to one word: We don't know how well Bitcoin Gold will fare and how much it'll affect Bitcoin.

But we do know that a potentially far more important event is happening on Nov. Whoa - this jewelry store in the small Missouri town I grew up in updates this sign daily with the prices of gold, silver, and bitcoin. Around that date, the SegWit2x upgrade will be implemented, again splitting Bitcoin into two. The new version of Bitcoin should be safer and faster, and basically everyone in the Bitcoin community wants to see this upgrade happen.

But there's a big disagreement on when and exactly how it should happen. A group of Bitcoin-related companies that represent more than 83 percent of mining power has decided to split in November, whereas the Bitcoin Core development team wants to wait until a full consensus is reached. There are also some disagreements on certain details in the new software.

So come November, Bitcoin will fork into two, but it's unclear how many miners will support the new version and how many will stick to the old one.