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Bitcoin Gold (BTG) Hard Fork Implements New Mining Algorithm

The new fork, Equihash-BTG, will curb ASIC miners and double-spend attacks.

Bitcoin Gold (BTG), in a bid to stop ASIC miners and double-spend attacks, or 51% attacks, has successfully upgraded its Proof of Work (PoW) from Equihash to Equihash-BTG. BTG was also successful in upgrading its Difficulty Adjustment Algorithm (DAA) to make it more responsive towards hash shifts.

In May, when Bitcoin Gold suffered multiple 51% attacks, they planned a full update and speeded it up, since the attacks led to a theft of USD 18 million from multiple trading sources. The fork took place in block 536200, which after being mined, unlocked Equihash <144,5> or Equihash-BTG. Post the fork, BTG team said that all the miners updated their systems as required by a hard fork.

Several Exchanges supported the fork, including OKEx, Binance, HitBTC and Bitfinex.

The name 51% attacks came from the concept that if one company owns more than 51% of the hashes, it can manipulate the entire network.

“The new algorithm also comes with personalization that makes it harder to redirect mining power through a ‘hashrate market’”, BTG team said in a statement.

Chinese crypto miner Bitmain, several months after Bitcoin Gold was released, introduced Antminer Z9, a highly efficient, specially designed application-specific integrated circuit (ASIC) for mining Bitcoin Gold.

“The recent “51%” attacks, which may or may not have involved ASIC miners, were channelled through hash power rental markets – but with this change in algorithm, there’s no longer a rental market for the algorithm we’re using, and it’s harder to set one up than before,” Bitcoin Gold organization explained.

 

Chinese coin miner Bitmain is the leading BTG miner in the world with 42% hold on the BTC pool as estimated in June.

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