Invest at your own risk!
No Result
View All Result
Advertise
Submit a Press Release
Contact Us
Coindoo
  • Cryptocurrency News
    • All
    • Bitcoin News
    • Cardano News
    • Ethereum News
    • IOTA News
    • Litecoin News
    • Ripple News
    • TRON News
    PrimeXBT

    PrimeXBT Lead Analyst Kim Chua: The Cause of BTC Supply Crisis and Why It Will Get Worse

    XRP price prediction

    Ripple (XRP) Price Prediction and Analysis in January 2021

    PayPal

    PayPal Plans to Perform Crypto Transactions | Will It Get Bitcoin to $15.000?

    Sports News Apps

    The Best Classic Sports News Apps to Keep You Up-To-Date

    wire act

    What the Wire Act Means for Cryptocurrency

    cryptocurrency apps

    Cryptocurrency Apps Every Trader Should Have in 2020

    Trending Tags

    • ethereum
    • ripple
    • Tron
    • bitcoin
  • Analyzes & Reviews
  • Guides & Tutorials
    casinos

    How Cryptocurrency Is Making Casinos Safer?

    Ethereum

    How to Invest in Ethereum (ETH) Futures – Ultimate Guide for Beginners

    Bitcoin casinos

    Most Common Coins Used to Play at Bitcoin Casinos

    crypto casinos

    Was 2020 the Year of Crypto Casinos?

  • Events
No Result
View All Result
Coindoo
No Result
View All Result
Home Cryptocurrency News

Bitcoin Gold Introduces New ASIC- Resistant Algorithm

Anca F. by Anca F.
July 5, 2018
in Cryptocurrency News

Bitcoin Gold, one of the most prominent coins that resulted from a Bitcoin fork, has just switched to a new mining algorithm, to maintain its ASIC-resistance.

Bitcoin Gold Hard Fork

Bitcoin Gold was created with the aim of being decentralized, implementing algorithms that do not let ASICs mine on. Many see ASIC mining machines as specialized pieces of hardware that lead towards centralization, seeing as ASICs can be purchased in large numbers, limiting a large amount of hash power to a single entity.

Because of this, a few individuals forked off the main ASIC-dominated Bitcoin blockchain into Bitcoin Gold in October 2017. BTG first used the Equihash algorithm, which at that time was ASIC-resistant. Since then new Equihash ASICs have sprung up, these specialized machines presenting a substantially higher hash ratio.

The Bitcoin Gold team announced on Tuesday that it had managed to implement their network upgrade by starting a hard fork on the 536,200 BTG block. Edward Iskra, a member of the development team, stated that the upgrade improved BTG’s mining algorithm. The new algorithm was fittingly named Equihash-BTG.

Invest at your own risk!

The May BTG 51% Attack

Bitcoin Gold was the victim of a 51% attack in May. In the double-spend attack, $18 million worth of BTG were exploited by malicious actors, that left with a considerable profit resulting from the attack.

According to analysis from BTG and the community, the 51% attack ensued due to rented hash power, which is believed consisted mainly of ASIC miners. The new algorithm will make sure that there is no Equihash-BTG miners can enter their market, offering more security to the upgraded blockchain.

Edward Iskra stated:

“The recent “51%” attacks, which may or may not have involved ASIC miners, were channeled through hashpower 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. This means more safety.”

Along with the new algorithm, the hard fork also implements a new difficulty adjustment system, which will ensure that the during large hash power shifts the BTG blockchain will still be responsive.

LWMA, the enhanced difficulty adjustment algorithms, lets blocks be more stabilized time-wise, making sure that a new block gets released circa every 10 minutes after a hashrate swing. Iskra credited this change to the auto-switching method which miners employ to make maximum mining profits.

 “Our improved algorithm will help the blockchain adjust more quickly, providing a steadier flow of blocks,” stated the release.

Bitmain Adapted to ASIC-Resistant Algorithms

Bitmain is one of the most influential companies in the crypto mining industry, making over $3 billion in profits just in 2017. The ASIC manufacturer first built ASICs for Bitcoin and Litecoin algorithms. But recently Bitmain began creating new ASICs for algorithms that use to be ASIC-resistant, algorithms such as Equihash and EthHash.

These news ASICs started to affect blockchains that use Equihash and EthHash, including ZCash and Ethereum. GPU miners who give hash power to these blockchains have been seeing their profits decline, with ASICs easily overtaking graphics card installments.

Ethereum and ZCash have refrained from forking away from ASICs, creating a setting where GPU miners have had to withdraw from mining pools. This will only keep Bitmain in its position as leading manufacturer in the cryptocurrency mining industry and momentarily has no competitors.

Tags: ASICasic-resistantBitcoin Gold
Anca F.

Anca F.

Related Posts

Bitmain Preparing For 2020 Bitcoin Block Halving, Hints a New Device

by Solomon M.
March 29, 2019
0

China-based Bitcoin mining company Bitmain has hinted the release of new mining hardware as the block mining reward halving event...

best cryptocurrencies to mine

Best Cryptocurrencies to Mine in 2019

by Vladimir C.
March 5, 2019
0

Since Bitcoin is pretty much old news in today’s world, most people already know that it, just like most other...

Best Bitcoin Gold Mining Pools: Where to Mine Your BTG

by Vladimir C.
February 14, 2019
0

It’s almost common knowledge, at least for crypto enthusiasts, that Bitcoin mining is no longer profitable for a couple of...

Robinhood Crypto Exchange Review: Should You Trust Free Trades?

by Vladimir C.

The story behind Robinhood Founded in 2013 by Baiji Bhatt and Vlad Tenev, Robinhood started to make a name for...

Bithumb Review: Is Bithumb Safe?

by Anca F.

Bithumb Introduction Bithumb is a South Korea based crypto exchange that was established in 2013. The exchange caters mostly to...

Load More

We Recommend

Top Rated Casinos
Bitstarz Casino

CryptoGames

1xBit Casino

Winz.io Casino

BitcoinCasino.io
Top Crypto Prices Provider
Crypto.com
Top Rated Exchanges
Crypto.com

Binance Exchange
Top DEFI Leaderboard
Crypto.com
Top Advertising Services
Coinzilla Display Network
Our Latest Reviews
coinbase review

Coinbase Exchange Review

Even if it has its flaws and controversies, Coinbase is a
Kraken exchange review

Kraken Exchange Review

The exchange is one of the most popular crypto trading platforms,
XRP.io wallet review

XRP.io Wallet

XRP.io provides a very easy to use and simple user experience.
View All Reviews
Invest at your own risk!

Editor's Choice

Blockchain Analyzes & Reviews

CoinRabbit Review: How to Profit From Hodling Your Crypto?

by Ionela C.
January 13, 2021
0

SwapSpace exchange aggregator

SwapSpace Exchange Aggregator Review: Supported Cryptos, Fees, Pros and Cons

trading

The Benefits of Cross-Chain Trading

August 28, 2020
Stratus

Stratus Redefining Social Media

August 24, 2020

5 Minutes of Blockchain & Cryptocurrency News!

We completely understand that your inbox is already full of junk emails. We promise that we gonna try to keep it clean by sending a daily newsletter with our latest news. You can always choose to unsubscribe to our newsletter if you're not satisfied.
coindoo icon
  • Contact Us
  • Advertise
  • RSS Feed
  • About Us
  • Partners
  • Terms & Conditions
  • Privacy Policy

© 2017-2020 Coindoo

The information on this website and the links provided are for general information only and should not constitute any financial or investment advice. We strongly recommend you to conduct your own research or consult a qualified investment advisor before making any financial decisions. We are not responsible for any loss caused by any information provided directly or indirectly on this website.

No Result
View All Result
  • Cryptocurrency News
  • Analyzes & Reviews
  • Guides & Tutorials
  • Events

© 2017-2019 Coindoo