The development team of the Bitcoin Gold announced its plans to transition to a new algorithm, to protect yourself from the new ASIC miners and prevent future attack 51%. The new algorithm will be called Equihash-BTG.
As we noted earlier, the emergence of the stock market of new equipment for mining cryptocurrency, is built on an algorithm Equihash, did not only unprofitable mining using GPU, but also threatened attacks on the network. Of course, such things can not hold the developers, so they came to the need to create an algorithm that would make the use of ASIC miners useless.
According to them, the transition to the modified algorithm will increase the requirement for memory capacity, which will make the extraction of tokens using ASIC equipment is just ineffective.
How long will the success of the update?
In the opinion of some representatives of the crypto community, such measures can only be a temporary solution, since the development of mining equipment now actively conducted by many companies and production capacity in this sector only gaining strength.
For the transition to the updated algorithm will need to be hardwork in the network. In most cases, such rigid forks have a positive effect on the growth rate of the cryptocurrency, but now to predict anything too early. The official date of the hard forks have not declared and do not know which block should be branching. And while ASIC Bitcoin miners freely mined Gold.
According to CoinMarketCap, Bitcoin now Gold is trading at a price of $33,1 per day increased by 4.21%.
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