What is Bitcoin Gold?
Bitcoin Gold is a fork of the Bitcoin blockchain. At block 491407, Bitcoin Gold miners will begin creating blocks with a new proof-of-work algorithm, and this will cause a bifurcation of the Bitcoin blockchain. The original Bitcoin blockchain will continue on unaltered, but a new branch of the blockchain will split off from the original chain. The new branch is a distinct blockchain with the same transaction history as Bitcoin up until the fork, but then diverges from it. As a result of this process, a new cryptocurrency born.
What is the purpose of Bitcoin Gold?
The purpose of Bitcoin Gold is to make Bitcoin mining decentralized again. Satoshi Nakamoto’s idealistic vision of “one CPU one vote” has been superseded by a reality where the manufacture and distribution of mining equipment has become dominated by a very small number of entities, some of which have engaged in abusive practices against individual miners and the Bitcoin network as a whole. By changing Bitcoin’s proof-of-work algorithm from SHA256 to Equihash, all of the specialized SHA256 mining equipment will be obsolete for mining the Bitcoin Gold blockchain. Thus, Bitcoin Gold will provide an opportunity for countless new people around the world to participate in the mining process with widely-available consumer hardware that is manufactured and distributed by reputable mainstream corporations. A more decentralized, democratic mining infrastructure is more resilient and more in line with Satoshi’s original vision.
Is Bitcoin Gold a competitor of Bitcoin?
No. Bitcoin Cash and B2X are hostile forks that use the same PoW algorithm as Bitcoin – SHA256 – which results in a permanent state of conflict over a finite amount of ASIC mining hardware that is required for solving SHA256 proof-of-work. Bitcoin Gold, on the other hand, uses the Equihash PoW algorithm, which cannot be solved using ASICs that have been designed for Bitcoin. This ensures that Bitcoin Gold is not in competition with Bitcoin over limited resources. Instead, Bitcoin Gold will have an entirely different mining infrastructure, consisting of general purpose computer hardware (GPUs).
How can I get Bitcoin Gold?
The Bitcoin Gold (BTG) initial coin distribution method is almost exactly the same as that used by the Bitcoin Cash fork of August 1. Everyone who held Bitcoin when block 491406 was mined will automatically receive Bitcoin Gold at the rate of 1 BTC=1 BTG. (If you had 20 BTC at the time of the fork, you will receive 20 BTG.)
What wallet should I keep my BTC in to make sure I get my free BTG?
Some wallets may offer you direct access to your BTG, while others may require you to take additional technical steps. Verified wallets that support BTC and BTG side-by-side will be listed on the Bitcoin Gold home page. We will publish guides for retrieving BTG from the most popular wallets, including Bitcoin Core, Electrum, Mycelium, hardware wallets, paper wallets, and more.
If I have BTC in long-term cold storage, where are my BTG?
If you have BTC in a paper wallet, hardware wallet, multi-signature address, or any other form of secure private key storage, you will be able to claim your corresponding BTG at any time in the future. There is no expiration date for claiming your free BTG. If you have BTC in cold storage that you did not plan to touch for many years, do not change your plans because of this fork. Your BTG will still be there decades from now.
How can I get Bitcoin Gold after the fork?
After that time, your options to acquire it will be to buy it on an exchange like any other cryptocurrency, to mine it with your own computer hardware (GPUs), or to earn it by trading your goods and services for it. BTG is already trading on several exchanges listed on the ECOSYSTEM section of the official website.
If I have BTC on an exchange at the time of the fork, will I get my free BTG?
Cryptocurrency exchanges are custodial businesses, which means they control your private keys, not you. A exchange that was holding BTC on your behalf at the time of the snapshot will also receive the corresponding BTG. While they should credit your account with the equal amount of BTG, there is no legal authority that can force them to do so. The Bitcoin Gold home page displays the names and logos of exchanges that are already prepared to credit their users with BTG at the 1:1 ratio. If your exchange is not shown, it would be wise to consult with your exchange for full information on their policy.
How can I sell my Bitcoin Gold?
You can sell your BTG at any of the exchanges listed on our home page. You can also sell your coins in a private trade with a trusted broker.
Should I buy Bitcoin Gold?
As the developers of this project, it’s not our role to make price predictions or give investment advice.
How do I mine Bitcoin Gold?
You can solo mine BTG using the full node client or you can mine with a pool. Some public mining pools that have worked with us are listed on our home page. We invite you to join our Slack #mining channel for technical help and advice about mining BTG.
How do I run a Bitcoin Gold full node?
The Bitcoin Gold full node client with signed prebuilt binaries will be available for download at btcgpu.org and the source code can be found at https://github.com/BTCGPU/BTCGPU. These are the only two sites affiliated with the Bitcoin Gold development team.