Bitcoin Gold you ask?
Yes. Another hard fork is on the way. This one is planned for October 25.
And the project is called Bitcoin Gold.
This project comes from Jack Liao, CEO of Hong Kong mining firm LightningASIC.
Liao wants to decentralize the mining in bitcoin. According to Liao the problem now is that the large mining farms and pools have all the power. They have too much power over changes to the network and fees.
Bitcoin Gold solves the problem by changing the hashing algorithm from SHA256 to Equihash. SHA256 is optimal for ASIC mining. Equihash is optimal for GPU mining. So with Equihash you won’t need specialized equipment.
There’s some red flags with this one though.
First, I’m skeptical of a miner trying to make mining more equitable.
Second, there’s no technical information available to date.
Third, I’ve read Bitcoin Gold will use the same address format as BTC and BCH and that could cause problems.
Finally, quotes from Liao indicate the project is ‘still evolving.’
Nevertheless, it looks like we’ll have a hard fork come October 25. Bitcoin Gold did say they plan to start trading on exchanges by the first of November.
We’ll see. If I do get a Bitcoin Gold ‘crypto dividend,’ I’ll likely sell and reinvest into BTC.
What about you?
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