Cryptocurrency digging is popular because it allows you to theoretically get coins for free. Nevertheless, in practice it is a complicated process. It requires specialized equipment, training and technical knowledge. In the case of the Bitcoin Gold cryptocurrency, the creators decided to make mining easier. How did they do it? They removed ASIC computers from digging and made Bitcoin Gold mining possible for anyone.
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As you probably know, Bitcoin was the first successful cryptocurrency, and many new coins are modifications of Bitcoin, which are called hard forks or soft forks. Bitcoin Gold is one of the hard forks of Bitcoin, which has been improved and made available to everyone at a relatively low price. Bitcoin Gold is characterized by the fact that it can’t be mined using expensive ASIC computers – a huge achievement. ASIC computers are specifically designed for Bitcoin mining and increase the cost of mining. The developers of Bitcoin Gold eliminate this difficulty, making it more accessible to people. If we compare Bitcoin Gold with Bitcoin, we can see that both cryptocurrencies are similar, and Bitcoin Gold can be used for the same purposes as Bitcoin – that is, for transactions and other activities. How to mine Bitcoin Gold? What can be a problem in this process? We write about it below!
ASIC chips, and digging cryptocurrencies
Bitcoin Gold was created through a fork of Bitcoin to allow more people to join the mining process and earn rewards. The reason was that the special ASICs that are designed for mining cryptocurrencies are much more powerful than processors and graphics cards.
This means that miners who use processors and graphics cards find it difficult to earn rewards because ASIC machines are incomparably faster. In cryptocurrencies, computational speed is crucial to success in mining them, as it indicates how well a machine performs during the mining process.
ASICs are so powerful that CPUs and graphics cards can’t beat them during mining. If you are interested in the blockchain sector, then you surely know that cryptocurrency is made for people, so it is extremely important that everyone has a chance to mine and receive rewards for participating in the network. Any ordinary user can mine cryptocurrencies using their laptop or computer at home, without any special preparations. However, problems begin when miners use ASIC chips. The aforementioned chips lead to a situation where mining cryptocurrencies from an ordinary computer becomes difficult or impossible to achieve compared to using ASICs. Why is this the case? Well, in a cryptocurrency system, miners have to solve a hash function to get rewards in cryptocurrency. This is a kind of encryption that ensures the security of the blockchain network. If a user successfully solves a math problem, he or she can publish a new block on the network and receive a reward in cryptocurrency, such as Bitcoin Gold. In traditional mining systems, those who get the job done faster and more efficiently are rewarded.
Unfortunately, ASIC machines, which are very powerful, create inequality in access to rewards. Miners using CPU and GPU computers are unable to compete with ASIC machines, resulting in rewards going mainly to miners using the machines above. Therefore, this is unfair to those with smaller budgets.
What is Hashrate?
Hashrate, is simply the ability of your machine to solve a hash function in one second. The higher the Hashrate, the better your machine is at mining cryptocurrencies. ASICs are much more powerful than CPUs and graphics cards, which means that miners using ASICs get most of the rewards, while those using CPUs and graphics cards don’t. Bitcoin Gold was designed to exclude the use of ASICs in the crypto mining process. As a result, miners using GPUs have a chance to earn rewards, making Bitcoin Gold mining very profitable.
How to start digging Bitcoin Gold?
We mentioned above how Bitcoin and Bitcoin Gold work and how they differ. So let’s move on and see what is needed to start mining Bitcoin Gold.
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Computer hardware for digging Bitcoin Gold
Mining cryptocurrencies requires good hardware. After excluding ASICs, an ordinary home computer is enough to mine Bitcoin Gold, but to get better results, you need a GPU that is more powerful than an ordinary processor. Graphics cards are more efficient in mining Bitcoin Gold. However, if you don’t have one, you can mine Bitcoin Gold with an ordinary processor, but it won’t be very efficient. It can be compared to painting a fence with a toothbrush, and painting with a brush, which is easier and more efficient. If you want to start mining Bitcoin Gold, you need a computer with a good processor, a GTX 10xx graphics card, plenty of RAM and an SSD. If you have all this on an updated system, then you can start your mining adventure. However, it’s worth remembering that the faster the computer, the better the chances of receiving a reward for solving a math problem.
Bitcoin Gold and Pool
You can mine Bitcoin Gold on your own or join a mining pool, where everyone has a chance to earn a reward. However, in order to earn big money, a very powerful computer is required.
Mining Bitcoin Gold on a home computer can be a good way to start understanding the digging process itself. However, if you want to mine larger amounts of Bitcoin Gold and make more money, you need a special mining-oriented computer. Such a computer requires a number of very good graphics cards and proper planning to keep it cool and ensure that it doesn’t burn up.
The power supply is also an important component that must be suitable for the needs of the hardware. It will help ensure that it runs efficiently and makes money. Don’t buy cheaper power supplies that can damage your hardware or increase your power bills and reduce your profits.
What hardware should you choose for digging Bitcoin Gold?
If you are using six graphics cards, it is important that the motherboard you choose is compatible with your requirements and supports the desired hardware components. However, the number of PCIe slots on a motherboard does not mean that it will automatically support more graphics cards (GPUs). You should do proper research to find a powerful enough motherboard for your mining computer. Another important thing is the computer’s chassis, which should be customized for mining. With six NVIDIA RTX 2080 Ti graphics cards, you should choose a custom computer case that includes all the necessary gadgets.
Finally, choosing the right operating system is crucial to the performance of your hardware. Both Windows and Linux work well, however Windows is easier to use and configure.
Once you’ve gathered and sorted out the necessary hardware, it’s time to find the right software to keep your computer running. When mining and managing cryptocurrencies, it is important to keep your funds safe. You shouldn’t store them anywhere; instead, you should organize a secure wallet. The same goes for Bitcoin Gold – you need a reliable hardware wallet to store mined coins.
What program should you use to mine Bitcoin Gold?
As mentioned above, software is crucial to the operation of your device. If you want to start digging Bitcoin Gold, you need three or four programs.
- The first is an account on a cryptocurrency exchange, where you will be able to sell your mined coins. It’s important to thoroughly research the various exchanges and make an informed decision before making a choice.
- The second important element is a cryptocurrency wallet, where you will be able to store your mined coins. Without a wallet, you won’t be able to manage your cryptocurrencies, so choosing the right one is essential.
- You also need other necessary software to be able to mine Bitcoin Gold. For this, you can use solutions such as hashflare.io, nicehash.com, ccgmining.com and minergat.com. However, keep in mind that mining Bitcoin Gold is a lot of work, your computer may make unusual noises during the mining process.
- In addition to basic cryptocurrency mining software, there is also an optional solution that can increase your profits – access to a mining pool. Why should you join a pool? The answer is simple – by joining you have a better chance of receiving a reward, as it has more computing power than a single miner.
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