Bitcoin Gold will change mining algorithm

Although the measure is not definitive, its current implementation is justified by the threats posed by ASICs and the attacks of 51% of those who were recently victimized

After the 51% attacks that were made to the Bitcoin Gold network recently, as well as the appearance of a specific ASIC mining equipment, the team of developers of this chain of blocks has decided to change the mining algorithm that uses the net.

Currently they use the Equihash algorithm, which is shared by different currencies such as Zcash, ZenCash, Komodo, Bitcoin Private, among others. One of the main characteristics of Equihash is that it was resistant to ASICs, which helps to keep mining decentralized, the fundamental pillar of Bitcoin Gold.

That purpose was threatened due to the announcement made just over a month ago by Bitmain about the launch of a device capable of mining cryptocurrencies with this algorithm. This company, whose headquarters are in China, is the main manufacturer of ASIC equipment in the world, which contributes even more to the monopoly of Bitcoin mining in that country. To prevent this from compromising the decentralization of BTG, the team announced that it would perform updates on its network this June.

This team has worked hard in recent days to develop the new code and be able to run it in the test network, before sending it to the different sectors of the ecosystem so they can update it. The new code will be a version of Equihash, called Equihash-BTG, which will require more memory in the device to solve the mathematical equations.

In this way, the ASIC teams created to undermine this algorithm will not be able to work with the new update. In addition, it will not be possible to create specific devices for Equihash-BTG, so that the miners participating in the network will be able to continue using their GPUs without being threatened by other actors that can centralize the network.

However, this measure is not the definitive solution. Its current implementation is justified by the threats posed by ASICs and 51% attacks, but BTG developers know they need to work constantly to keep Bitcoin Gold decentralized.

N. Moncada

Source: Bitcoin Gold press release.

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