🏅Starters: start Bitcoin Gold on November 12🏅

in bitcoin •  15 days ago

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The developers of Bitcoin Gold reported yesterday in the official blog that on November 12, 2017 at 22:00 Moscow time on their website there will be a link for downloading the client of the full node of the new crypto currency. After that, miners and pools around the world will be able to start mining BTG, and users - to load into the purse closed keys
Bitcoin and finally get the long-awaited coins.

Initially, the launch of BTG was planned on October 24 (when only a snapshot of Bitcoin's blockage was made), then the date was postponed to November 1, and now the authors and developers of the project announced that they are ready to be launched. They commented on what had been done to improve the work of BTG:
Change the PoW algorithm to Equihash.

Implementing full protection against transaction reproduction (BIP143 SIGHASH).
Implementation of a unique address format with the prefixes 'G' and 'A' (including the introduction of protection that excludes transactions to incorrect addresses).

Improved algorithm for changing complexity (improved response to dynamic change in hashing power).
After the code is published, Web wallets and crypto-exchange exchanges will be able to charge BTG to beatcoin owners, and it will be possible to carry out transactions and auctions.

The team is still working on the following areas:

Perfection of documentation for developers.

Assistance to service providers (exchanges, wallets) for integration of BTG.

Full technical documentation.

Assistance to press and social media communities.

At the moment, BTG is traded on several exchanges in the form of futures. Since the start of trading on October 24, the price of BTG has fallen from 500 to 150 dollars. How exactly will the official launch of the coin affect the price? On the one hand, this is a positive step, as there were doubts that the project would start. On the other hand, a huge number of coins will come to the market, and many will hasten to get rid of the 'gift' as soon as possible, transferring it to more reliable currencies. In addition, after the cancellation of the SegWit2X's hard-core, the expectations of Bitcoin's crisis have subsided, which means lower demand for alternative lockers.

Starters for start

Perhaps the only ones who expect the undoubted benefits of Bitcoin Gold launch are GPU-miners. The level of their income is now quite decent, exceeding electricity costs by 5-10 (and even more) times, depending on the tariffs, but still it is much lower than in the summer months when the video cards paid off in a matter of weeks.
The appearance of a new revenue-generating crypto-currency on a well-run hash algorithm will undoubtedly increase the profit of the miners, at least by reducing the complexity of other altokkanas, primarily ZEC and its clones using the
Equihash algorithm.

Let's try to make a rough calculation. On this hashing algorithm, the Nvidia 10 series cards are most effective, now they do not take into account electricity 1.5-2 $ for the average price range map (GTX 1060 - 1070) and up to 3-3.5 $ for the top price category (1080 - 1080 Ti) .

If we assume that the BTG rate will remain at the current level ($ 150), and the emission rate will be similar to BTC (an average of 1,800 coins per day), then BTG will be extracted daily by 270 thousand dollars. A simple division allows you to calculate that for the mining of Bitcoin Gold, while maintaining the current yield, 120-150 thousand video cards of the middle and 80-100 thousand cards of the upper price range can leave. This is not a huge, but significant amount for the GPU mining market. In terms of the 'spherical in a vacuum' GTX 1070, this is about 15% of the current hash of the Zcash network. That is, while maintaining the Bitcoin Gold rate, the profitability of the miners will grow insignificantly, but still noticeably. In addition, some will earn this crypto currency on the basis of its growth in the future.

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🤗 source: from the author 🤗

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