Bitcoin Gold (BTG), one of the one of the leading Bitcoin forks, has started initiating and developing projects that are dedication to being ASIC-resistant.
The announcement, which was entitled ‘A Response to the ASIC Threat’, is very similar to the news that was released by Bitmain, a Chinese crypto-mining giant who confirmed the release of the new “ASIC” miner that is capable of mining Bitcoin Gold.
ASIC is an acronym that stands for “application-specific integrated chip” and is a computer chip which is designed for one set of processes. Because of this, the new chip from Bitmain is only capable of computing one specific algorithm- the Equihash algorithm. Equihash algorithm is used by a number of cryptocurrencies like Bitcoin Gold in mining. Equihash algorithm is also used by ZCash (ZEC) for mining.
The statement said that ASIC-resistance is very important to the mission. The statement added that Bitcoin Gold, BTG was developed following the struggle between ASIC miners and the rest of Bitcoin users. The reason behind the creation of BTG was to assist in reducing monopolizing tendencies of ASIC mining. This was achieved by making people more easily to mine than before. The “graphic cards” or GPUs can be owned by everyone.
Bitcoin Gold’s original codename was “BTCGPU” – GPU, which was coined in relation to consumer-level graphics card chips.
In order to prove their determination and dedication of competing with industrialised mining, the team is ready to either change the algorithm that is used by Bitcoin Gold or come up with a completely new one for purposes of mining.
The move comes a few weeks after several developers of Monero (XMR),a privacy coin announced war on ASIC-mining. The changes were introduced that led to a hard fork which, which established four additional blockchains.
According to CNBC, which quoted estimates from Bernstein Research, a Wall Street firm, Bitmain turned a profit of between $3 billion and $4 billion in operating profits from the same of the company’s ASIC-mining chips plus the cryptocurrency mining activities in 2017.
Bitmain has only achieved these results in a span of four years as opposed to Nvidia that has been in business for twenty-four years.