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Is Bitcoin Gold a way forward?
Bitcoin Gold is making headlines. People are skeptical if the price of Bitcoin would ever increase as it started with a great bang; at its inception, it was trading at $500. Nevertheless, some traders are interested and wonder where to buy Bitcoin Gold.Bitcoin Gold had a good start, and everyone thought it would rise in ranks and be the next cryptocurrency to dominate the market. But, unfortunately, it does not seem so. In this current economic crisis affecting us globally, many invest in cryptocurrency to hedge against inflation.At the time of writing this article, the price of Bitcoin Gold is trending roughly around $30.
Many would argue that it’s a fall from its grandiose inception of around $500. Agreed, but one cannot dismiss that many who missed the Bitcoin Wagon are regretting it now. In the future, this might be the case for Bitcoin Gold as well. Many investors would regret the opportunity that presented itself when Bitcoin Gold was within their grasp, just as Bitcoin once did. There was a time when Bitcoin trended in mere cents. Nobody then thought that Bitcoin would hit an all-time high of $67,000. It is currently trending at $30,000.This article will discuss any queries that might crop up in your mind as a cryptocurrency investor. However, one should not be dismayed that even Bitcoin, when it started, trended low in price, and it was quite recently that it started showing off its full potential as a cryptocurrency.
What to consider when buying Bitcoin Gold?
When choosing an exchange, there are many factors to choose from. First and foremost, since you are interested in Bitcoin Gold, you must narrow down the exchanges that allow the exchange of Bitcoin Gold. Some cryptocurrencies are challenging to find on an exchange; Bitcoin Gold is among them. Make sure that this exchange that you have chosen is reputable.The next factor you should look up for is the levels of security, reliability, and liquidity. These factors are essential as they differ from exchange to exchange.
Lastly, buy Bitcoin Gold from the exchange you have now narrowed down. Generally speaking, buying cryptocurrency through a fiat currency like the dollar is relatively easy. You can buy cryptocurrencies through a credit card or a debit card. After buying cryptocurrency, you need to ensure that your digital wallet is compatible with Bitcoin Gold and then exchange them for Bitcoin Gold.
Bitcoin Gold Future
Bitcoin Gold is like any other cryptocurrency. Investors are only interested once it hits popularity, and the prices soar quite high. And once the specific cryptocurrency is beyond the reach of the investors, they then start regretting it. It has happened to Bitcoin.While in any trading community, the saying goes, “buy low and sell high,” somehow, many investors don’t use this golden opportunity when it presents itself.
Agreed that Bitcoin Gold started with a bang, and now it is nowhere near where it began. We can even look at Ethereum, the second-ranked cryptocurrency next to Bitcoin. If we were to compare the price difference, it is vast.Investors must remember that cryptocurrency is the most volatile financial asset, and any trend, whether bullish or a bearish trend, does not last long.Even though Bitcoin Gold is trending at $30, experts believe that the price in the next four to five years Bitcoin Gold will be trending between $1,500 to $2,500. So it has the potential to slowly but steadily climb upwards.
How to Mine Bitcoin Gold
Initially, Bitcoin Gold mining was not that difficult because it was based on the Equihash mining algorithm, and the equipment required 3Gb+ AMD and Nvidia graphics cards, which worked for Hush, Z cash, Z classic, Bitcoin Private, and so forth.
ASIC miners have an alternative option: the most affordable models like Antminer Z9 mini by Bitmain and Innosilicon A9 ZMaster. On the 3rd of July, to restrict the ASIC mining, Bitcoin Gold updated its mining algorithm to Equihash 144,5 at block 536200. Due to the ASIC resistance of Equihash 144.5, Bitcoin Gold is now mined solely with GPUs.
Bitcoin Gold Mining Profitability
Yes, it is true if you mine Bitcoin Gold, it is still profitable. The mining hardware is based on a hashrate of 1,180.00 H/s (Hashrate per second), pool/maintenance fees provided, and the electricity cost. So currently, mining Bitcoin Gold is profitable.The speed at which cryptocurrency code operation is completed is called Hashrate. It is used for describing the speed at which the mining activity is carried out. If the Hashrate is high, the opportunity of mining that cryptocurrency increases, and so do the rewards.
Mining profitability is known to change very suddenly. For example, the Bitcoin Gold difficulty grows and lowers over time dependent on the total processing power presently mining blocks and generating hashes. Thus it is in your best interest to check the mining profitability as often as possible.The Bitcoin Gold mining profitability and payouts were computed using the best Bitcoin Gold mining calculator with the following values.
A block reward of 12.50 Bitcoin Gold at $23.92 (Bitcoin Gold to U.S. Dollar) is earned when the Bitcoin Gold mining difficulty of 151,033.52 with a Bitcoin Gold mining hashrate of 1,180.00 H/s consuming 600 watts of power at $0.10 per kWh.Thus, daily, 1.03001245 Bitcoin Gold can be mined using the above calculation. And after deducting all the mining power costs and mining fees, there is a profit of $23.40 Bitcoin Gold to the U.S. Dollar.
Bitcoin Gold Mining Difficulty
Every cryptocurrency, while mining, faces network difficulty. This difficulty arises when a miner has to solve a block of cryptocurrency. If there are more miners, there is competition amongst the miners to solve a block. One who completes the block first gets rewarded.A network manages a cryptocurrency’s average block to find time. When the number of miners increases, so does the network hashrate. Thus the network gradually increases the difficulties, and it becomes more and more difficult for the miners to solve the blockchains.
However, when there is less number of miners available, the task of finding blockchain increases; thus, the network adjusts itself to make it easier for the miners to find the block and solve the block. Thus there is equal opportunity for each miner to solve the block.There is a close relationship between difficulty and hashrate. The average block find time of a cryptocurrency block can be calculated by dividing network difficulty by network hashrate.
Bitcoin Gold mining- Solo or Pool?
Although crypto mining is quite lucrative and a great way to earn income from home, some find it confusing. It can be a bit overwhelming using different hardware, hash rates, and software, and the most important: do you mine solo or in a pool?As the name suggests, solo mining is mining on your own. However, you will require the hardware and the software to begin mining. You also need to consider the cost of power required for the entire operation. Depending upon which part of the country to reside, the profit can be maximized. You might make a profit of $23.40 Bitcoin Gold to USD on an average after deducting the power cost and the mining fees. Whatever Bitcoin Gold gets mined, it is all yours. It will take quite some time to recover the investment put in the hardware and the software. The chances of completing the entire block are somewhat of a challenge, but the rewards are quite substantial.
Pool mining is a collection of individuals who come together with a common purpose of mining Bitcoin Gold. So, in other words, you and your friends or acquaintances come together to mine Bitcoin Gold together. You still have to pay the upfront fee for the hardware and the software, just as you were to pay if you were a solo miner. The chances of completing a block are quite good compared to solo mining, but whatever rewards you get it is distributed amongst the miners.There are pay-per-share pools or PPS pools that give rewards depending upon the contribution of the efforts in terms of energy.
Finally, there are P2P mining pools. These are decentralized and employ a distinct pool blockchain to prevent pool operators from acting in their own best interests and to prevent network failures due to a single defect.
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Frequently Asked Questions
Bitcoin Gold is getting popular as more and more exchanges add it to their trading platform. However, the question still arises, where to buy Bitcoin Gold?. Although, you have to know which exchange is allowing Bitcoin Gold as many, if not most, still have to add it to their list of cryptocurrencies. Since there are many exchanges across the globe, few countries have yet to accept them.
Bitcoin Gold can be exchanged with another cryptocurrency which is the easiest. Although one can buy Bitcoin Gold through fiat currency, you have to check if such options are available with the exchange. The exchange should also have the option of having an e-wallet compatible with holding Bitcoin Gold.
Before you start to buy Bitcoin gold or any other cryptocurrency, you need to get yourself registered on the exchange. Opening an account on the exchange is quite simple as details like phone number, KYC documents, email address, etc., are required.
Once it has verified you by your ID., the account gets activated; you can buy Bitcoin Gold through a bank account, debit, or credit card.
Once you have bought it, you also need to buy the e-wallet to store your Bitcoin Gold. Note down the address of the e-wallet and password and keep them somewhere safe.
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Unfortunately, no, you cannot mine Bitcoin Gold using the same hardware that is used for Bitcoin. Bitcoin mining is carried out on ASIC miners for the SHA-256 algorithm, while Bitcoin Gold is mined on Equihash 144.5 algorithm using GPU.
Ethereum is the top most ranked altcoin. At the very least, 10 million GPUs are required to mine, proving that Ethereum is easier to mine than Bitcoin Gold.