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Bitcoin Gold

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Bitcoin Gold
Denominations
CodeBTG
Precision10−8
Subunits
 1⁄1000millibitcoin
 1⁄100000000satoshi[1]
Development
Initial release0.15.0.1 / 12 November 2017 (7 years ago) (2017-11-12)
Latest release0.17.3 / 3 August 2020 (4 years ago) (2020-08-03)
Code repositorygithub.com/BTCGPU/BTCGPU
Development statusActive
Project fork ofBitcoin
Written inC++, Qt
Operating systemWindows, OS X, Linux
Source modelOpen source
LicenseMIT License
Ledger
Ledger start3 January 2009 (16 years ago) (2009-01-03)
Split fromBitcoin
Timestamping schemeProof-of-work
Hash functionEquihash
Block reward3.125 BTG, halved April 24, 2024, at block no. 840 000. Will halve again at block no. 1 050 000 (~spring of 2028).[2]
Block time10 minutes
Block explorerBitcoinGold Explorer
Supply limit21,000,000 BTG
Website
Websitebtgofficial.org

Bitcoin Gold (BTG) is a cryptocurrency which was created as a hard fork of bitcoin.

The stated purpose of the hard fork is to make mining on commonly available graphics cards economically viable. The cryptocurrency has been hit by two 51% hashing attacks, once in 2018 and once in 2020.

History

[edit]

Bitcoin Gold hard forked from the bitcoin blockchain on October 24, 2017.[3] The stated purpose of the hard fork was to change the proof of work algorithm so that ASICs (Application-Specific Integrated Circuits) which are used to mine bitcoin cannot be used to mine the Bitcoin Gold blockchain in the hopes that enabling mining on commonly available graphics cards would allow mining from a home PC.[4][5]

According to Mashable the launch was criticized for being hastily put together and for including a developer pre-mine.[5] Shortly after launch, the project's website came under a distributed denial of service attack.[4]

In May 2018, Bitcoin Gold was hit by a 51% hashing attack by an unknown actor. This type of attack makes it possible to manipulate the blockchain ledger on which transactions are recorded, and to spend the same digital coins more than once.[6] During the attack, 388,000 BTG (worth approximately US$18 million) was stolen from several cryptocurrency exchanges. Bitcoin Gold was later delisted from Bittrex, after the team refused to help pay some damages.[7]

In July 2018, Bitcoin Gold changed mining algorithm to one that requires more memory to further discourage ASIC mining.[8][non-primary source needed]

Bitcoin Gold suffered from 51% attacks again in January 2020.[9] In July 2020, the version 0.17.2 was released as an emergency update in order to elude a long attack chain originated a few days before.[10]

References

[edit]
  1. ^ Mick, Jason (12 June 2011). "Cracking the Bitcoin: Digging Into a $131M USD Virtual Currency". Daily Tech. Archived from the original on 20 January 2013. Retrieved 30 September 2012.
  2. ^ "BTG Halving Countdown | Bitcoin Gold". Bitcoin Gold. Archived from the original on 26 April 2020. Retrieved 2 May 2020.
  3. ^ Osborne, Charlie. "New, imminent Bitcoin Gold fork met with skepticism". ZDNet. Archived from the original on 2017-10-24. Retrieved 2019-01-16.
  4. ^ a b "Meet Bitcoin Gold, Yet Another New Kind of Bitcoin". Fortune. Archived from the original on 2017-10-25. Retrieved 2019-01-16.
  5. ^ a b Schroeder, Stan (24 October 2017). "Bitcoin splits into two again, but owners don't get free money just yet". Mashable. Archived from the original on 2017-10-24. Retrieved 2019-01-16.
  6. ^ "Bitcoin Spinoff Hacked in Rare '51% Attack'". Fortune. Archived from the original on 2019-01-16. Retrieved 2019-01-16.
  7. ^ Cimpanu, Catalin. "Bitcoin Gold delisted from major cryptocurrency exchange after refusing to pay hack damages". ZDNet. Archived from the original on 2022-05-24. Retrieved 2019-01-16.
  8. ^ Iskra, Edward. "Equihash-BTG: Our New PoW Algorithm". Bitcoin Gold. Archived from the original on 16 January 2025. Retrieved 21 June 2019.
  9. ^ Canellis, David (January 27, 2020). "Bitcoin Gold hit by 51% attacks, $72K in cryptocurrency double-spent". The Next Web. Archived from the original on January 27, 2020. Retrieved February 27, 2020.
  10. ^ "Emergency update 0.17.2". Bitcoin Gold. Archived from the original on 1 September 2024. Retrieved 4 Sep 2020.
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