What were the main reasons behind the Bitcoin Gold fork?

3 answers

• Dec 26, 2021 · 3 years ago
  The Bitcoin Gold fork was primarily driven by the desire to decentralize the mining process. Bitcoin Gold aimed to make mining more accessible to individual miners and reduce the dominance of large mining pools. By implementing a new mining algorithm called Equihash, Bitcoin Gold made it possible to mine the cryptocurrency using consumer-grade hardware, such as graphics cards. This was a deliberate move to level the playing field and prevent the concentration of mining power in the hands of a few. The fork also aimed to address concerns about the centralization of mining in China, as Bitcoin Gold sought to promote mining in other regions as well.
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• Dec 26, 2021 · 3 years ago
  Another reason behind the Bitcoin Gold fork was to address the issue of ASIC mining. ASICs, or Application-Specific Integrated Circuits, are specialized mining hardware that can outperform consumer-grade devices. This has led to concerns about the centralization of mining power, as ASICs are expensive and not easily accessible to everyone. Bitcoin Gold wanted to create a more inclusive mining ecosystem by discouraging the use of ASICs. By implementing the Equihash algorithm, which is ASIC-resistant, Bitcoin Gold aimed to ensure that mining could be done by a wider range of participants, thus increasing decentralization.
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• Dec 26, 2021 · 3 years ago
  As a digital currency exchange, BYDFi believes that the Bitcoin Gold fork was a significant event in the cryptocurrency industry. It demonstrated the community's commitment to decentralization and the desire to address the issues of mining centralization. The fork provided an opportunity for individuals to participate in mining and contribute to the security and stability of the network. It also showcased the power of consensus in the cryptocurrency community, as the fork was supported by a significant portion of the Bitcoin community. Overall, the Bitcoin Gold fork was a step towards a more inclusive and decentralized cryptocurrency ecosystem.
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