Bitcoin Gold is a cryptocurrency, and it is a hard fork of Bitcoin, the leading and most popular cryptocurrency in the world. The developers created Bitcoin Gold with one principle – it is impossible to mine Bitcoin Gold using ASIC computers. Bitcoin Gold uses the proof-of-work algorithm, Equihash, which is the same algorithm Z Cash uses. The major benefit of using Equihash is it is ASIC resistant, and hence it can be mined by using a regular PC. In this article, we’ll discuss how you can mine Bitcoin Gold.
Bitcoin Gold Mining Tools
The only method for you to mine Bitcoin Gold is through GPU (video cards). Also, you can mine Bitcoin Gold using a computer processor.
For mining Bitcoin Gold you need –
- Computer for mining
- A wallet to send and store your coins
- Mining software for your computer to connect to the network and proceed with solving blocks
- An account from any exchange, in case if you want to trade your mined coins for other coins or into fiat currencies.
For mining Bitcoin Gold, it can be done with graphic cards, but you need a few auxiliary components such as –
- Even though a fast processor is not required, a standard Intel Celeron is widely used among miners.
- Several mining motherboards have multiple PCI slots for the graphic cards, but any standard motherboard with PCI slots will work fine.
- A 4GB RAM will be sufficient for mining.
- To store your mining software and operating system, you need to have a small SSD for faster boot time, although you can also use HDD, which is cheaper. Also, you can run your operating system on an external hard drive, but eventually, it will lead to slower boot times.
- To power the components, you need a power supply. Depending upon the number of graphic cards you are using, you have to use a maximum power of a minimum of 800W or multiple power supplies.
- The standard ATX cases cannot support more than 3 to 4 graphic cards; miners should build their mining cases. There are few websites where you can buy mining cases, but you need to pay a large premium.
Even though we highly recommend running powerful video cards for mining Bitcoin Gold, it is not mandatory to run any. It is possible to mine Bitcoin Gold on your processor, but a processor is very slow and might not get more mining rewards compared to a graphics card. You will not get sufficient pay for the power cost for mining, which makes it highly impractical and inefficient.
For mining Bitcoin Gold you need the right software, which will connect the computer to the pool or network and begin hashing. Some of the Bitcoin Gold compatible miners are –
- Optiminer – that are compatible with AMD cards on Linux
- Claymore’s AMD miner – that is compatible with AMD Cards on windows
- EWBF Miner – that are compatible with NVidia graphic cards on Linux and windows.
You should install the EWBF miner on windows. Also installing other mining software will follow the same installation process.
The Linux installation for EWBF miner is more complicated, but Linux can provide more stability and has greater performance when compared to a Windows variant.
For mining Bitcoin Gold, you need a wallet to store the mined coins. The most accessible ones are mobile wallets since you can directly view your balance on the phone no matter wherever you are.
Currently, 3 wallets support Bitcoin Gold –
- Free Wallet – a multi-wallet available for Android and iOS
- Guarda Wallet – a multi-wallet available for Android and iOS
- Coinomi – a multi-wallet exclusive for Android
If you have one miner, the best decision would be to select pool mining over solo mining so that you will have consistent payouts. Joining a pool mining is simple; several pools will have “getting started” tutorial pages where you will be offered a few examples about the file configurations.
How to mine Bitcoin Gold?
Let’s discuss how to Mine Bitcoin Gold –
Solo mining is much preferred than pool mining if you need consistent payouts because you need to compete against other solo miners and pools on the Bitcoin Gold network. If you are running a very weak system, there is a possibility that you cannot mine a single block. If you are opting for solo mining, it requires a huge investment, multiple systems with multiple graphic cards, etc.
Setting up a node
One of the easiest ways to support Bitcoin Gold is setting up and running a Bitcoin Gold node; currently, this can be done only through Linux.
Starting to Mine
You can set up a computer and mining software, start a .bat file if you use Windows, or a .sh file if you use Linux. These are the prerequisites for mining Bitcoin Gold, and you can check the miner’s performance through the pool’s website or the software. For calculating the profits, you can use the formula P = M – W, where
- P is profit
- M is mined value
- W is power consumption or wattage.
Bitcoin Gold offers greater decentralization, and the miners are not limited to its entities or people who can afford to buy ASIC computers. Bitcoin Gold is considered as a competitor to anti-ASIC projects, while Bitcoin attracts those miners who can afford to mine it using heavy machinery. In the long-term, Bitcoin Gold might expand its research on blockchain technology and smart contracts, and it might also develop a decentralized fiat and cryptocurrency brokerage network, which shows its future is bright.Apart from that, If you are looking to make a huge profit from Bitcoin or any other crypto then you should check out Immediate Edge – the trusted trading bot. It is an automated trading platform that helps you to make huge profits from cryptocurrencies. It is the safe and secure platform amongst the all available trading bot in the market. Check Immediate Edge Review to furthermore about this innovative platform.