The increasing popularity of cryptocurrency is leading towards the creation of more cryptocurrency which use advanced algorithms to overcome the drawbacks of old cryptocurrency. Similarly, bitcoin gold was created by developers to overcome the drawbacks of the most popular and valuable cryptocurrency, i.e., Bitcoin. With the use of advanced algorithm mining, this cryptocurrency has been made easier than most other cryptocurrencies.
For mining in cryptocurrency, you must be updated with the latest ups and downs in the values of cryptocurrency to ensure whether mining in a particular cryptocurrency is valuable or not. residencestyle.com is a website where you can read the latest articles and blogs related to Bitcoins and other cryptocurrencies and several other things related to them.
What is Bitcoin Gold?
Source: capital.com
Unlike other digital currencies, bitcoin gold is also a cryptocurrency with the same characteristics as Bitcoin. Mining this cryptocurrency doesn’t require AISC miners and can be done with GPUs instead. AISC mining is very expensive and consumes a lot of electricity, and not everyone can afford it. Since bitcoin gold mining can be done with GPUs, it gives you the option to mine this cryptocurrency with your gaming PC or MacBook. The rewards from GPU mining reach individual miners all over the world.
The purpose of bitcoin gold was to decentralize Bitcoins again. Since Bitcoin is already a decentralized currency, i.e., it doesn’t belong to any banks, central authority, or country. It has made the idea of this cryptocurrency to decentralize Bitcoin seem unreasonable. One of the major drawbacks of bitcoin is the mining process which consumes a lot of energy and time and can be done efficiently through high-powered AISC mining, which is very expensive.
By using new algorithms for the mining process, the developers made Bitcoins Gold mining possible with the help of GPU mining from your regular gaming PC solving all the major drawbacks of Bitcoin mining. Therefore, you don’t need any special high-tech and expensive computing device for bitcoin gold mining. Other than mining drawbacks, this cryptocurrency also concentrates on problems related to protection, distribution, and transparency while making a transaction.
How to mine Bitcoins Gold – 2024 Guide
Mining cryptocurrency can be difficult, and it requires a lot of time and consumption of energy to mine cryptocurrency. Before you start mining cryptocurrency, you need to buy a few hardwares, important things to learn, and some factors to consider. But with bitcoin gold, the mining process is easy as compared to other cryptocurrencies and can be done by everybody. Bitcoin gold mining neither requires high consumption of energy, nor you have to buy expensive AISC computers for efficient mining.
Apart from mining requirements, the mining process of this cryptocurrency is related and similar to Bitcoin mining. It has the same speed to process transfers from one ledger to another within a blockchain and also follows the same principles. Like other cryptocurrencies, this cryptocurrency can also be used for trading and transactions directly from peer to peer.
Steps to be followed to mine Bitcoins Gold are :
Step 1: Hardware you need to mine Bitcoin Gold
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To mine bitcoin gold, you just need a high-end GPU (Graphics Card), and you are halfway there to start mining with this cryptocurrency. GPU mining can be done easily by everyone, and it is the most effective method for mining this cryptocurrency. To start with mining, you need a mid-range CPU, a GTX 10xx video card, 4GB RAM, and a decent SSD. These requirements are enough if you are thinking of joining a mining pool where the rewards are shared between all.
But to go for solo mining and to earn some serious money, you have to buy a mining-centric PC that is capable of solving the hash function first, and then you get rewarded for solving the function. A mining-centric PC should have specifications starting with six graphics video cards. You need a PSU that can be efficient in converting power and support the other hardware. A good motherboard is also required to support all six graphics cards. Along with it, you need the latest operating system to set up and make the mining process easier and a great cooling system to cool down the entire system.
Step 2: Create a Bitcoin Gold wallet
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To start with the mining process, you will have to open an account from a cryptocurrency exchange platform that is safe and secure. After this, you will have to open a cryptocurrency wallet on this cryptocurrency exchange platform. Cryptocurrency wallets will store all your currencies, and you can convert them to Fiat money anytime.
Step 3: Mining Software
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Now you need the best mining software that connects your computer to the blockchain. This specialized mining software is used to solve the hash function and get you rewarded with bitcoin gold. The better GPU and other hardware you have, the faster this software can solve the function. The best software for mining cryptocurrency is ccgmining.com, hashflare.io, minergate.com, nicehash.com, etc. You may need additional software, i.e., a mining pool client if you want to join mining pools.
Step 4: Bitcoin Gold mining pools
Source: coinbureau.com
This step is essential only if you are joining mining pools to mine bitcoin gold. Joining a mining pool gives you assured rewards and reduces the trouble of performing all the operations by yourself. Even if you have high-end hardware, a solo computing system can never stand a chance against multiple computing systems, and if you are not the first one to solve the hash function, you get nothing. Hence joining a mining pool is always beneficial.
In a mining pool, the rewards are distributed based on the hash rate a particular person contributes. Also, it depends on whether the pool is earning enough rewards and the value of bitcoin gold is enough to make it worth mining it.
Final Thoughts
Mining bitcoin gold can be an easy way and a great source of earning huge profits. Once you are familiar with the mining process, you can either do solo mining and enjoy all the rewards by yourself or join a mining pool for a stable and easiest way to earn bitcoin gold.
