Everyone wants to join cryptocurrency and get coins through mining. It is a fact that mining cryptocurrency is not a game for kids. It requires a lot of things and factors, including expensive hardware, training, knowledge seeking, and improving your technical knowledge. Everything is the same for Bitcoin Gold; however, the developers aim to make it easier. The immediate question is, How? The answer is simple and straightforward, by eliminating the ASIC computers from the process and offering Bitcoin Gold mining to all and sundry.
Bitcoin is the very first successful cryptocurrency. Many new cryptocurrencies are hard or soft forks of Bitcoin. In the same manner, Bitcoin Gold is one of the hard forks of BTC. Developers have improved it and made it available for everyone making it comparatively inexpensive. Bitcoin Gold is impossible to mine with ASIC computers; that is an outstanding achievement. ASIC computers play a significant role in the mining of Bitcoin.
ASIC stands for Application Specific Integrated Circuit. These were specifically designed to mine Bitcoin, increasing the mining cost significantly. The developers have removed this difficulty by eliminating this requirement for mining Bitcoin Gold.
If we ignore the mining options, Bitcoin Gold is similar to its ancestor, The BTC. All the guidelines and procedures are identical and enjoy the same transfer processing speed. It can be used for all those purposes for which BTC is widespread, and even you can use it for trading too. You must be careful about only one thing, i.e., selecting a reliable crypto exchange, for example, Binance, Coinmama, Coin base, etc.
What makes the ASICs problematic?
Bitcoin is forked into Bitcoin Gold to eliminate the ASIC mining, involve more people in the mining process, and earn rewards. ASICs are specifically designed for mining and are much more potent than CPUs and GPUs for mining. So, it becomes difficult or nearly impossible for CPU and GPU miners to claim a reward because the ASIC machines are matchless regarding mining.
In crypto mining, the hash rate is a significant factor that determines success in mining and indicates the machine’s performance in mining procedures. ASICs are highly efficient, and CPUs and GPUs can’t beat them in mining procedures.
Cryptocurrency is the currency for people, and its basic concern is that everyone can participate in crypto mining and get a reward. Anyone can mine crypto coins with a simple computer or a laptop in their residential room and should not need to make special arrangements. The problem is that ASIC machines make it impossible.
You’ll be thinking, why is it impossible in the presence of ASICs? The answer is quite simple and straightforward. In cryptocurrency systems, the miners have to solve the hash function to earn cryptocurrency. It secures the blockchain through encryption. When a user becomes successful in solving the hash functions, it becomes eligible for the right to publish the new block and receive compensation in terms of crypto coins like Bitcoin Gold.
In the traditional system of mining, the early successful users get the reward. In this way, everyone tries to stack the deck in their favor. In this scenario, the ASIC machines become a great hindrance for those miners who are using normal computing machines. Because there is no match between the hash rate of ASIC and a normal CPU or GPU computer, it is obvious that all the rewards go to the ASIC miners, and others are just wasting their time in this quite imbalance comparison.
Hash Rate
Here is a solid question what is the hash rate, and why is it so important? As we have discussed above that, in mining, the miners have to solve hash functions. Hash rate is the ability of your machine to perform hash functions in a second. In this regard, ASIC machines are far long away from the regular CPU or GPU mining machines. The greater the hash rate, the more powerful the machine is.
It is not difficult to understand. Suppose you participate in a mining procedure with a consumer-grade CPU or GPU machine and others are using ASICs; you’ll never get a reward. So, it is evident that there is no mining with ASICs. Bitcoin Gold has resolved the issue as its fundamental principle is “No ASICs”. Thus, mining Bitcoin Gold is highly profitable now.
If we exclude ASICs from mining, the GPUs are leading the mining machines’ squad. GPUs are more potent and faster than CPUs, and their use in mining cryptocurrency has made them highly expensive, and their prices have hit the roof in recent times.
What is needed to start it?
We’ve seen all the important things and challenges of Bitcoin and Bitcoin Gold. So, let’s move ahead and see what is needed to start Bitcoin Gold mining.
Hardware
Good hardware is an essential part of crypto mining. After removing the ASICs, now you can mine Bitcoin Gold with your domestic computer without adding anything else to it. However, if you add a GPU, it’ll become more effective because GPUs are more powerful than CPUs.
GPUs are more effective for mining Bitcoin Gold and are highly recommended. However, you can mine Bitcoin Gold with your domestic computer with a CPU, although it is not much effective. Let’s explain it with an example. Suppose you have to color a fence, and you use a toothbrush for it. Undoubtedly, the fence is painted, but what if you use a painting brush to do it? The work could be nicer and easier. The same is the situation with mining with a CPU (Toothbrush) and a GPU (Painting brush) for mining Bitcoin Gold.
So, now you are ready to step in for Bitcoin Gold mining. Let’s see what you need for it. In case you recently have improved your computer, you might be good at going with mining. What you need is a suitable CPU, a video card GTX 10xx, excellent RAM, and SSD hard drive. If you have all this in your upgraded system, you are ready for takeoff. Don’t wait for any more to spare your time; just start mining Bitcoin Gold. However, if you want to make handsome money through mining Bitcoin Gold, you must have a powerful computer.
Please note the point that your computer should be fast enough to solve the mathematical problems and hash function earlier than any other miner so that you can receive the reward. It is about your solo flight to mine Bitcoin Gold. However, mining pools are also there, and anyone can join for mining.
For solo miners, it is pretty good if they get a Bitcoin Gold reward for their mining while using a domestic computer. The use of a domestic PC gives you a good idea of the mining process, and it helps you to move on to more mining-centric machines.
What is required for a mining-centric computer? It requires multiple powerful GPUs and a proper arrangement for maintaining system cooling. If you avoid spending on cooling arrangements, it can burn your expensive GPUs and bring a financial burden on you. For a moderate mining PC, using six GPUs is good enough.
The next essential component is Power Supply Unit (PSU) that makes all your equipment work and earn for you. Use a suitable PSU and don’t go for cheaper products as these will not properly facilitate your hardware and get it hot. It will increase your electricity expense and cut down your profit.
Did you consider Motherboard? Definitely, it should be compatible with your requirements and support your required hardware components. If you use six video cards, then your selected Motherboard should support it. Another important thing is your PC case. You have to manage a customized computer case that can hold all the gadgets along with your six NVIDIA RTX 2080 Ti video cards.
Be careful; if a motherboard has more PCIe slots, it doesn’t mean that it supports more graphic cards (GPUs) and makes all your mining equipment work well. You can overcome this problem by conducting proper research to find a suitable and enough powerful Motherboard for your mining PC.
When you collect and arrange the necessary hardware, next is suitable software to make your machine work. The operating system is the soul of your mining PC. Windows and Linux both perform well; however, Windows is a little bit easier to work and configure accordingly.
Another important thing that is compulsory for mining and managing crypto coins must also be discussed. You take care of your money and arrange a secure wallet to keep it instead of keeping it open in your pocket or anywhere else. The same is the case for Bitcoin Gold; you need a reliable hardware wallet to store your mined Bitcoin Gold coins. Trezor Model T and Ledger Nano X are among the highly recommended wallets.
Software required for mining
As it is discussed above, the software is like the soul of your hardware equipment and manages its working. Similarly, for the mining purpose, you also need three to four software to initiate the mining of Bitcoin Gold. Let’s move on to the details.
At the starting point, you need an account at any cryptocurrency exchange. After proper research and selecting a reliable crypto exchange, always make a wise decision. It is compulsory to convert your crypto coins into fiat or traditional currency so that you can use them.
The following requirement is a soft cryptocurrency wallet where you can manage your earned coins. How can you claim to be a Bitcoin Gold mine without a crypto wallet? Is it all that requires for mining Bitcoin Gold? Simply no. There is another essential software that is still not discussed in this article. Let’s move towards it.
Mining software is essential to start mining Bitcoin Gold. You have to install mining software that will connect you with the blockchain and enable your computer for the mining procedure. Due to mining software, your computer works on hash functions and solves them to earn a crypto reward in the form of Bitcoin Gold.
When you complete all the requirements, you can now claim as a Bitcoin Gold miner. It is a heavy task so don’t worry if you listen to unusual sounds from your computer. To facilitate your selection, here are some suggestions for mining software. You can consider hashflare.io, nicehash.com, ccgmining.com, and minergat.com.
We’ve discussed three pieces of software needed for Bitcoin Gold mining. Here is an optional piece of software that you can use to enhance your reward earning. Yes, it’s all about mining pool clients. You can install it if you have decided to join mining pools. You may think, why should you join a mining pool. Don’t worry, we’ll discuss it as well.
Mining Pools & Bitcoin Gold
Mining pools are a very good idea to enhance the chances of earning mining rewards. Cryptocurrency is a global currency, and a large number of people are mining with different mining powers. When you enter the mining world, you have to compete with worldwide miners. You must be super lucky to win the reward in the presence of so many miners with more powerful computers. Even if you are using six GPUs, it is minimal power as compared to the worldwide miners.
There may be miners having mining farms with plenty of mining machines having six or more GPUs. It greatly reduces your winning chance because to acquire the reward, you have to be first in solving hash functions that are nearly impossible in the presence of more powerful mining farms. So, what about combining processing power to become more powerful and secure your mining reward. This is the main concept of mining pools.
For a better understanding, suppose there are two hundred people willing to mine Bitcoin Gold individually with machines having 500h/s power. It doesn’t ensure their success due to tough competition. If they decide to pool their mining resources, their mining power will enhance greatly. You can say that power of 500h/s will become 100,000 h/s, and now it’ll better compete and secure a mining reward for all miners included in the pool.
In a pool, no one mines individually; instead, they allow the pool to access and use their resources like processing power for mining purposes and, in return, get a Bitcoin gold reward. Being a part of a mining pool, you can compete with the miners around the globe and definitely secure a mining reward for you.
It could be ambiguous for all that how a pool gets a mining reward. Let’s explore it. Every pool mining sets a different system, so it is difficult to explain everything in detail. But one thing is common for all, and that is reward sharing. As different people contribute to a pool, and everyone has a different mining power. So, the earned reward is distributed to each participant according to their share of their processing power or hash rate. Pool mining for Bitcoin Gold is the most reliable and steady manner to earn cryptocurrency through mining rewards.
What if you don’t have a good computer and also don’t want to buy it? Still, you are willing to mine Bitcoin Gold. It looks ridiculous to think so, but don’t worry, it is possible. Bitcoin gold has managed the mining options for you. Let’s see what it is.
Cloud Mining
Now cloud computing is not new, people have a good idea about it, and especially gamers use it to play heavy games that require powerful computing power. Bitcoin gold also picked this idea and provides cloud mining to its users. You have to pay a subscription fee and become able to use a powerful computer somewhere in the world for mining activities. The access is 24/7 for the specified time.
There isn’t any headache with maintenance and any extra expenses. The service-providing company is responsible for all these activities and ensures the availability of your required hash rate continuously. Although you have to pay the maintenance charges daily, it is a minimal expense as compared to the ease.
Cloud mining seems an excellent option as it enables you mining Bitcoin Gold without any difficulty and trouble. There is a threat regarding cloud mining. Think what it is? Yeah! Scammers – are a big danger in this field. So you have to be much vigilant and a researcher before selecting a cloud mining platform.
There could be many questions about cloud mining services, and you may not have the answers to all. It can make you reluctant to use cloud mining. So, what to do in this case? How can you earn Bitcoin Gold coins? Don’t be disappoint. There is still a way to earn crypto coins, and that is crypto trading. You can participate easily. You have to choose a reliable or well-known crypto exchange; for example, Binance, Coinmama, Coinbase, and many others are good candidates.
Conclusion
Whatever method you select, don’t forget to arrange a secure crypto wallet for the safety of your cryptocurrency. To deal in the crypto field, you need to be vigilant and a good researcher so that you can find the best one.
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