cryptodailytrading.com

Bitcoin Gold Loses 90 Percent Hash Rate After Anti-ASIC Hard Fork

  • Darryn Pollock
    📰 News

    Bitcoin Gold, in an attempt to avoid ASIC mining domination, has hard forked resulting in a loss of 90 percent of their hash rate


Bitcoin Gold Loses 90 Percent Hash Rate After Anti-ASIC Hard Fork
You may also like:

Bitcoin Gold came into being in November last year as a way for people to mine the cryptocurrency at home on normal computers, and as such, they have been steadfast against the ASIC mining domination.

Using supposedly ASIC-resistant Equihash mining algorithm Bitcoin Gold became subject to a 51 percent attack in May this year. And also since then, it has been discovered that ASIC miners make up a large portion of the equihash rate.

So, Bitcoin Gold’s hard fork was intended to shake off the ASIC miners, and it looks as if it was a little too successful.


Down 90 percent

Looking across the hash rate of Bitcoin Gold, there is a significant and notable dip of as much as 90 percent after the fork. Now, this does not necessarily mean ASIC miners were making up 90 percent of the hash rate, but it does show that they had a big part to play.

It's reasonable to expect a drop as not all miners update, and other obstacles come up. It hasn't been long since the fork either, but the hash rate is still down and not showing signs yet of climbing.

Bitcoin Gold

Source

Buying time

Even if the hash rate was made up predominantly of ASIC miners, this move by Bitcoin Gold has achieved their end goals- that is to shake off ASIC mining. However, it is only a temporary solution.

Forks only buy about five or six months of ASIC resistance before the manufacturers catch up. And furthermore, new ASIC mining cards usually stay secret for a long time before the public becomes aware of their existence.

In the early secret phase of their existence, they're usually used by miner manufacturers themselves and sold in limited numbers to individual mining companies who pay huge amounts for a certain amount of exclusive mining time.

Cover image via u.today
In this Telegram channel you’ll find fresh news, interviews, infographics, forecasts & other helpful stuff. Join U.Today's channel.
👓 Recommended articles

Crypto Wonders: Binance Coin (BNB) Hits Its New ATH, Surpassing Its January 2018's Peak

  • Alex Morris
    📰 News

    Binance Coin is so far the second cryptocurrency (after EOS) that managed to rebound after January 2018's drawdown


Crypto Wonders: Binance Coin (BNB) Hits Its New ATH, Surpassing Its January 2018's Peak
You may also like:

After surging by more than 14 percent over the last 24 hours, Binance Coin has managed to surpass its previous ATH that was recorded during the peak of the bull market in January 2018, according to the data provided by CoinMarketCap (CMC). The historic rally was triggered by numerous recent developments inside the exchange’s ecosystem.  

Binance Coin, CoinMarketCap
Binance Coin continues to register double-digit gains, image by CoinMarketCap

👉MUST READ Custom Blockchain Could Create Legal Problems for Binance. Will BNB Tokens be Classified as Securities?
Custom Blockchain Could Create Legal Problems for Binance. Will BNB Tokens be Classified as Securities?

BNB makes history

At the time of writing this article, the price of the BNB token is at $24.65, rising above its previous ATH of $24.46 that was recorded on Jan. 12. Hence, Binance Coin, the seventh largest cryptocurrency by market capitalization, becomes only the second asset to reach a new price peak after the crash of the speculation-driven bull market. EOS, which is sitting one spot above BNB on CMC, achieved a similar feat in May 2018.

‘Binance Coin is outpacing the overall crypto market. While Bitcoin is off 75% from its all-time-high, Binance Coin has recovered. There is fundamental growth and synergy taking place that is contributing to the rising price of Binance Coin,’ says BitBull Capital CEO Joe DiPasquale.

👉MUST READ Binance Calls for Notre Dame Restoration Donations, Crypto Community Turns Its Back
Binance Calls for Notre Dame Restoration Donations, Crypto Community Turns Its Back

Pumping other coins

On Apr. 18, Binance launched the mainnet of its custom Blockchain Binance Chain. The migration of BNB tokens from Ethereum to Binance Chain is scheduled to take place on Apr. 23. This is going to be the second largest token swap in history.

Binance, which is now completed with Ethereum, has already on-boarded some Blockchain projects, including Mithril (MITH) that experienced a 70 percent price pump after its launch on Binance Chain.

Cover image via
Subscribe to the official U.Today Telegram channel. Get news first!
👓 Recommended articles