Initially, bitcoin mining was possible with basic graphics processing units (GPU). However, the emergence of Application Specific Integrated Circuits (ASICs) combined with mining complexity created a necessity for specialized hardware. In 2017, the Bitcoin Gold (BTG) hard fork was created to restore the basic fundamentals of mining and eliminate the need for specialized equipment.
What is Bitcoin Gold Mining(BTG)?
BTC Gold uses a proof-of-work algorithm called Zhash to ensure that the crypto stays decentralized and doesn’t favor any major mining rigs. BTG allows everyone to participate in mining operations by allowing them to resolve puzzles on their computers.
Essentially, miners who solve equations first are rewarded using BTG tokens. Unlike other major cryptocurrencies, Bitcoin Gold mining doesn’t require specialized equipment and provides a good ROI at lower investment costs.
Why Mine Bitcoin Gold?
The reward structure for Bitcoin Gold mining works similarly to BTC, and 100% of the rewards go to the miners, and these rewards are the only source of new tokens. BTG mining is rapidly growing, and the max supply for Bitcoin Gold is 21,000,000. Due to its increasing popularity among miners, 83% of the max supply has already been mined. Although the window of opportunity here is small, miners still have room to make a decent profit.
Unlike other cryptocurrencies, BTG is not known for its major price movements but has built a reputation on its solid technical base and innovative features. On average, it takes about 10 minutes for one BTG block to be created, and miners earn 12.5 BTG per block, meaning that 1800 BTG blocks are created daily. Considering the open-for-all infrastructure, low setup costs, and just 17% of the maximum supply remaining, now is the perfect time to start mining BTG.
Profitability of Bitcoin Gold (BTG) Rig
Various factors, such as power consumption, pool fees, electricity costs, and your system’s hashrate, need to be considered when measuring the profitability of your Bitcoin Gold mining setup. One of the simplest and most accurate ways of measuring profitability is to use the BTG calculator provided by MinerStat.
Having a system with an optimized hashrate will increase the chances of solving complex mathematical equations and will allow you to earn more tokens. BTG is not known for short-term profits and is an investment you should hold on to for a few years.
Currently, 1 BTG’s worth is around $20.96. However, its worth is expected to increase by over 140% by the end of 2025, and by 2030 one BTG could be worth over $75.
Requirements to Set Up
BTG uses a Zhash PoW algorithm, making graphic cards (GPUs) the perfect and most popular tool for mining this crypto. Currently, graphic cards from Nvidia remain the most in-demand hardware for Bitcoin Gold mining operations.
It’s preeminent to mention that multiple GPUs are required to increase hashing power and compete for BTG coins. Popular Nvidia GPUs for Bitcoin Gold mining include Nvidia GTX 1080 Ti, GeForce GTX 1070, and Nvidia GTX 1060. These GPUs provide a hashrate between 400H/s to 700H/s. Other than the recommended options, you can use any other GPUs from Nvidia or even AMD, but they must have at least 6GB of memory for BTG mining.
Along with GPUs, you will also need wallets to store your earnings. Web Wallets are Web3 wallets that use their website for operations. Although these wallets allow you to interact with your crypto, they are the best option for short-term storage. Browser-integrated wallets allow you to seamlessly interact with your crypto without having to provide any login credentials. Lastly, there are hardware wallets, and they are the best option for long-term storage.
Since the value of BTG increases over a longer period of time, it’s better to hold the coins. Due to this, hardware wallets are the best option for BTG. Popular BTG hardware wallets include the Ledger Nano X, Trezor Model One, and the Trezor Model T.
However, if you don’t want to use a hardware wallet, other online wallets for BTG include Atomic Wallet, BTG Core Wallet, and Guarda Wallet. Once you’ve decided on a wallet to store your crypto, visit MiningPoolStats and choose a BTG pool.
Step-by-Step Guide for Mining BTG On PC
Now that you have finalized a wallet and BTG pool, you can start Bitcoin Gold mining by following these steps:
Updating Drivers
Updating your GPUs’ drivers should be your first priority. To update, visit the manufacturer's website and download the latest drivers.
Mining Software Configuration
After updating your GPU drivers, it’s time to download and configure mining software. Currently, Gminer and MiniZ are the best mining software for BTG. Once you’ve downloaded the mining software, extract the files and right-click on start.bat or start.cmd to make the below changes.
Enter your pool and wallet address in the file by following the steps below:
- Algo - enter “Zhash” as the mining algorithm
- Server - enter the “pool address” and “port” taken from MiningPoolStats
- User - enter “wallet address” and “worker name”
Now click on save the file and then click “miner.exe” to start mining.
Alternative Options
Due to the fact that Bitcoin Gold mining requires a higher hashrate than others, its mining GPUs can prove to be a little expensive. However, you don’t have to break the bank to mine BTG.
There are cloud mining options, such as MiningRigRentals, that you can use. This platform provides valuable information, including the daily price and hash rate. Another key benefit of cloud mining solutions is that you won’t have to worry about any power or electricity costs.
Conclusion
Bitcoin Gold, unlike many others, has built its reputation on a solid technical base and innovative features. The frequency of BTG price movements is not as significant as other cryptos. It serves as a long-term investment option and is suitable for those interested in mining, earning tokens, and holding on to them for a profit. Those who aren’t comfortable setting up their own mining operations or lack the funds can use various cloud mining solutions that support BTG. Cloud mining solutions will help reduce the investment costs required to start mining BTG and improve ROI over time
