- The algorithm has been dubbed Equihash-BTG and is designed to make ASIC mining extremely unprofitable.
- The 50 SMA is limiting the gains on the upside while the short term support has been highlighted at $44.00.
Bitcoin Gold has become a troubled cryptocurrency lately, simply, because it has fallen victim to a couple of attacks in a period spanning only two months. The team has, however, communicated that in the next software upgrade, it is going to implement a new Proof-of-Work (PoW) consensus algorithm. This decision has come after experiencing a 51% as well as double spending attacks on the platform.
The upgrade will be executed in a “hard fork”, besides it will take this opportunity to address the latest concerns regarding the threat coming from ASIC miners. The algorithm has been dubbed Equihash-BTG and is designed to make ASIC mining extremely unprofitable. The protocol is still in development but the team says the majority of the code has been written. The time and date for the upgrade will be communicated in the near future, moreover, there will be an announcement of the same at least a week before the update. While commenting on security issues, BTG said:
“We’re also working hard on many fronts to improve security, both now and in the future. We’ve developed monitoring systems for our blockchain and our mining network, and have established channels to rapidly communicate risks to Exchanges.”
Bitcoin Gold price analysis
Bitcoin Gold price declined sharply during the Asian trading hours on Monday, but the downside was supported by the bullish trendline. The buyers battled for a breakout during the session on Tuesday, although the gains were cut short slightly below $46.00. The weak support at $45.00 failed to hold the price which is currently dancing with $44.8. The 50 SMA is limiting the gains on the upside, while the short-term support has been highlighted at $44.00 which also coincides with the bullish trendline.
BTG/USD 1-hour chart
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