Ready for Bitcoin Gold?

Bitcoin Gold was released on October 25th and becomes available to mine on November 1st. Though there are doubts on whether this new Bitcoin fork will be a success, it does highlight one of the most profitable parts of Bitcoin: mining. [Wealth Daily logo]  Ready for Bitcoin Gold? [Alexandra Perry Photo] By [Alexandra Perry]( Written Friday, October 27, 2017 Well, it’s happened again… There's another Bitcoin on the block (or should I say blockchain). The new token is called Bitcoin Gold (BTG), and investors should be able to get it on select exchanges starting November 1st.  At this point, I don't blame you if you are shaking your head. I could hardly believe it myself. Wealth Daily readers will likely recall that Bitcoin has already forked this year — the event that created Bitcoin Cash (BCH). But hard forks don't necessarily have a limit, especially when the Bitcoin community is unsure of the best solution for certain problems. That said, Bitcoin Cash and Bitcoin Gold tackle two different problems presented by Bitcoin's growing user network. As Bitcoin grows in popularity, more people have begun to use the token and mine it. On the usage side, the Bitcoin network struggles to process this transaction volume. Bitcoin Cash was one attempt at remedying that issue. It is not a solution agreed upon by the majority of the Bitcoin community. Bitcoin Gold, on the other hand, tackles the problem of miner decentralization. Put simply, the development team behind Bitcoin Gold wants to return power to independent miners by removing the need for expensive ASIC chips. This has many investors wondering whether Bitcoin Gold is a good investment (a question we will tackle a bit later in this article). But before that, it's important to talk about the mining problem I mentioned above. As the crypto market heats up, there has been a subsequent surge in demand for crypto mining hardware. More and more people are trying to mine lucrative currencies like Bitcoin and Ethereum. Companies are struggling to keep mining hardware in stock. And while this may be irritating for miners, it signals a profit opportunity for savvy investors.  Claim Your FREE Bitcoin Starter Pack! Over the last couple of months, our researchers have been scouring the internet with one goal in mind: to produce a landmark digital currency education service. Now, that digital currency education service is complete, offering investors who missed out on Bitcoin a second chance at incredible profits. Through this education tool, investors can make gains like: - Ripple — up 4,400% - Litecoin — up 1,077% - NEO — up 9,000% For a limited time, investors who act now can claim Bitcoin with their guide. [Click here to learn more.](  Mining Mania Let's be honest... we've been hearing about Bitcoin ALL year. The token has increased by over 400% since January 2017. Then there is Ethereum and Litecoin, whose quadruple-digit gains since the start of the year put Bitcoin to shame. But digital tokens aren't the only thing in the crypto space generating profits. As I mentioned above, the popularity of Bitcoin and other digital assets has created a surge in demand for digital currency mining equipment. Bitcoin miners use hardware called ASIC (application-specific integrated circuit) chips. Ethereum and a handful of other altcoins can be mined with less expensive GPU (graphics processing units) chips. Currently, both forms of mining hardware are hard to find. In fact, cryptocurrency mining has created worldwide GPU shortages. And miners are doing anything they can to get their hands on this precious hardware: [crypto miners rent boeings] Yep, that’s right. Back in July, Ethereum miners were literally renting massive planes to transport the GPU chips needed to mine Ethereum. This may seem extreme — especially considering the fuel costs of a Boeing 747 (one hour of fly time can rack up a $15,000 fuel bill). But, to miners, flying in GPU chips may be worth it. There are still profits to be made in the Ethereum and altcoin mining space. Bitcoin miners, on the other hand, face a different problem. You see, Bitcoin is far more expensive to mine than Ethereum. A powerful ASIC chip is not a cheap buy, limiting the number of miners that can participate in the Bitcoin mining process. But Bitcoin Gold could change all that. The Death of the Bitcoin Miner So, before we get to Bitcoin Gold, we need to talk about Bitcoin mining. Bitcoin miners solve algorithms that add a new transaction to a block in the Bitcoin network. This process is needed for the Bitcoin network to operate. In the beginning, many Bitcoin miners were able to “mine” from their own homes, raking in profits every day. But as Bitcoin grew in popularity, the technology surrounding it improved. New ASIC chips were made that boosted mining efficiency, increasing competition for Bitcoin mining profits. [BItcoin mining image] Individual miners countered this problem by grouping together in something called “mining pools.” In these pools, computing power is combined to help miners solve problems faster. However, the majority of Bitcoin mining now rests in the hands of massive corporations, many of which operate large “Bitcoin mines.” These Bitcoin mines have triggered outrage in small Bitcoin mining communities where, because of the high cost of ASIC chips, many miners can no longer foot the costs of Bitcoin mining. This is one of the goals of Bitcoin Gold: to return power to the investor by making Bitcoin Gold mining possible via a GPU chip. But can Bitcoin Gold actually solve this issue?  Bitcoin has more than quadrupled in value since January, making some people’s stakes worth more than 675,000 times their original investment! Lesser-known cryptocurrencies like Litecoin, Ethereum, Dash, and Ripple have all shown investors as much as 4,000% returns! And now we have two new ones on our radar that could be bigger than all of them. Investment Director of Penny Stock Millionaire, Alex Koyfman, has discovered the next cryptocurrencies that could deliver Bitcoin-like gains. You won’t believe what he’s found until you see it! [Click here for the exclusive report!]( So, What Is Bitcoin Gold? Bitcoin Gold is a fork proposed by Bitcoin miner Jack Liao, the CEO of Hong Kong-based LightningAsic. The project is headed by a group called the Bitcoin Gold development team. As I mentioned above, the whole goal of the coin is to present a version of Bitcoin that is ASIC-resistant. Instead of ASIC chips, miners will be able to mine the Bitcoin Gold fork with GPU chips. However, things aren't looking so bright for the new branch of Bitcoin. On October 24th, the day before the proposed fork, the price of Bitcoin dropped, with many arguing that the dip comes from a lack of confidence in Bitcoin Gold from the Bitcoin community. Immediately after the token release, the price of BTG dropped by 66%. This lack of market support could stem from a few factors, including the Bitcoin Gold development team's decision to premine the new cryptocurrency. For those new to the cryptocurrency world, premining is frowned upon by investors, users, and traders. Digital currency Dash was criticized for this in the past. Essentially, it means that team members will have tokens before launch. Investors should consider these factors when deciding whether Bitcoin Gold has investment potential. But, regardless of whether Bitcoin Gold succeeds, its mere existence should tell investors one thing: The tools needed to mine Bitcoin are in hot demand right now. The mining community is trying to figure out how to hurdle these issues. In the meantime, investors looking to profit from increased demand can look at the ASIC and GPU markets created by cryptocurrency. If you are interested in learning about one of the companies leading the mining revolution, [click here.]( Until next time, [alexandra-perry-signature] Alexandra Perry [[follow basic]@AlexandraPerryC on Twitter]( Alexandra Perry is a contributing analyst for [Wealth Daily]( and [Energy and Capital](. She has multiple years of experience working with startup companies, primarily focusing on artificial intelligence, cybersecurity, alternative energy, and biotech. Her take on investing is simple: a new age of investor can make monumental returns by investing in emerging industries and foundational startup ventures. Enjoy reading this article? [Click here]( to like it and receive similar articles to read! Browse Our Archives [My Biggest Investment Regret]( [How New Technologies Are Redefining the Grocery Industry]( [Growth? Bubble? Or Both?]( [The Definitive Guide to Bitcoin and Other Digital Currencies]( [The Time Bomb in Your 401(k)]( --------------------------------------------------------------- This email was sent to {EMAIL} . It is not our intention to send email to anyone who doesn't want it. 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