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What is the issuance and circulation of Bitcoin Gold?
Bitcoin Gold's initial circulating supply comprised a pre-mine of 100,000 BTG and block rewards, later supplemented by trading on exchanges and ongoing mining activity.
Nov 17, 2024 at 07:24 am
What is the Issuance and Circulation of Bitcoin Gold?
Bitcoin Gold (BTG) is a hard fork of the Bitcoin blockchain that occurred on October 24, 2017, at block height 491407. It was created in response to concerns about the centralization of Bitcoin mining and the increasing dominance of ASIC (Application-Specific Integrated Circuit) miners.
Issuance of Bitcoin Gold
- Block Reward: Bitcoin Gold miners receive a block reward of 12.5 BTG for every block they mine. This reward is halved approximately every four years, following the same schedule as Bitcoin.
- Pre-mine: Unlike Bitcoin, which had no pre-mine, Bitcoin Gold had a pre-mine of 100,000 BTG (approximately 7.5% of the total supply). This pre-mine was distributed to the development team and early supporters.
- Total Supply: The total supply of Bitcoin Gold is capped at 21 million BTG, mirroring Bitcoin's maximum supply.
Circulation of Bitcoin Gold
- Initial Distribution: The pre-mine and block rewards initially constituted the circulating supply of Bitcoin Gold.
- Trading on Exchanges: BTG was listed on cryptocurrency exchanges shortly after its launch, allowing traders to buy, sell, and speculate on its price.
- Mining Activity: Ongoing mining activity contributes to the gradual increase in the circulating supply of Bitcoin Gold.
- Lost and Burned Coins: A small portion of BTG may be lost or burned due to various factors such as lost private keys or transaction errors, reducing the circulating supply.
Role of Bitcoin Gold (BTG)
- Alternative to Bitcoin: Bitcoin Gold provides an alternative blockchain to Bitcoin, appealing to those concerned about centralization and ASIC dominance.
- Proof-of-Work Algorithm: BTG utilizes the Equihash proof-of-work algorithm, which is designed to be resistant to ASICs and promote more decentralized mining.
- Growing Community: Bitcoin Gold has attracted a dedicated community of developers, miners, and enthusiasts who contribute to the ecosystem's growth.
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