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What Is Bitcoin Gold? Why Is Bitcoin Splitting For The Second Time?
E arlier this year in August, we witnessed the splitting of Bitcoin as a result of the formation of a new hard fork named Bitcoin Cash (BCC) . Compared to the pre-existing Bitcoin, BCC stressed on high speed and volume of transaction. It also increased the block size to 8MB and removed SegWit2x proposal. Now, Bitcoin is on its way to being forked into another digital currency named Bitcoin Gold. So, let’s answer some of the popular queries which are confusing the cryptocurrency enthusiasts: Why is Bitcoin Gold being created? It’s a widely known fact that as more Bitcoins are being mined, due to the increasing difficulty, more and more capital is being needed for performing mining operations. As a result, countries like China, where electricity is a lot cheaper, are dominating the Bitcoin mining business. Enter Bitcoin Gold (BTG). This new fork aims to make Bitcoin mining decentralized again. The current Bitcoin mining algorithm, SHA256, which was chosen by Sato...