Bitcoin Gold (BTG) mining is about minting new tokens to be added to the Bitcoin Gold blockchain. This makes mining important for the thriving of Bitcoin Gold, as a lack of miners will result in the collapse of the whole system. But as you can mine Bitcoin Gold either alone or as part of a pool to earn BTG, let’s explore how to mine Bitcoin Gold on the Hiveos BTC pool.
Understanding Bitcoin Gold Mining?
Bitcoin Gold is a hard fork of the original Bitcoin blockchain, just like Bitcoin Cash (BCH) and Bitcoin SV (BSV). It employs the proof-of-work (PoW) mechanism also used in Bitcoin mining to mint new tokens. BTG is open to all miners to attempt transaction validation using computers to solve complex puzzles.
Therefore, the first miner to complete the work has the right to append the transaction in the group, referred to as “Block.” Miners receive compensation for their efforts through block rewards issued as BTG tokens.
Meanwhile, Bitcoin Gold has changed its PoW algorithm to make it impossible to use relevant mining machines like ASICs and FPGAs. As such, you can use a powerful graphics card or graphic processing unit (GPU) to mine BTG efficiently.
While you can achieve stand-alone mining and make good profits when you mine enough blocks, joining a mining pool always helps to harness GPU power to maximize productivity. So, in light of this, the Hiveos BTC pool is one of the pools you can join to start mining Bitcoin Gold.
What Is Hiveos BTC Pool?
Hiveos BTC pool is a mining pool integrated into the Hiveon mining network, which enables miners to get community support, payouts, and other benefits, irrespective of their farm size. This pool has its server widely available across different countries and regions, including the United States, Europe, and Asia, to enable connection for miners. You can mine Bitcoin, Bitcoin Gold, and other coins on the platform.
How To Mine BTG On Hiveos BTC Pool
Step 1: Create A Hiveon Account
You must create a Hiveon account through its official website or download the Hiveon App on the Google Play Store or Apple Store to get begin.
Step 2: Create A Flight Sheet
Log into your Hiveos account and navigate to the “Flight Sheets.” Select “BTG” in the Coin field. Here, the information entry for Wallet, Pool, and Miner will be automatic with respect to your Hiveos account details. But you may need to fill in the fields if you are a new Hiveos user.
You also need to enter the name for this Flight Sheet, depending on your position about mining on the platform. Click “Create Flight Sheet” to complete this step.
Step 3: Apply The Flight Sheet To Your Worker
Navigate to the “Workers” tab to choose a specific worker and move to the “Flight Sheets” tab in the rig menu. Click the rocket icon in the top right corner of your screen.
Alternatively, you can go to the “Workers” tab and choose the checkboxes on the left side of the ASIC miners you’ve chosen.
Click the rocket icon, and you will see a window with the number of your selected workers and a complete list of your Flight Sheets. Choose the created Flight Sheet and click “Apply.”
You will get a message which notifies you about the command other worker(s) will receive. Your rigs will then apply the changes, and you will see the Config message in the activity logs.
Pros And Cons Of Mining Bitcoin Gold
Pros:
- Easy to mine due to its ASIC-resistant nature.
- Earnings can be significant as 1 BTG is about $26, and a block reward is 3.125 BTG.
- Mining BTG is highly profitable with a cheaper electricity provider.
Cons:
- Many crypto exchanges do not support BTG.
- Higher power GPUs are expensive.
- Thorough research is required to avoid mining pool scams.
Frequently Asked Questions (FAQs) About Mining Bitcoin Gold On Hiveos BTC Pool
How Profitable Is Mining Bitcoin Gold On Hiveos BTC Pool?
It is profitable to mine BTG on the Hiveos BTC pool as the platform guarantees high earnings with a stable payout for the mines in its pool.
Where Can I Save My Bitcoin Gold Tokens After Mining?
You can set up a wallet on a crypto exchange or get a hardware wallet to store your BTG tokens for a long time. But some of the best Bitcoin Gold wallets you can use to store your coins after mining are Coinbase Wallet, Guarda Wallet, and Ledger Wallet.
How Long Does It Take To Mine BTG?
At the time of writing this article, it takes over 24 hours to mine 1 BTG
Conclusion
We can not overemphasize the ease of mining Bitcoin Gold on Hiveos BTC pool. This can maximize your profits in mining while having access to different resources in the pool. We’ve provided the necessary steps to mine BTG in this article. But it is also important to research more to have a full grasp of what the process of mining BTG tokens is all about.
