Bitcoin Gold (BTG) is a hard fork of the original Bitcoin. Hard forks and soft forks are very common in the crypto space. These forks take place for different reasons – because developers disagree with goals or in the name of scaling as a cryptocurrency. As for Bitcoin Gold (BTG), the purpose was to “make bitcoin decentralized again.” What they really meant was to make Bitcoin mine-able again.
Bitcoin network’s hash rate has increased exponentially, it is no longer profitable to mine Bitcoin with graphics cards. You can only profit if you own a large number of mining rigs with special equipment, designed to mine Bitcoin.
Bitcoin Gold’s goal was to make Bitcoin mining available to the average user. So, the developers of Bitcoin Gold (BTG) adopted the Equihash algorithm. This algorithm would not favor large scale bitcoin mining operations, making it mine-able by everyone.
If you want to own some Bitcoin Gold (BTG), you can buy, mine or cloud mine. The fastest way to obtain Bitcoin Gold (BTG) is to buy some from a cryptocurrency exchange like Changelly. Alternatively, you can use an exchange like CEX to buy cryptocurrencies and convert to Bitcoin Gold.
If you want to cloud mine Bitcoin Gold, there are a few ways to do it. This article is focused on cloud mining Bitcoin Gold. This is how you cloud mine Bitcoin Gold:
Cloud Mine Bitcoin Gold with Nicehash
Nicehash is a hash power marketplace that connects buyers of hash power with sellers of hash power. When you purchase hash power from Nicehash, you are essentially renting someone else’s mining rig. You pay a fee for the time it is rented. You can cancel the order at any time and the remaining balance will be refunded.
Nicehash supports a wide variety of hashing algorithms. Bitcoin Gold’s Equihash algorithm is supported as well. To cloud mine Bitcoin Gold, all you have to do is buy Equihash hash power from the Nicehash marketplace and allocate that power to mine Bitcoin Gold.
Before you start cloud mining Bitcoin Gold, you must join a Bitcoin Gold mining pool. You can find some of the best Bitcoin Gold pools here. One way to pick the best mining pool is by the hash rate. The pool with the highest hash power market share can offer you constant payouts. In this example, we will be using miningpoolhub as the mining pool. This is how you cloud mine Bitcoin Gold:
- Register at MiningPoolHub and create a worker name.
- In pools, select Bitcoin-Gold
- Copy the server address and port number.
- Register at Nicehash
- Go to hash power marketplace
- Select Equihash algorithm
- Select add a new pool
- Copy details from MiningPoolHub to Nicehash
- Set your price, limit and amount of Bitcoin you want to spend
- Place order
- You are now mining Bitcoin Gold.
- Monitor your worker at MiningPoolHub
In Nicehash there are 2 types of orders. Fixed and Standard order.
Fixed Order – A fixed order can guarantee constant hashing speed throughout the lifetime of the order. In this type of order, price is always fixed.
Standard Order – This type of order allows you to bid for a price as low as possible. If someone outbids you, your order will be paused until you become the highest bidder.
If you haven’t bought hash power before or new to cloud mining, I suggest you place fixed orders.
All Bitcoin Gold mining payouts will be sent to your MiningPoolHub account. MiningPoolHub allows you to withdraw coins after you reach a certain threshold. Whichever pool you use, always withdraw to your wallet. Never use mining pools as a wallet.
Cloud Mine Bitcoin Gold with MiningRigRentals
MiningRigRentals is another service where you can rent mining rigs from sellers, for a fee. Using MiningRigRentals can be quite challenging if you are not familiar with the basics of cryptocurrency mining. The website is not so user-friendly like Nicehash. Although MiningRigRentals has some advantages over Nicehash.
The main advantage is MiningRigRentals has no minimum order. If you do not have a big budget or want to try cloud mining Bitcoin Gold, MiningRigRentals is the best place. Interestingly, they provide live hash rate graphs on every rig. You can use these graphs to check the actual hash rate of a rig. They offer over 100 mining algorithms, including Bitcoin Gold’s Equihash 144,5.
To cloud mine Bitcoin Gold with MiningRigRentals, all you have to do is look for Equihash (144, 5) mining rigs for rent. You can sort mining rigs to find the lowest priced mining for the desired amount of hash power.
Select the right rig, enter the number of hours you will be renting this rig and place the order. MiningRigRentals allows you to pay with Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and Dash.
When placing an order, you will be prompted to enter pool details. Enter your pool details and details of the backup pool here. These details include:
- Pool address
- Worker name
Finally, place the order and mining will start automatically. What is great about MiningRigRentals is that if the rig you rented underperforms, you can request a refund. The support team will refund the precise amount of cryptocurrency that was not utilized.
You can use MiningRigRental’s hash rate graph or the dashboard of your mining pool to monitor your rented rig. When you reach the minimum payment threshold, withdraw Bitcoin Gold to your wallet.
Estimating Bitcoin Gold Mining Payouts
Before you start cloud mining Bitcoin Gold, it is very important to estimate the amount of Bitcoin Gold you are expected to earn.
You can use a Bitcoin Gold mining calculator for this. For this example, we will use CryptoRival calculator.
In calculator fields, enter the hash rate of the mining rig you rented, in the hash rate field. Enter the pool fee of your pool. For power usage, maintenance fee, hardware cost, and power cost, leave blank. Since we are cloud mining we do not have such fees.
Current difficulty and block reward is set for you automatically.
Finally, click calculate. You will be presented with a breakdown of estimated Bitcoin Gold mining payouts.
As of now, there are only a few options available to cloud mine Bitcoin Gold. Nicehash and MiningRigRentals are some of these services. What is equally important as the cloud mining service you use is the mining pool you choose to mine at. A good rule of thumb is to select the pool that has the highest hash power market share.