Bitcoin Gold Goes Live After Bumpy Blockchain Launch

Bitcoin gold, the latest fork of the bitcoin blockchain, is officially live after a rocky start.

AccessTimeIconNov 13, 2017 at 4:00 a.m. UTC
Updated Sep 13, 2021 at 7:09 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The newest fork of the bitcoin blockchain is officially live after a rocky start.

Developers for the project, dubbed bitcoin gold, published software for the breakaway cryptocurrency today, releasing the code on GitHub as well. Aimed at blocking the use of specialized chips for mining, the project revealed last week it was eyeing a formal launch on Sunday, weeks after it first initiated a split from the main bitcoin blockchain.

As such, the launch caps a lengthy period of development for the cryptocurrency, which follows bitcoin cash, a near $30 billion network that split off from bitcoin earlier this summer. Bitcoin gold also represents the latest instance of an "airdropped" cryptocurrency forked from the main bitcoin chain, which is distributed to anyone who owned bitcoin at the time of the split.

Now, public mining for the cryptocurrency has begun, with several mining pools opening up in coordination with the launch. Yet the process of distributing the software – no small feat in a permissionless, open-ended environment – came with some complications.

As detailed in the project's official Slack channels, some users had problems connecting their nodes to other computers on the network. Others allege they were receiving spam messages containing links to fake (and potentially malevolent) software clients.

As might be expected, trading interest was heightened in the run-up to the launch, given that prior to the launch, several exchanges launched futures tied to bitcoin gold. The price of those futures has seen significant volatility in the past several days, exceeding $500 in value earlier this weekend.

Currently, BTG futures are trading between roughly $260 and $290, according to CoinMarketCap – a decline of over 30 percent in the past 24 hours.

Gold mining image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.