How to Mine Bitcoin Gold in 2023 – Complete Guide to BTG Mining

DIY Bitcoin Gold Mining – How to Get Started

We will now explain how to set up your mining operation on the Bitcoin Gold network. Here, you will learn about the different kinds of hardware, relevant software, and other important details.

Best Mining Hardware for Bitcoin Gold

Even with the Equihash PoW algorithm for BTG and the network’s low hashrate, it is very difficult to solo mine profitably. Though it is possible, you will need to invest in multiple top-of-the-line GPUs to stand a chance of getting a block reward. You can always opt for joining a pool to gain more consistent profits.

If you are interested in getting your own mining rig, you should check out our selection of GPUs.

The NVIDIA GeForce GTX1060 is a perfect device for entry-level miners. Though not the best device for mining, it is perhaps the most efficient. The device is compact and is clocked at around 1600 MHz, making it suitable for people who want to mine BTG but don’t want to commit serious power. The device only draws 120Wh and is in such demand that it can be difficult to find one. The 1060 can cost as little as $300.

If you want relatively good hash power but have a constrained budget, perhaps the AMD Radeon RX580 is what you should look for. AMD is famous for its quality hardware devices, and the RX580 doesn’t disappoint. A few minor adjustments here and there in the settings and you can get as much as 29 MH/s from this card for just $50 more than what you would pay for the GTX1060.

If you have cheap electricity, you can go for the top-end NVIDIA GeForce GTX 1080 Ti. The GPU can go as high as 32.3 MH/s but consumes 250 Wh. This makes it a good choice only if you have low utility rates; otherwise, the electrical bill will quickly eat into your profits. The price tag also reflects the power, coming in at $860.

Other Costs to be Considered

Of course, the GPUs are not stand-alone units, and you will need to invest in proper computer systems that have compatible motherboards, hard disks, processors, and so on. These can set you back a few hundred dollars too.

Your utility provider will have a big role to play in your profits. Cheaper electricity, of course, means cheaper bills. Then there is the cooling cost. These devices can generate a lot of heat, especially if you connect a few of them to combine their hashrate. There are even stories of miners siphoning off the heat from their GPU rigs to warm up their greenhouse!

Software

Software is a key requirement if you are to mine any cryptocurrency, let alone Bitcoin Gold. What software does is allow you to connect your hardware equipment to the BTG blockchain. You use the interface to configure mining settings before you begin to mine for the reward on offer.

Remember that different types of mining software support different types of graphics cards, which is why you must ensure you only use software that’s compatible with your hardware.

Some software download to your desktop computer and support Windows and Linux OS, while some come with support for mobile access via Android and iOS. Take note of this fact too as you choose your mining software. If you are using a mining pool, you should find out the supported products before you proceed.

Which software people use to mine Bitcoin Gold

There are several providers of Bitcoin Gold mining software in the market today, which means a beginner miner won’t have a problem with a suitable one. But which software do people use most when mining BTG?

OptiMiner: OptiMiner is a Windows and Linux compatible software tool that supports both AMD and Nvidia graphic cards.

Claymore’s Dual Miner: The Dual Miner is a great software tool that comes with an easy-to-use interface. It’s compatible with Windows and supports AMD and Nvidia graphic cards

EWBF Miner: EWBF supports Windows and Linux operating systems and is best suited for Nvidia GPUs.

Can I Use my Personal Computer to Mine Bitcoin Gold?

As noted above, Bitcoin Gold uses a mining algorithm that is ASIC resistant, which means CPU and GPU mining.

In this case, you can mine using your personal computer or even one of these powerful laptops. However, even though you can technically mine Bitcoin Gold on your computer’s processor, you will find it too slow. And because the PC lacks the processing speed to compete with powerful video cards, you are likely to never mine any BTG with just the computer.

If you want to use your home-grade processor to mint BTG and have a chance to recoup more than just electricity costs, give it a boost by adding dedicated GPU power.

As mentioned earlier, you will need six video cards, a good hard drive, RAM (4 GB or more), a motherboard, a power supply unit and a cooling system.

With these in place, you can assemble a simple but powerful enough GPU mining rig to work with your PC. If you cannot manage the above setup, then thinking of mining with your consumer-grade computer is like experimenting on how fast your device can get damaged.

Technical Knowledge Required to Mine Bitcoin Gold

Mining can be a complex activity, especially for a newcomer with no grip on the technical language used in crypto mining. You need the right tools to mine, but topping that with an understanding of how mining works will make it even easier to get going. To help you get a grip on some of the words, we have provided a simplified explanation of crypto mining terminology.

• Consensus algorithm: A set of rules on the network that allows for decentralised consensus on the validity of blocks. There are different types of consensus algorithms with Proof of Work, the one that supports mining on blockchains like Bitcoin Gold. Specific examples include SHA-256, Scrypt, Equihash and CryptoNight.
• ASIC-resistant: An algorithm that does not support the use of specially-designed ASIC miners is resistant. Developers make the network’s mining memory-intensive, which means miners require more memory than an ASIC chip can pack.
• Block:  A part of the blockchain that contains a record of verified transactions. The mining process is what allows for new blocks to be added to the network’s growing chain.
• Block time: The estimated amount of time it takes for miners to figure out the hash of a given block and add the new block to the blockchain. Bitcoin Gold shares the same block generation time of 10 minutes with Bitcoin. 
• Block reward:  This is what miners earn after they successfully find a new valid block. In the case of Bitcoin Gold, the block reward reduces every four years. Currently, miners earn 6.25 BTG.
• Mining difficulty: This is a measure of how much work miners have to put in before they find the valid block. The difficulty adjusts regularly to keep block time within the estimated 10-minute interval, so it can increase or adjust downwards.
• Hash rate: The amount of computing power needed for a miner to calculate the hash function and solve the block puzzle. It’s simply the processing power of your hardware measured in hashes per second. The more powerful, the higher the hash rate and the better the chances of quickly finding a block reward.
• Mining profitability: A calculation of how much revenue you can earn with the given hash rate when taken into consideration with factors such as cost of hardware, power consumption, and the cryptocurrency’s price. Mining calculators make it easy to estimate the profitability of popular BTG mining rigs.

Start Mining!

With your hardware all set and ready to run, all you need is to download the right mining software. But before you do that, don’t forget to create your Bitcoin Gold wallet. Since the rewards will be paid out in BTG, you will need to provide the mining software with a valid wallet address.

You have a wide variety of mining software packages that support the Equihash Proof of Work algorithm, the most popular being MinerGate and GMiner. You can download the software and install it on your computer. The mining software will detect your GPU device and run the algorithm needed to mine BTG.

You can always increase your chances of profits by signing up with a mining pool. Gathering hashrates of miners spread across the globe, these pools have a much higher chance of claiming the block rewards. You can check out 2Miners and MinerGate if you are interested in pool mining.

Mining Services/Solutions

As mentioned above, pools are a good way of increasing your mining earnings. By combining the hardware power of multiple machines, pools allow you to get ahead in the game and compete with the big players. Pools do have some drawbacks, however.

First of all, since you are not the only one who will lay a claim on the newly found block, all participants of the pool will receive a share of the rewards that are earned. Your share of the rewards is calculated based on your hashrate contribution to the pool. Thus, though pooling will guarantee higher chances of a payout, the sum will be significantly diluted and may not be enough to cover the running costs of your rigs. 

Remember, a larger pool will have more likelihood of block reward claim but will lower your payout, as you will have a smaller share of the pool. Some pools even mine multiple coins, meaning you can earn from more than just BTG. 

Check out their payment structure too. There are usually four different ways mining pools let you make profits. Pay Per Share (PPS) is a straightforward method where pools pay out a fixed amount, regardless of the team mining a block or not. The payment is low, but since you are not at risk, this is a good way to ensure a steady stream of income for many miners. A variation, called Full Pay Per Share (FPPS), works on the same principle but adds transaction fees paid to the miners onto block rewards.

Another method of payment, Pay Per Last N Share (PPLNS), is a complex method of determining your share of the rewards, which are only paid out if a block is mined. This means that sometimes you will receive nothing, but when a block is successfully mined by the pool, you will earn a larger reward.

MinerGate is a popular Bitcoin Gold pool. You can simply register on the platform and connect your mining software using the server URL provided. Easy to connect, MinerGate uses the Pay Per Last N Share model and will charge you a 1% pool fee. 2Miners is another BTG-supported pool that uses the same PPLNS model. Connecting to the pool is a bit more complex as it requires you to alter your GPU’s BAT file. Luckily for the uninitiated, they have a complete tutorial on how to go about it, including a video.

If you find that buying and running a mining operation is just not your cup of tea, you can always check out cloud mining. Renting out the GPU power of others using an online marketplace, you don’t invest in the hardware itself, and somebody else does the mining on your behalf. Though you save a lot on costs, cloud mining does cost you, and you may end up paying over the odds in the long run. You should look up a good profitability calculator and compare it to see which one will suit you best.

MiningRigRentals is a good place to start cloud mining. They have an extensive marketplace where you can prospect miners who are willing to rent out their computing power. The marketplace has detailed information, such as the hashrate you will get, the price per day, and the minimum and maximum number of hours you can rent it out. Payments are accepted in BTC, ETH, LTC, and BCH.

NiceHash also offers good rates, with different markets sectioned according to their geographical locations. You can check out the different renting options and view the speed dedicated for the contract, including the number of miners in the cloud pool, the maximum limit you can rent, and the price of the contract.

There are many other platforms offering cloud mining for Bitcoin Gold, but you have to be careful in selecting these. The payment is always upfront, and unless the service is reliable, the chance of scammers running away with your money is high. Checking Trustpilot reviews can help to protect you against scammers and fraudsters.

How Profitable is Mining Bitcoin Gold?

Profitability is a key consideration that you must make before you start mining any cryptocurrency, Bitcoin Gold included. While you can profit from mining BTG today, how well you do will depend on several factors that include initial investment and overhead costs.

To determine how profitable mining BTG is at the time of your investment plans, use a Bitcoin Gold mining calculator. You can then check how much revenue mining BTG will bring you in a day, week, monthly, or annually based on the following parameters:

• Cost of hardware
• Hash rate
• Power consumption
• Cost of electricity (per kWh)
• Pool fee (if you join a mining pool)
• Bitcoin Gold price

For example, the Nvidia GTX 1080 GPU that offers 550H/s and consumes about 150W returns on average $12.49 per day. If you deduct electricity costs at $0.10/kWh and a pool fee of 1%, the daily profit is $12.00. According to the Bitinfocharts mining calculator, the average return for six months is currently at $2,160.