Bitcoin Gold is a Bitcoin Hard Fork. It was launched in 2017 to be a more user-friendly alternative to Bitcoin. It hard forked from the Bitcoin blockchain on October 24, 2017, at block height 491406.
The goal was to combine the Bitcoin blockchain’s security and sturdiness and its qualities with the potential for experimentation and evolution. It was mainly to change the proof of work algorithm so that ASICs (Application-Specific Integrated Circuits) used to mine Bitcoin cannot be used to mine the Bitcoin Gold blockchain, hoping to allow mining on commonly available graphics cards will democratize and decentralize cryptocurrency mining and distribution. In this article, we will discuss some facts and figures to check if this project is dead or not.
Table of Contents
Summary
- Bitcoin Gold is a Hard Fork of Bitcoin.
- It was launched in 2017 to be a more user-friendly alternative to Bitcoin.
- It hard forked from the Bitcoin blockchain on October 24, 2017, at block height 491406.
- The goal was to combine the Bitcoin blockchain’s security, sturdiness, and qualities with the potential for experimentation and evolution.
- BTG has lost 80% of its value over the last year, 35.44% of its value in the last month, and 16.6% of its value over the last week.
- BTG has Zero Active Contributors, and Zero Commits on GitHub in 2022.
- BTG’s Official Social media groups or accounts are inactive now.
- BTG’s team members have started working on different projects, and some of them are inactive on social media.
- Bitcoin Gold was exploited three times using 51% attacks in 2018 and 2020.
Price Analysis
The current CMC, i.e., CoinMarketCap Ranking of Bitcoin Gold (BTG), is 116. It has a circulating supply of 17,513,924 BTG coins and a maximum supply of 21,000,000 BTG coins.
Given below is the Bitcoin Gold to USD Chart of the last one year. We can see that how the price of BTG has decreased drastically. The price of 1 BTG was equivalent to 140.3 USD on 6th May 2021, but if we talk about the present situation, i.e., 1st May 2022, 1 BTG is equivalent to 27.94 USD. BTG has lost 80% of its value over the last one year.
Given below is the Bitcoin Gold to USD Chart of the last one month. We can see the decrease in the price of BTG easily. The price of 1 BTG was equivalent to 43.28 USD on 24th April 2022, but if we talk about the present situation, i.e., 1st May 2022, 1 BTG is equivalent to 27.94 USD. BTG has lost 35.44% of its value over the last one month.
Given below is the Bitcoin Gold to USD Chart of the last one week. We can see the decrease in the price of BTG easily. The price of 1 BTG was equivalent to 33.5 USD on 24th April 2022, but if we talk about the present situation, i.e., 1st May 2022, 1 BTG is equivalent to 27.94 USD. BTG has lost 16.6% of its value over the last one week.
GitHub Analysis
If we checkout this project’s Github, then we can clearly see that this project is dead now.
Given below is the Number of Contributors to date graph since this project was started on GitHub. This project has a total of 148 contributors from 30th August 2009 to 1st, 2022. Now, if we see the case of active contributors, then there were 51 active contributors in March 2018. But, if we discuss about the present situation, this project has Zero Active contributors.
Given below is the Number of Commits to date graph since this project was started on GitHub. This project has a total of 18,578 commits from 30th August 2009 to 1st, 2022. Now, if we see the case of the last three commits, then the results are shocking. The last two commits were on 12th April 2021 and 9th April 2021. If we see the 3rd last commit, it was on 29th July 2020. So, there is a difference of one between these two commits.
But, if we discuss about the present situation, this project has Zero commits in 2022 and only two commits in 2021. Our Readers can verify this information very quickly after seeing the graph below.
We would like to credit Contora for this amazing graphs which we have use in our GitHub analysis.
Social Media Sentiment Analysis
In this section, we will analyze how BTG is doing on different social media platforms.
If we see this project’s Reddit page, we can see that it was created on 22nd October 2017, and it has around 3.8k Members.
Given below is the Reddit Sentiment to week graph of this project from 27th May 2021. So, there are no sentiments about this project as it is dead and no discussions are going on. Only some people or bots are promoting their projects in the Reddit Group.
Given below is the Reddit Members graph from 1st February 2022. There is no increase in the members as this group is not active now.
Given below are the Mentions on the Reddit graph from 26th March 2022. As our readers can see below, this project has hardly 3-5 maximum mentions on Reddit in the last month.
We would like to credit Contora for these amazing graphs which we have used in our Reddit analysis.
Given below is the Twitter Mentions graph from 22nd January 2022. Our readers can see that this amount is very high, so the main reason for this is that some scam Twitter bots or accounts tag or trend $BTG with their projects. Also, their last tweet was on 30th December 2021, which was also retweeted. Its official Twitter account is also inactive now.
We would like to credit Contora for these amazing graph which we have used in our Twitter analysis.
Discord
Given below is the Discord Members graph from 1st February 2022. There is no increase in the members as this group is not active now. The last official post from the staff was also in 2021.
We would like to credit Contora for these amazing graph which we have used in our Discord analysis.
Telegram
Given below is the Discord Members graph from 1st February 2022. We can see that there is a decrease in the group members because this project is not active now.
We would like to credit Contora for these amazing graph which we have used in our Telegram analysis.
Team Behind the Project
We have also tried to investigate what is the team behind this project doing right now. But unfortunately, some of the team members have started working on different projects, and some are inactive on social media.
51% Attacks
A 51% attack refers to an attack on a blockchain by a group of miners controlling more than 50% of the network’s mining hash rate or computing power. Bitcoin Gold has been exploited three times using 51% attacks.
Bitcoin Gold blockchain has suffered a 51% attack resulting in over $70,000 worth of BTG double-spent. According to a James Lovejoy, it was hit by two deep reorganizations of over ten blocks on 23rd January 2020 and 24th January 2020.
In the first attack, after 18:00 GMT on Jan. 23, 14 blocks were removed from the blockchain, and 13 were then added. As a result, 1,900 BTG worth approximately $19,000 at the time were double-spent in the redirect of one transaction.
Just over six hours later, in the early hours of 24th January, another attack removed 15 blocks and added 16. As a result, 5,267 BTG ($53,000 at the time) were double-spent in three transactions that were redirected.
Bitcoin Gold was previously the subject of a 51% attack back in May 2018, when an estimated $18 million of BTG was overspent, leading to the coin being delisted on the Bittrex exchange.
Conclusion
We hope that our readers will get an idea of why this project is dead now. This project has no contributors and commits in 2022. Their social media groups or accounts are not active. Next time, we will come back with a new crypto project that is dead. We would like to credit Contora for the amazing graphs which we have used in our analysis of this project.
