The Bitcoin Gold (BTG) network suffered another set of 51% attacks on January 23-24, as roughly 29 blocks were removed in two deep blockchain reorganizations (reorgs). Reports indicate that more than 7,000 BTG was double spent as the chain suffered a loss of $70,000 in two days.
Also read: Bitcoin Gold Hacked for $18 Million
Bitcoin Gold Sees Two Deep Blockchain Reorgs With 29 Blocks Replaced
In May 2018, the Bitcoin Gold (BTG) blockchain was 51% attacked for the first time suffering a loss of more than $18 million. BTG is a fork of the Bitcoin protocol but it doesn’t use the SHA256 consensus algorithm like BTC, BCH, or BSV. The blockchain BTG utilizes a variant of the Equihash algorithm (Equihash 144, 5 or “Zhash”) which can be mined with a GPU. Bitcoin Gold’s creators believed that creating a Bitcoin fork that could be mined with GPUs as opposed to ASIC devices would be more decentralized. However, things went south in the spring of 2018 when a miner gained control of more than 51% of the overall BTG hashrate. After losing $18…