Abstract. Bitcoin Gold is a community-led project to create an experimental
hard fork of Bitcoin to a new proof-of-work algorithm. The purpose for doing
this is to make Bitcoin mining decentralized again. Satoshi Nakamoto’s
idealistic vision of “one CPU one vote” has been superseded by a reality
where the manufacture and distribution of mining equipment has become
dominated by a very small number of entities, some of whom have engaged
in abusive practices against individual miners and the Bitcoin network as a
whole. Bitcoin Gold will provide an opportunity for countless new people
around the world to participate in the mining process with widely-available
consumer hardware that is manufactured and distributed by reputable
mainstream corporations. A more decentralized, democratic mining
infrastructure is more resilient and more in line with Satoshi’s original vision.
Perhaps, if the Bitcoin Gold experiment is judged by the community to be a
success, it may one day help build consensus for a proof-of-work hard fork
on Bitcoin itself.