HomeCommunityBitcoin Gold Clarifies Premine Endowment

Bitcoin Gold Clarifies Premine Endowment


The Bitcoin Gold team has offered clarification regarding what was previously a somewhat confusing position on the supplies of Bitcoin Gold after the airdrop. The issue stemmed from the confusion surrounding the meaning of the term ‘pre-mine’, and what the new chain was attempting to do in mining new coins.

Clarification came today via the Bitcoin Gold website where a full explanation was given. The premine, according to the explanation, was actually a ‘post-mine’ – a mining of 100,000 coins after the fork had already occurred. The team did this via a rapid mining of approximately 8,000 blocks at 12.5 BTG per block.


Premining a bonus?

The bulk of premined coins have been placed into an ‘endowment’, and according to the developers will be used to grow and maintain the BTG ecosystem. However, of the 100K coins, some five percent were set aside as a bonus for the team, or about 833 coins for each of the six members. Little was said regarding this payout, except an acknowledgement. According to the post:

“There was, understandably, a lot of attention to the five percent of the premine which was earmarked as “initial reward for core team” in the Roadmap. That represents 5,000 coins, divided among six core team members, or about 833 coins each – so each core member receives about  0.005% of the existing coin supply (at the time) for their roles in getting this project off the ground during the months before launch.”

The remaining 95 percent are divided into time-locked wallets (60 percent – released in three years), while the remaining 35 percent will be put into immediate use for the sake of building the platform. Specifics on how the funds will be used are to be released over time.


Cyprus registers Binance as a cryptocurrency service provider.

Binance, a cryptocurrency exchange, will be able to provide services for virtual currencies in Cyprus as a result of the platform's recent registration with the...

More than 24,000 ATMs in Brazil will offer USDT through Tether and Smartpay.

Usdt, the largest dollar-pegged stablecoin on the market, was created by Tether, a company. Tether recently announced that more than 24,000 ATMs in Brazil will...

To solve the blockchain modularity issue, Celestia raises $55 million.

The project Celestia, which seeks to address the alleged centralization issue in the current monolithic blockchains, has announced the completion of its most recent funding...

Hong Kong considers removing the “Professional Investor-Only Requirement” and allowing retail investors to trade cryptocurrency.

Securities and Futures Commission (SFC) of Hong Kong's director of licensing and head of the fintech division both confirmed that the regulator is taking into...

Follow us


Most Popular