Bitcoin III (BC3)

Bitcoin III (BC3) is a reimagined version of the original Bitcoin protocol that incorporates a unique proof-of-work algorithm, specifically designed to address certain vulnerabilities associated with the rental hashrate market. This innovative coin uses the SHA3-256t hashing scheme, a variant of SHA-256, which is incompatible with existing dedicated mining hardware. The maximum supply of Bitcoin III is capped at 21 million coins, following the same scarcity principle as its predecessor. This ensures that the coin's integrity and value are preserved as it evolves within the cryptocurrency landscape.

The primary objective of Bitcoin III is to mitigate risks posed by rental hashrate providers that have significantly lowered the barrier for potential attacks on networks with shared mining algorithms. With Bitcoin III, miners must deploy their own hardware rather than rely on temporary rentals, thereby increasing the difficulty of compromising the network for malicious actors. The hard fork was initiated at block height 30,240, transitioning the consensus mechanism while maintaining other aspects of the prior codebase, ensuring a secure foundation for users participating in the network.

Mining Bitcoin III is accessible to a broad user base, as it can be performed using standard CPU or GPU hardware. The absence of an existing hashrate market tailored to the SHA3-256t algorithm means miners must actively engage with the network using their own equipment, leading to a more decentralized and secure mining environment. GPU mining software was made available shortly after the fork, reflecting the contemporary advancements in mining technology and software development, and allowing for diverse participation across various computing platforms.