Reading Time
~ 2 minutes
Spread the Word

In an attempt to improve transparency, Bitmain has just announced in a blog post that it has less than 4% of the total Bitcoin hashrate.

The blog post is aimed at creating a more “fair and transparent ecosystem” via transparent shipping and mining practices. In the blog post, the company has also disclosed information about its own ASICs mining algorithms, such as SHA256, ETHASH, and SCRYPT.

At the time of this writing, the hashpower is of 1,692 PH/s for the first one, 339,7 GH/s for the second, and 44,2 GH/s for the third. Based on the algorithms, we can safely assume that the company predominantly mines BTC, ETH and possible even XMR, even though no official information has been released regarding this aspect.

New measures aimed at improving Bitmain’s business transparency

In the post, Bitmain also described various other measures that will be added in order to improve fairness and overall transparency within its ecosystem. The first one is the first-paid-first-ship order of fulfillment. The company also promised to block IPs that are suspected of “hoarding” ASICs.

Another interesting measure is the disclosure policy on self-mining. According to the blog post, the company is said to publish data in regards to which algorithms Bitmain is currently mining for itself and the total hash rate of its own hardware on the algorithms in question once every 30 days.

The company will also implement a zero-tolerance policy against secret mining operations. The blog post describes secret mining as being “a practice whereby an ASIC manufacturer may mine with newly developed equipment prior to selling or distributing such equipment to customers.”

This measure comes after Bitmain was heavily criticized as conferring an unfair market advantage to ASIC manufacturers over individual community miners. The third measure is aimed towards mitigating the issues of mining empty blocks, a practice that Bitmain has been recently accused of.

Lastly, the company seems determined to disclose shipping and volume information so that all users can be well informed of potential hashrate changes.

All these changes come at a very good time, as the company is set to debut on the Hong Kong Stock Exchange (HKEX).

Read more articles related to this subject:
Notice: The information in this article and the links provided are for general information purposes only and should not constitute any financial or investment advice. We advise you to do your own research or consult a professional before making financial decisions. Please acknowledge that we are not responsible for any loss caused by any information present on this website.