Bitcoin mining giant Bitmain has announced it will begin publishing regular reports on the size of their mining operation as part of a wider transparency push they have been making since the IPO plans.
Bitmain Publishes their Bitcoin Mining Stats
According to this report, as of July 2, Bitmain is mining three mining three algorithms: SHA256 (1,692 PH/s), Ethash (339.7 GH/s), and Scrypt (44.2 GH/s).
It is unknown what coin Bitmain is mining but assuming the firm’s entire array of SHA256 ASICs was directed at BTC, it would represent just four percent of the network’s hashrate, which currently stands at 41.83 EH/s, according to BitInfoCharts.
These figures are unaudited and as such this report has received much criticism.
BITMAIN claims they only control ~3% of total SHA256 hashing power. They have absolutely no shame in bullshitting us do they. https://t.co/pHCwMD6wKm
— Cøbra (@CobraBitcoin) July 25, 2018
Theories due to the upcoming IPO have emerged.
It will likely be owned in a separate entity, with similar ownership structure to Bitmain… so their statements can be legally correct but disingenuous
— Alistair Milne (@alistairmilne) July 25, 2018
Bitmain owns two pools officially-Ant pool and Btc.com- which account for almost half of bitcoin hash power. Bitmain is also known to be an investor in Viabtc-another bitcoin pool. Bitmain existed huge amount of power during the scaling wars. So disbelief is much warranted.
Ahead of IPO, Bitmain Denies Secret Mining, Empty Block Strategy
Claims that the firm has been of harboring a secret mining operation have been plaguing Bitmain for a while now, the recent release states that Bitmain has a “zero tolerance policy” against mining with equipment that has not been released to the general public and only uses these devices in small test batches. No official audit has been done-just a comment.
Similarly, Bitmain denied that it purposely mines empty bitcoin blocks — blocks containing no transactions other than the coinbase reward — striking back at critics who have accused the firm of mining empty blocks for sinister purposes such as increasing network congestion (Bitmain CEO Jihan Wu has been a vocal supporter of rival Bitcoin Cash). The company said that it will investigate any instances where it appears that its mining pools are generating an excessive rate of empty blocks and disclose the reasons publicly.
Which is weird considering that other pools don’t experiences this much of a problem…
These disclosures come as part of a wider push on the part of Bitmain toward greater transparency, an effort that has seen its ordinarily-opaque CEO make more public appearance s and conduct more interviews. This is partially due to increased competition that has been favored more positively by the Bitcoin community and due to there IPO coming up.
Bitmain, which recently raised $400 million at a $12 billion valuation, is preparing to go public later this year on the Hong Kong Stock Exchange (HKEX).
Thank you twitter and Cnn/Bitcoinist and other outlets for some of these sources of information,
Do you believe them? Comment down below!