{"id":16508,"date":"2018-07-25T21:03:49","date_gmt":"2018-07-25T20:03:49","guid":{"rendered":"https:\/\/ethereumworldnews.com\/?p=16508"},"modified":"2018-07-25T21:04:52","modified_gmt":"2018-07-25T20:04:52","slug":"bitmain-transparency-policy-mining-hashrate","status":"publish","type":"post","link":"https:\/\/ethereumworldnews.com\/bitmain-transparency-policy-mining-hashrate\/","title":{"rendered":"Bitmain’s New Transparency Policy Met With Community Skepticism"},"content":{"rendered":"
Bitmain, one of the world’s most valuable cryptocurrency-related companies, has just introduced new policies and practices<\/a> that hope to show that the firm is committing to full transparency and higher levels of communication with the cryptocurrency community.<\/p>\n A statement released by the firm highlighted the importance of transparency, stating:<\/p>\n As many of you have no doubt noticed, Bitmain has started to explore policies and behaviors that aim to\u00a0increase transparency<\/a>\u00a0and\u00a0foster greater dialogue\u00a0<\/a>between us and the cryptocurrency communities at large.\u00a0To put it plainly, we believe that communities served by Bitmain and its products should be supported and served as transparently as possible.<\/p><\/blockquote>\n While some thought that this statement was “all talk, no action,” Bitmain<\/a> went on to highlight a few measures that it has been taking to increase the levels of transparency it has with the public.<\/p>\n To ensure that all users have a fair chance at receiving a Bitmain-manufactured ASIC<\/a> machine, the firm will be introducing new policies, which include “restricting order\u00a0quantities, ensuring a first-paid-first-ship order of fulfillment, blocking IPs that we suspect to be hoarding, and publishing detailed shipping updates openly.”<\/p>\n Additionally, when Bitmain releases a new ASIC machine, tweets will be issued through the official Antminer Twitter account regarding the volume and shipping\u00a0information for the first batch of a new model.\u00a0 The firm reasoned that due to the fact that ASICs often change the mining situation of a blockchain, that it would be good to let the community know ahead of time of what impact could occur.<\/p>\n All these measures that the firm will be enacting will help create a cleaner and fair ecosystem for the mining community, along with lower levels of mining centralization<\/a> as we move into the future.<\/p>\n As a part of the measures taken to show transparency, Bitmain also released a disclosure report of the hashrate contributed to assorted blockchains by company-owned hardware (ASICs).<\/p>\n The statistics, current as of July 22nd, show that Bitmain is currently running machines on three algorithms, SHA-256, Ethash, and Scrypt. The exact numbers are as follows:<\/p>\n It is currently unclear what exact blockchains the mining machines are operating on, as the three algorithms span a wide range of cryptocurrencies, but at least the exact hashrate figures were brought to light.<\/p>\n Moving forward, Bitmain will update these figures once every 30 days to ensure up-to-date information is posted about the internal operations of the mining giant.<\/p>\n However, many users think that these hashrates don’t tell the whole story. Many skeptics took to Twitter to express their distrust in the aforementioned figures. CobraBitcoin, a long-time Bitcoin community member and co-owner of Bitcoin.org and BitcoinTalk, issued a tweet regarding the figures which he sees as false.<\/p>\n 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<\/a><\/p>\n — C\u00f8bra (@CobraBitcoin) July 25, 2018<\/a><\/p><\/blockquote>\nThe New Shipping Practices Enlisted By Bitmain\u00a0<\/strong><\/h3>\n
Bitmain Releases Internal Hashrate Stats, Users Skeptical<\/strong><\/h2>\n
\n
\n