Chinese bitcoin mining giant Bitmain has revealed the total hashrate of all its cryptocurrency mining hardware. This was done as part of a larger push towards greater business transparency by the company ahead of its rumored massive IPO.
Also Read: The Daily: Exchange Operator Pleads Guilty, Scammer Fined Over $1.9 Million
Bitmain Transparency Policy
The first of these new efforts is a disclosure policy on self-mining. The company will publish monthly data on which algorithms it is mining for itself and the total hashrate of Bitmain-owned hardware.
No to ‘Secret Mining’ and ‘Empty Blocks’
Additionally, the company promises to never seek to mine ‘empty blocks’. The team explained that: “While often described as the result of sinister intent, empty blocks often occur because of issues in block propagation at the protocol level rather than active decision-making by mining pool operators. We are actively working towards mitigating these issues. However, should there occur any unusual or excessive rate of empty block mining by a mining pool owned by Bitmain, we will seek out the cause and disclose the reasons why.”
Lastly, Bitmain will publish the shipping and volume information for the first model of all new miners, tweeting the quantity and payment timestamps via the official Antminer Twitter account. This will be done for all rounds of shipments within the first batches of those models.
Which other companies should adopt a more forthcoming transparency policies? Share your thoughts in the comments section below.
Images courtesy of Shutterstock.
Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.
The post Bitmain Reveals the Total Hashrate of Its Cryptocurrency Mining Hardware appeared first on Bitcoin News.
Source: Bitcoin.com