Bitmain Discloses Shipping and Mining Policies for a ‘Fair and Transparent Ecosystem’
According to an official statement published on July 25th, Bitmain, a Chinese major Chinese hardware company one of the main Bitcoin (BTC) mining firms around the world, declared its plans for mining operations.
The recent list of policies and rules intend to demonstrate Bitmain’s responsibility of giving a “fair and transparent cryptocurrency ecosystem” as far as strategies for mining hardware shipping and those of mining practices.
When it comes to shipping, Bitmain proposed four main measures including order quantity, limitation foundation of a “first-paid-first-deliver” request of satisfaction, combatting “hoarding” practices, and posting monthly reports about delivery updates.
Every 30 days, the organization will reveal data advising the network on which calculations Bitmain is mining for itself and also the total hashrate of Bitmain hardware on those calculations. The ASIC producer will give normal shipping and volume information of new miners on the official Antminer Twitter account.
Bitmain repeated its zero resilience policy on “street mining” practices. Secret mining is a procedure wherein ASIC producers mine with new hardware before making that equipment accessible to the general public. The organization guaranteed that it has been constantly taken a negative position towards the practice, stressing its “long-held zero-tolerance policy” on the issue. The organization also cleared up that it won’t try to mine empty blocks:
“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.”
In August 2017, Antpool mining administrator oversaw by Bitmain, purportedly caused transaction delays and a surge of transaction expenses by mining empty blocks.
Not long ago, Chinese sources announced that Bitmain is currently valued at $12 billion after a Series B funding round. Bitmain apparently raised between $300 million to $400 million from Sequoia Capital subsidiary Sequoia China, U.S. hedge investments Coatue, and Singapore-based governmental investment fund EDBI.
