Bitmain Launches 4 Transparency Policy to Boost Its IPO

Bitmain, the world’s dominant cryptocurrency mining chip producer is preparing its IPO in Hong Kong. The mining giant issued a series of business policies and codes of conduct on July 25, aimed at increasing its business transparency and fostering greater dialogue with the cryptocurrency communities to make final preparations for its listing.

It was reported that Bitmain has controlled 42 percent of computing power recently that gives rise to fear in the crypto communities that the company is approaching to dreaded a 51% threshold.

In order to enhance transparency in mining industry, and increase community satisfaction, Bitmain is redoubling its commitment to business transparency and listed 4 promises to deal with the issues of hashing power monopoly and ‘secret mining’ :

1. Disclosure policy on self-mining

Every 30 days we will publish data to advise community members which algorithms Bitmain is currently mining for itself and the total hashrate of Bitmain-owned hardware on each of these algorithms.

The report will be available by this link: https://blog.bitmain.com/en/hashrate-disclosure/

2. Zero tolerance policy against ‘secret mining’

‘Secret mining’ is a practice whereby an ASIC manufacturer may mine with newly developed equipment prior to selling or distributing such equipment to customers. This has been criticized as conferring an unfair market advantage to ASIC manufacturers over individual community member miners. Bitmain itself has been unfairly accused of this practice.

3. We will never seek 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. 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.

4. We will provide shipping and volume information of new miners to the public

We 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.

Bitmain has also disclosed its hashing power data:

According to Bitmain’s data, the firm controls less than 4% of the total network computing power on the entire bitcoin blockchain.

However, Bitmain’s ‘old sport’ Cobra questioned the transparency policy in a tweet immediately after the announcement was published, and saying that the information provide by Bitmain “duped the people.”

Actually, it is undeniable that increasing the business transparency is due to the need of listing in order to boost the investors confidence. However, on the other hand, Bitmain’s efforts may provide a fair and transparent cryptocurrency ecosystems to crypto communities which is a good new to the industry.

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