Prepare for transparency in the listing: Bitmain claims only a small amount of BTC computing power, no secret mining and empty blocks

5 years ago
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Bitmain responds to everything.

Recently, rumors that Bitmain will go public in Hong Kong have frequently hit the headlines.

latest news fromround the clockTechnology: Bitmain’s US$500-100 million round of financing will be delivered in the near future. It plans to submit an IPO application to the Hong Kong Stock Exchange on August 30 and complete the listing by the end of this year. After listing, Bitmain is expected to be valued at US$30-35 billion.

Prepare for transparency in the listing: Bitmain claims only a small amount of BTC computing power, no secret mining and empty blocksCoincidentally, Bitmain said it would begin publishing regular reports on the size of its internal mining operations, demonstrating its commitment to greater transparency.

to reportto report, Bitmain announced three mining algorithms for its mining machines (data as of July 22): SHA256 (1692 PH/s), Ethash (339.7 GH/s) and Scrypt (44.2 GH/s). Bitmain did not disclose what coins the company is mining or how it will allocate computing power. butAccording to the data siteBitInfoChartsEven if the companys entire SHA256 ASIC mining rigs were used to mine Bitcoin, it would only account for 4% of the networks total computing power. Of course, these figures have not been audited.


BITMAIN claims they only control ~3% of total SHA256 hashing power. They have absolutely no shame in bullshitting us do they. 

For such sounds,Wu Jihan said in Wang Feng Ten Questions, he does not have that much bitcoin computing power. Although there are many mining pools under his control, many of its customers operate and maintain mining machines by themselves, and only point their computing power to the mining pool operated by Bitmain, which can change at any time. If Bitmain does evil, the miners will respond immediately and switch their computing power to other mining pools. It can be said that Bitmain has entrusted a large proportion of computing power.

But in addition to the public mining pool, Bitmain has also been questioned about secret mining.

Bitmain recently officially responded to this, the company implements a zero tolerance policy for secret mining, and only uses these non-public equipment in small batches of tests.

In early May this year, when Bitmain launched the first Zcash ASIC mining machine, it worked with Zooko, a core member of the ZCash founding team.discussed this topic

Zooko asked Wu Jihan, is there a rumor that there is a large-scale stealth ASIC miner mining Monero in the market, is this true?

Wu Jihan said that he has also seen people doing this, but he has no time to verify whether these miners really exist. This is just a hypothesis, but it is definitely not Bitmain. Bitmain has not implemented any stealth mining strategy, because we have more than 2,000 employees, and the large-scale mining operation process requires hundreds of employees to participate, it is difficult to keep it completely secret.

Zooko continued to ask Wu Jihan whether Bitmain has a clear stipulation not to conduct stealth mining, and Wu Jihan answered very directly - no.

Now it seems that as the listing schedule is approaching, Bitmain will make a more accurate interpretation of the strategy in order to gain the trust of the market. As for the rumors of deliberately increasing BTC network congestion and hollowing out blocks, Bitmain also denied it, and stated that it would investigate the reasons for the excessive empty blocks generated by the mining pool and disclose information to the public.

Past Featured:How does Story Teller Bitmain, holding the two futures of blockchain and AI, support a valuation of US$12 billion?

(I am the author Huang Xuejiao, you can add WeChat hxjiapg for blockchain project reporting/communication, please note your position and reasonPrepare for transparency in the listing: Bitmain claims only a small amount of BTC computing power, no secret mining and empty blocks

Original article, author:黄雪姣。Reprint/Content Collaboration/For Reporting, Please Contact;Illegal reprinting must be punished by law.

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