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Bitmain Announces Shipping and Mining Policies for a ‘Fair and Transparent Ecosystem

Bitmain, one of the leading Bitcoin mining firms in China , announced its policies for mining in an official blog post,July 25. The intention behind the policies is to show Bitmain’s commitment to providing a transparent and fair ecosystem, concerning mining practices as well as the mining hardware shipping. Bitmain has proposed four significant measures which include combatting” hoarding” practices, quantity restriction, the establishment of a “first-paid-first-ship” order of fulfillment, and publishing monthly reports on shipping updates.

In every 30 days, the company will disclose data and will advise the community regarding which algorithms are being mined by Bitmain as well as the total hash rate of Bitmain hardware on those algorithms. The regular shipping and volume information of new miners will be provided by the ASIC manufacturer on the official Antminer Twitter account.

Bitmain reemphasized its zero-tolerance policy on “ secret mining practices” The company claims that it has always been against this malpractice.The company also clarified that it would not 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 an Antpool mining operator managed by Bitmain had allegedly caused transaction delays and a rise in transaction fees my mining empty blocks.According to Chinese sources, Bitmain is presently valued at $12 billion. Bitmain raised around $300 -$400 million US hedge fund Coatue, EDBI and Sequoia Capital subsidiary.

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