Bitmain, a Hong Kong based mining company released new policies for shipping and mining practices. Bitmain is the largest Bitcoin mining company and ASIC chip producer in the world. The company is valued at around $16 billion and recently completed its series B funding round.
The mining company has come up with 4 new policies:
- Disclosure policy on self-mining
- Zero tolerance policy against ‘secret mining’
- To never seek to mine ‘empty blocks’
- Provide shipping and volume information of new miners to the public
As per the first policy, Bitmain will release a report of the algorithms that the company is currently mining and the algorithm of the total hash-rate of each Bitcoin-hardware. The report will be released every 30 days.
The second policy is related to ASIC manufacturers who use the newly developed equipment before the product is out for sale or distribution. This practice lets the manufacturer have more advantage than the mining community. Bitmain stated that they will maintain their zero-tolerance policy and will stand against this practice.
The third policy states that the company will give a report to the public if they end up with an unusual or excessive rate of empty block mining by a mining pool.
The fourth policy states that the company will publish a report regarding the shipping and volume information of all the new miners of the first model. The report will be made public via Twitter on their official Antminer Twitter account. The report will be publicised for all the rounds of the first batch and will include the quantity and payment timestamps. The reason the company has chosen the first model is that it has maximum impact on the network difficulty of the blockchain and the first miners are using the new ASIC design.
Moreover, the mining company has released information regarding the past 30 days hash-rate owned by the company in accordance to its first policy. According to the report, the company has three hash-rate, SHA256, ETHASH and SCRYPT.
The policy comes into the limelight months after the Bitcoin mining company was accused of secret mining for several months. The accusation against the company states that they used new mining devices before they were made public for sale or distribution. However, the CEO of Bitmain, Jihan Wu, outrightly denied the accusation and said that the company has a small-scale test and that a secret mining is not a part of their strategy.