Hong Kong-based cryptocurrency mining company Bitmain has released new policies and practices for its mining operations. The policies and practice reports which the company disclosed on a blog post on July 25 would now be published on a regular basis and will focus on the company’s commitment to its in-house mining operation as part of a wider transparency effort. The reports will also reveal the Bitmain’s pledge to providing “fair and transparent cryptocurrency ecosystem” in terms of policies for mining hardware shipping.
Bitmain which is currently valued at around $12 billion following a Series B round of funding, according to a Chinese news outlet Caixin is also the largest Bitcoin mining company and ASIC chip producer in the world. According to the blog post, Bitmain disclosed that its company-owned hardware is currently mining three algorithms, which are: SHA256 (1,692 PH/s), Ethash (339.7 GH/s), and Scrypt (44.2 GH/s). Although, as of now, it is still unclear what exact blockchain the ASIC mining machines are operating on, as the three algorithms cover a wide range of cryptocurrencies, nonetheless the exact hash rate figures have been disclosed.
Bitmain’s New Shipping Practice
While regarding its shipping operations, Bitmain is planning four major restructuring measures which would include order quantity restriction, the establishment of a “first-paid-first-ship” order of fulfillment, combatting “hoarding” practices and also, publishing monthly reports on shipping updates.
As per the first policy measure, Bitmain would disclose on every 30 days the mining algorithm for its chips and also the algorithm of the total hash-rate of each Bitcoin-hardware. The statement on the blog post reads that Bitmain is exploring these policies to foster greater dialogue between them and the cryptocurrency communities and that they [Bitmain] “believe[s] that communities served by Bitmain and its products should be supported and served as transparently as possible.”
Furthermore, Bitmain believes that it would be good to provide the cryptocurrency community with sufficient information ahead of time in regards to what kind of impact to expect when new ASIC machines are released as they could change the mining landscape of a blockchain network. Whenever Bitmain releases a new ASIC machine, it will issue information about the volume and shipping information for the first batch of the new machine through the company’s official Twitter account.