Bitmain Claims 4 Percent of Published Hashrate Report
The Bitcoin mining enterprise, Bitmain, has stated that reports will be published on an average basis to provide more transparency into its own mining operations. Bitmain has stated that it utilizes three different algorithms to run its mining operation, SHA256, Ethash, and Scrypt.
The new statistics were released on the 22nd of July have drawn attention to a few things. With the three algorithms, the report sheds no light on what cryptocurrencies Bitmain is mining and the hashrate distribution plan. Even if Bitmain directed all its ASIC’s towards mining Bitcoin, the hash rate would float at around 4 percent of the entire network and levels at 41.83 as of now.
Several instigators have criticized Bitmain, claiming that the company continues hiding its unaudited states and maintains most of the control of Bitcoin and possibly other blockchains. The company’s crypto-pool subsidiaries are responsible for almost half the hash rate of Bitcoin as operates pools. As an operator, it chooses the templates available for miners on its pool.
Following the harsh criticism against the company, it made a statement saying that the company absolutely does not tolerate any non-commercial mining equipment and strictly uses them to conduct minor testing. More accusations have stated that Bitmain is mining void blocks with zero transaction data apart from the profit of mining a block. Should mining activity suspiciously increase in any way, the company states that a thorough and quick investigation will take place and publicize the report.
This comes as the latest attempt by Bitmain to offer more transparency and continue building trust among the community through interviews and appearances by the CEO. This year, Bitmain plans to launch publicly on the HKEX and aims to raise an additional $1B as part of the $15B estimate.