Bitmain claims it controls not …

Bitmain claims it controls not …

Bitmain claims it controls no more than 4% of the bitcoin hash rate

Mining giant Bitmain has promised to regularly publish reports on the amount of its computing power as part of a larger program to increase the transparency of its business in anticipation of entering the stock exchange, writes CCN.

According to the released data, as of July 22, Bitmain had the following resources for three main mining algorithms: SHA256 – 1,692 PH / s, Ethash – 339.7 GH / s, Scrypt – 44.2 GH / s.

The company does not specify how its resources are allocated for specific cryptocurrencies, but the data provided already raises a lot of questions. Even if all SHA256 Bitmain miners are mining bitcoin, this means that they only account for 4% of the network hash rate, which does not even approximately correspond to previously given estimates of the company’s share in bitcoin mining..

Bitmain’s critics are already accusing the company of providing misleading information and claiming that it accounts for the majority of the hash rate of bitcoin and possibly other cryptocurrencies. According to previously published information, pools controlled by Bitmain account for almost half of the computing resources of the Bitcoin network..

Bitmain claims it controls not ...

Bitmain, in turn, claims that it is “unfairly accused” of secretly using resources for mining, adding that it will under no circumstances install equipment for production purposes that is not known to the general public, and uses such equipment only for small-scale mining. tests.

Bitmain also denies that it deliberately mined empty blocks, that is, blocks containing no transactions other than the one used to pay the reward, thus responding to critics suggesting that the Chinese company is deliberately causing congestion on the Bitcoin blockchain in order to lure users into the Bitcoin Cash network. in support of which Bitmain CEO Jihan Wu has repeatedly expressed. The company says it will investigate cases of extremely high production rates of such units and publish the results..

Recently it became known that Bitmain may conduct another round of fundraising, with which its estimate will rise to $ 15 billion, and then apply for an initial public offering on the Hong Kong Stock Exchange..

Bitmain claims it controls not ...
Bitmain claims it controls not ...

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