Bitmain Hashrate Disclosure

As of right now, Bitmain has no Z9 or Z9 mini’s of their own running. It’s impressive that they are being so open about these numbers.


Here are the highlights:

  • Disclosure policy on self-mining
  • Zero tolerance policy against ‘secret mining’
  • We will never seek to mine ‘empty blocks’
  • We will provide shipping and volume information of new miners to the public

The blog post says:

vs

Perhaps opinion on this has changed over time. Let’s see what happens.

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Seems he changed his mind 2 and a 1/2 year later, only human and a good thing. Reverse it would be worse, not?

They must have hired some PR people to revamp their image and realized that hurting the facilitation of transactions was bad for biz.

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Bitmain are preparing for an IPO hence new offices, new products, new investments.

https://www.ccn.com/bitcoin-mining-giant-bitmain-eyes-1-billion-pre-ipo-financing-report/

They disclosed that they own hardware. They are mining with that aren’t they? Who cares if it is secret or not? Manufacturers should not mine at all. If they need to test the hardware they should use a testnet.

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I think anyone should be able to mine. Also, Bitmain is an ASIC designer, not a manufacturer.

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It’s a conflict of interest and it promotes centralization which is what I thought cryptos were trying to prevent. As Bitmain makes ever more money the problem will only get worse. If Bitmain didn’t design them they wouldn’t be made by Samsung or TSMC so it is immaterial if they make the physical ASIC or not. They do make the miners.

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If Bitmain didn’t design them they wouldn’t be made by Samsung or TSMC so it is immaterial if they make the physical ASIC or not.

This is a matter of exchange rate. When a coin becomes worth N value these companies will all pivot and do whatever is profitable.

What a joke.

This statistic is updated once every 30 days and it doesn’t say that it’s an average. This means they can just stop their miners for a few minutes when they are getting the statistics (assuming the statistics aren’t complete BS in the first place).

The fact that Bitmain thinks this is an example of “transparency” should make people even more skeptical of them.

Beat me too it @Bitcartel. #3 should read “we won’t mine empty blocks…anymore”. Seems a bit disingenuous as stated, as if they have “never” done such a thing (they have).

More transparency about their activities is a joke? I don’t follow what you’re saying.

Further, Innosilicon hasn’t published info about the used miners they are profiting from before selling. That’s something I would like to see.

I’m surprised they said anything at all.

Asics sell themselves, I understand some people would care if they are mining with them I personally don’t.

Great company

Yeah, but it’s not transparency.

Also, even if Bitmain were the most transparent company in the world, ASIC mining would still be bad. I’ve pointed out many time that ASIC mining is the problem, not Bitmain.

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At the end of the day, the information is not required and of little consequence, given that Nakamoto consensus based cryptocurrencies are designed to be permissionless and trustless.

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If it’s not required and has no consequences, why did the foundation ask for that information? Whats the deal to ask for something nobody needs anyway? :thinking:

More transparency is always better. It’s great to know that they aren’t pre-mining ASICs. If anything it gives people buying more trust. It also shows that they aren’t hostile and would rather foster coin growth rather than take them over.

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Sia community analysis of blockchain data and mining pools appear to confirm that Bitmain has mined in secret in the past.

The oldest block we can track of Antpool is #132204, dated on November 17th, what means that Bitmain mined Siacoins in secret for exactly 2 months… In total, 550 blocks were mined in secret during the 2 months previous to the Antminer A3 announcement, representing around 85 million Siacoins in block rewards… they could have recovered the whole cost of the ASIC development just by secret mining during those 2 months. This, of course, on top of the $74 million in sales profit just from the first 2 batches

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No Z9 or Z9 minis…
Yeah - I believe them.
Their default strategy tells us they are already using Z10. The old version is dumped on the community.

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I’m glad that Bitmain is taking steps to be more transparent. But without independent audits I don’t think it’ll move the needle much on their reputation.

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