Bitmain Discloses New Transparency Policy

Bitmain, one of the biggest Bitcoin (BTC) mining company worldwide, disclosed its new policies for shipping and mining practices, according to an official blogpost. It is a privately owned company headquartered in Beijing, China, with branches in Shenzhen, Shanghai, Chengdu, Hong Kong, Fuzhou, US, Israel, Netherlands and Switzerland. They are a bitcoin miner and designer of ASIC chips.

Company believes that its products should be supported and served as transparently as possible. It has also taken various measures such as restricting order quantities, ensuring a first-paid-first-ship order of fulfillment, blocking suspected IPs to be hoarding, and publishing detailed shipping updates openly.

It stated that ,

Based on the encouraging results from these early efforts, as well as our continued dialogue with the broader cryptocurrency community, Bitmain is redoubling its commitment to business transparency

Company has designed a new self-mining disclosure policy. Every 30 days it will publish data to advise community members which algorithms Bitmain is currently mining for itself and the total hashrate of Bitmain-owned hardware on each of these algorithms. The report will be available here.

Bitcoin mining giant has expressed to maintain zero-tolerance policy regarding secret mining. It further stated that

Secret mining’ is a practice whereby an ASIC manufacturer may mine with newly developed equipment prior to selling or distributing such equipment to customers. This has been criticized as conferring an unfair market advantage to ASIC manufacturers over individual community member miners. Bitmain itself has been unfairly accused of this practice. We therefore remain opposed to this practice and maintain our long-held zero-tolerance policy regarding same.

It has also pledged that it will never mine “empty blocks,” and will seek out the cause of empty block mining by a mining pool owned by Bitmain. The shipping and volume information will be disclosed via Antminer Twitter account.