Chinese mining giant and one of the world’s most valuable cryptocurrency hardware solutions company Bitmain technologies Limited, has introduced new policies for mining practices that will boost the company’s outlook by delivering transparency and higher levels of communication to cryptocurrency community, according to an official blog post-July 25.
In a statement underlining the significance of transparency, Bitmain said,
“As many of you have no doubt noticed, Bitmain has started to explore policies and behaviors that aim to increase transparency and foster greater dialogue between us and the cryptocurrency communities at large. To put it plainly, we believe that communities served by Bitmain and its products should be supported and served as transparently as possible.”
By overcoming the scepticism and other dilemma of the people, the firm is certifying that all users have an unbiased and fair dealing while receiving a Bitmain manufactured ASIC machine the firm will be introducing new policies, which include “restricting order quantities, ensuring the first-paid-first-ship order of fulfilment, blocking IPs that we suspect to be hoarding, and publishing detailed shipping updates openly.”
Bitmain will also tackle an area of Self-mining not “secret mining” a practice which Bitmain has been unfairly accused of in the past by releasing monthly reports and analysis for its crypto space partners that can further help them to discuss about the companies using which blockchain for mining, along with the hash rates of all Bitmain-owned hardware on each blockchain.
“Most critically, we will be disclosing the degree to which Bitmain mines for its own accounts. Typically, people have looked at the amount of mining that takes place through our mining pools or hash nest cloud mining service. We are also publicly affirming our internal policies, such as the one regarding ‘secret mining.’” With these new policies, Bitmain has mentioned that it has a “zero tolerance policy against secret mining.”
Bitmain doesn’t stop here, the firm for its first models on the release of any new miner is planning to issue the volume data along with shipping. Antminer has been seen the first miners utilizing the company’s latest ASIC designs.
One of the spokesmen of Bitmain claims:
“This announcement is a milestone on a journey that started with revealing shipment details of Z9 Minis and subsequent discussions with cryptocurrency community leaders like Zooko Wilcox. The measures described here are the results of extensive dialogues with our stakeholders and our critics.”