Bitcoin mining giant Bitmain has revealed the total hashrate of all its cryptocurrency mining hardware.
Contrary to previous concerns, the company only controls about 4% of the Bitcoin network hashing power according to the report.
As a part of a wider push for transparency, the mining giants have revealed that it will publish regular reports on the size of its in-house mining operations.
For the first time since its formation, Bitmain published its hashrate statistics to begin its push for transparency.
In its first publication, Bitmain claims that of all the mining power put into the Bitcoin network, the company is responsible for just 4% of all hashes.
Bitmain states that the company-owned (hardware) mines Bitcoin using three algorithms: SHA256 (1,692 PH/s), Ethash (339.7 GH/s), and Scrypt (44.2 GH/s).
These statistics released by Bitmain which are only present as of July may be positive but have been met with a lot of skepticism given past records.
The number in Bitmain’s report are unbelievably low given that about a month ago Bitmain made headlines as it was reported that other mining pools owned by the company – BTC.com and Antpool controlled an estimated 42% of the Bitcoin hash rate.
What can be deduced from Bitmain’s claims is that theoretically, the mining giants have become a force to reckon with through the distribution of hardware mining devices rather than through its mining pools.
Bitmain is infamous for being a notorious mining agency that dominates cryptocurrencies through its powerful mining hardware.
However, the company is taking efforts to ensure transparency of its operations and will now publish monthly data on which algorithms it is mining for itself and the total hashrate of Bitmain-owned hardware.
Still addressing the issue of transparency, the mining giants claim to have been “unfairly accused” of harboring secret mining operations.
Bitmain states that it has a “zero tolerance coverage” in opposition to mining with gear that has not been launched as it has been accused of in the past.
The Bitmain team stated:
“To put it plainly, we believe that communities served by Bitmain and its products should be supported and served as transparently as possible. Recent measures have included restricting order quantities, ensuring a first-paid-first-ship order of fulfillment, blocking IPs that we suspect to be hoarding, and publishing detailed shipping updates openly. 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.”
In the past, critics have accused Bitmain of mining empty blocks (empty blocks are blocks that containing no transactions aside from the Coinbase reward) for rising community congestion.
However, Bitmain denies that it purposely mines empty Bitcoin blocks.
The company also mentioned that it will examine any case where it seems that its mining pools produce an extreme fee of empty blocks and disclose the explanations to the public.
These disclosures come as a part of a wider push by Bitmain towards higher transparency in its operations, but there is a catch.
Bitmain recently raised $400 million at a $12 billion valuation, which makes the corporate ready to go public later this year on the Hong Kong Inventory Trade (HKEX).