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.
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.
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).
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.
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.
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?
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.
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
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.