Bitmain says it controls less than 4% of Bitcoin Hashrate

Bitmain cryptocurrency mining equipment manufacturer, recently claimed to have in its possession, less than 4% of the total bitcoin hashrate. The firm made this statement in a  blog post that aims to improve its transparency, to create a more “fair and transparent” ecosystem.

In his article, the company revealed to be in possession of ASICs that exploit three algorithms. The computing power available is 1692 PH / s for SHA-256, 339.7 GH / s for Ethash and 44.2 GH / s for Scrypt. The company has not revealed the cryptocurrencies it mines with these algorithms, but we can, without taking too many risks, come forward to say that they are BTC, ETH and LTC, which are the main currencies of these algorithms.

If all the alleged computing power for Bitmain’s SHA-256 was directed to the BTC, the company would have less than 4% of the current 45 EH / s of the network. For some analysts, this figure is zero, because the subsidiaries of the Bitmain mining pool would control more than 50% of the computing power of the mother cryptocurrency.

This control means that Bitmain can (in theory) dictate block patterns that miners connected to a pool use. The 1692 PH / s in Bitmain could also be partly directed to Bitcoin Cash (BCH), since the company’s CEO, Jihan Wu, is one of the main known promoters of the BCH.

The Bitmain publication is in line with the steps that society is taking to improve transparency and fairness in the cryptocurrency ecosystem. The CEO claims he already limits order quantities, ensuring a “first come, first served” policy, while blocking IPs he suspects of speculating on ASICs.

As part of its measurements, Bitmain announces that it will publish its hash data every 30 days.

According to the manufacturer, Bitmain will apply a zero-tolerance policy against secret mining operations, which means that it will not use its own ASICs before marketing them to the public. He adds: “Bitmain values transparency and fair competition”.

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