Chinese miner Bitmain Launches IPO campaign with Hash rate Declaration
World’s prolific coin miner, Bitmain began its IPO campaign by declaring the hash rate of its mining hardware. Beijing headquartered miner but is rumored to enlist on the Hong Kong stock market with a $12 billion IPO.
The mining giant has been using ASIC chips as bitcoin machines for the generation of coins and will now seek more public funds to expand its operations and add new services. In a bid to raise these funds it will offer itself up for an IPO and in the processes demonstrates transparency of its current operations in publishing the total hash rate of cryptocurrency mining hardware.
In addition to bringing several data to the public domain, the company has also introduced several other measures. The first of this is the introduction of ‘restricting order quantities.’ This will ensure that customers who pay first will receive the first shipment. It is also blocking IP addresses which may be hoarding coins and has opened out its shipping dates to public viewing.
Following the introduction of these background measures, the company has now adopted a ‘disclosure policy for self-mining.’ Based on the adoption of this policy, the company will be able to provide monthly data on the algorithm it is using for the current phase of mining and the hash rate of the Bitmain-owned hardware.
Bitmain also claims that it will maintain ‘zero-tolerance’ policy against secret mining. The latter is the process by which a manufacturer would commence mining for own purpose when developing the new equipment before selling it to paying customers.
In another policy declaration, it has claimed that it will never indulge in mining for ‘empty blocks.’ According to the company “empty blocks often occur because of issues in block propagation at the protocol level rather than active decision-making by mining pool operators. We are actively working towards mitigating these issues. However, should there occur any unusual or excessive rate of empty block mining by a mining pool owned by Bitmain, we will seek out the cause and disclose the reasons why.”
First Model Data for free viewing
Not only that, the mining company has declared that it will also place in the public domain information related to shipping and volume information of the first model that the new miners will use. In addition, it will also tweet the quantity as well as payment timestamps through its Twitter account.
The company is committed to offering these details on the public domain for all of the shipment rounds on its first batch by a mining machine model.
The mining company has been setting the standards in this segment of the cryptocurrency industry. The company policies have been focused on transparent business practices. Hence, it has been innovating practices in this regard by not only publishing the total hash rate of its hardware but also the shipping rounds of new models.
Such practices of openness with respect to the roadmap of the company and the disclosure policy are expected to gel well with the investor community when Bitmain eventually presents itself before the community for its rumored IPO.