Bitmain’s self-mining conflicts with their IPO narrative

Leo Zhang

By Leo Zhang

As the industry titan Bitmain gears up for IPO, the company is working hard to push out positive PR. Recently, Bitmain published a blog post stating that the company does not engage in any self-mining activities, nor does it tolerate such kind of behavior. Self-mining is a practice whereby ASIC manufacturers turn the machines on for themselves prior to distributing them to the retail market, hence gaining absolute advantages on hashrate. Bitmain has long being suspected of engaging in self-mining. Soon after Bitmain published the statement, the developer of SiaStats did a deep dive on the SiaCoin blocks that are highly likely to be mined by Bitmain in secret. Despite all these accusations, interests in Bitmain stock is still red-hot. Has the mining titan already acculumated unstoppable momentum? Or do the capital markets not care about any of these issues in light of Bitmain's incredible profits?

How Bitmain indeed mines coins in secret

"Using an automated script, SiaStats found more than 2100 new blocks that Antpool rejects to claim. These blocks have been added to SiaStats databases, and more blocks are automatically being added as soon as their payouts are sent to known Antpool’s master addresses. The most interesting fact is that 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."

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