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Cryptocurrency, Bitcoin, Bitmain and more...

The 7nm Antminer S15 and T15 are now available for purchase

We’re pleased to announce that the newest Bitmain next-generation 7nm miners – Antminer S15 and Antminer T15, with two variations of each – are available for purchase today, November 8, 2018, at the following times:

  • Russia: 17:00
  • Germany: 15:00
  • USA: 9:00 (EST)

Our new miners utilize innovative technologies to improve the performance of the new miners’ power and power consumption, and computing performance.

The Antimer S15 provides long-term energy efficiency through its use of Bitmain’s 7nm chip that integrates over 1 billion transistors per unit. This feature significantly improves the computing performances of Antminer. The chip contains a unique circuit structure and low power technology.

Photo: Antminer S15

Additionally, the Antminer S15 chip uses an exposed die package solution moving beyond the traditional over-molding plastic package. The back side of the wafer is in direct contact with the heat dissipation interface and the heat sink, improving the heat transfer efficiency.

The Antminer S15 high-performance mode can achieve a hash rate of 28 TH/s with a power efficiency as low as 57 J/TH; its energy-saving mode can improve power efficiency to 50 J/TH while maintaining a hash rate of 17 TH/s.

Similarly, our Antminer T15 high-performance mode sees a hash rate of 23 TH/s and a power efficiency as low as 67 J/TH. Its energy-saving mode can improve power efficiency to 60 J/TH while maintaining a hash rate of 20 TH/s.

Photo: Antminer T15

On both modes, the heat dissipation efficiency is significantly improved from prior modes. Adopting the new heat dissipation structure, the parallel fan design is applied to both modes to shorten the wind speed and reduce wind resistance. As a result, the reliability for long-term operation of the miner has been upgraded while reducing maintenance cost.

For large mining farms, both modes are easy to implement as an all-in-one design of miner with PSU and can be set up vertically or horizontally, making it flexibly adapted to different mining farms and miner racks. With the new high conversion power supply APW8, 16-18V high-voltage output, new miners can effectively reduce the power loss during the power conversion process, helping mining farms save on electricity costs.

Antminer S15 and Antminer T15 are officially on sale on the Bitmain international website (https://shop.bitmain.com/).

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Firmware to Activate “Overt AsicBoost” in BM1387-based Antminer Models

We’re very pleased to share that last night our developers released the firmware for the Antminer S9 to enable what is popularly called the “overt AsicBoost” functionality. We will also release in one week the firmware to activate this functionality in other BM1387-based models namely the Antminer R4, S9i, S9j, T9 and T9+. This step will increase future effectiveness of several Antminer models and provides the framework for a strong long-term network.

 Initially, we decided against activating this mathematical function in mining hardware produced by us, largely because of the legal uncertainty surrounding the use of AsicBoost. As an organization, we didn’t want to violate patent laws or act in any way that was untoward. Instead, we continued to focus our efforts on R&D and building the industry’s most efficient mining chips. It’s worth noting, as outlined in a April 2017 blog post, our ASIC chip BM1387 has the capability built into the chip technology.  

In March 2018, we noticed new manufacturers of hardware advertising the use of “AsicBoost” and soon after that we noticed blocks being mined on the blockchain using AsicBoost. To give users of our mining pools the option to mine using AsicBoost we added support for it on both BTC.COM and Antpool. 

 Now we are pleased to give Antminer users whose miners have the capability to support this function a choice to avail this advantage without any negative impact on the Bitcoin protocol. This variant of the “overt AsicBoost” simply uses version bits different from those that other manufacturers have been using. It is equally transparent because it can be seen in the blockheader of boosted blocks.

With regard to patent rights, we continue to respect third parties’ IP right and take actions accordingly. Based on legal opinions from various jurisdictions, we believe that there isn’t and may never be a patent right over AsicBoost. Thus, all miners should be entitled to make their own choice on whether to use AsicBoost technology without anybody having an exclusive right over it.  

Bitmain is committed to creating the industry standard for the most efficient and effective miners on the market. After testing AsicBoost on the Bitmain testnet, we found that the functionality does improve mining efficiency. 

One of Bitmain’s top priorities and guiding principles is to provide our customers with the best mining technology in the industry and after extensive internal conversations, we have decided to activate this functionality to achieve two main objectives

  1. Future Effectiveness: We recognize that cryptocurrency mining technology is rapidly evolving, innovating, and improving, and hardware depreciates rapidly. By activating AsicBoost, our customers’ hardware will increase in effectiveness while the future hardware we make continues to be the industry gold standard. 
  2. Stronger Network: We have been very transparent that we have activated AsicBoost in the miners on our testnet and have found that it improves efficiency in mining operations. Utilizing this technology will be very beneficial for the mining. AsicBoost has the potential to reduce the J/TH cost and increase the total hashrate of the network. By activating this upgrade widely, we are making the Bitcoin network stronger than ever before. 

 The new firmware can be downloaded at https://service.bitmain.com/support/download

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World Digital Mining Summit by Bitmain and BitKan held successfully last weekend in Tbilisi, Georgia (Sept. 21-23)

Bitmain co-founder, co-CEO, Jihan Wu, announces Bitmain’s new BM1391 7nm chip for SHA-256 mining 

World Digital Mining Summit by Bitmain and BitKan held successfully last weekend (Sept. 21-23) in Tbilisi, Georgia 

The World Digital Mining Summit, an event hosted by Bitmain together with BitKan, was successfully held last weekend, September 21-23, at the Hualing Tbilisi in Georgia, with cryptocurrency media and attendees heralding the summit as a great success.  The event drew over 1,000 attendees from all over the world, including: Georgia, Russia, Eastern and Central Europe, North, Central and South America, not to mention China, Japan, Korea and other countries in Asia Pacific and globally.  

Spectators enjoy the opening ceremony at the historic Tbilisi Opera

Opening at the Tbilisi Opera on Friday, Bitmain co-founder and co-CEO Jihan Wu announced the launch of Bitmain’s new 7 nanometer process ASIC chip.  Placing this 7nm technological innovation in the context of the development of blockchain technology to date, Wu also shared a detailed vision for the industry’s future, including the integration of AI and blockchain for decentralized artificial intelligence, and the emergence of cryptographic algorithms based on quantum computing.  Roger Ver, CEO of Bitcoin.com followed, discussing Bitcoin Cash (BCH), a vision for the coin’s future and the underpinning importance of economic freedom as a core value for Bitcoin Cash. 


Bitcoin.com CEO, Roger Ver presents on Bitcoin Cash (BCH) and its core value of economic freedom

Saturday saw Bitmain’s Head of Sales and Business Development, Sharif Allayarov kick off proceedings in the Grand Hall, presenting on challenges facing miners currently, notably hash rate growth and also providing details on Bitmain’s AntBox and Antminer series, and how Bitmain’s products provide market leading specifications and added value for miners.  Operations Director of BitKan, Cheng Yao, came next, presenting on BitKan’s offering and discussing how miners may find the correct benchmark in a volatile market.  This was followed by enlightening keynote speeches from Marco Streng, CEO of Genesis Group; Olsen Su, Bitmain’s Head of Global Mining Farms; Shaun Chong and Kevin Zhang of the Bitcoin.com Pool; Lingchao Xu, Project Director of Antpool; Dmitry Ozersky, Managing Partner of Electro.Farm; Jason Zhuang, Project Director of BTC.com; Batyr Hydyrov, CEO and Founder of Uminers; Martha Zhang, Co-founder of DEx.top; and, Shera Lei, COO of Rockminer.  The last speaker for the day was Amaury Séchet, Lead Developer of Bitcoin ABC, discussing plans and opportunities in scaling Bitcoin Cash (BCH) and the impact for mining economics.


Team members from Bitmain and BitKan cut cake for event attendees together with local host partner, Birtvi

Sunday saw a full schedule of keynote speeches in both the venue’s Grand and Sub Halls.  Sean Walsh, CEO of Hyperblock initiated proceedings in the Grand Hall, presenting Hyperblock’s vision for the exponential growth of money technology, detailed proposals for affiliate marketing as a means of bringing more users into the cryptocurrency eco-system and exploring some of the key supply and demand economics underlying Bitcoin’s volatility.  This was followed by Sue Wang, CEO and Founder of Mining presenting on mining opportunities in North America.  Other engaging keynote speeches followed by Kirill Orekhov, Business Development Director of En+ Group; Igor Runets, CEO of Bitriver Limited; Beqa Avaliani, CEO of BIRTVI and Inge Snip, Head of Communications at BIRTVI.  The afternoon was kicked off in an intriguing keynote speech by Beatrice O’Carroll, Head of Sales and Relationship Management (OTC Trading) of Circle, on de-mystifying OTC markets within the cryptocurrency space, explaining Circle’s OTC platform offering and how miners can get involved.  The afternoon in the Grand Hall proceeded with other interesting keynote speeches from Khikmatulloev Rustam, CEO of Sigma Pool; Micah Smith, COO of Blockchain Infrastructure Research; Ryan Xu, BD Director of ViaBTC; and Giorgi Berezovski of Fulcrum LLC.


Marco Streng, CEO of Genesis Mining is interviewed by media following his Grand Hall keynote speech

Sunday’s Sub Hall similarly ran a full schedule of keynote speakers, Denis Slabakov, CEO of New Mining presenting on Norway as the ideal global location for mining operations, explaining the firm’s Norway data center offering.  Kiril Nikolov, Sales Executive of Nexo AG spoke next, discussing the unlocking of mining operation growth via crypto-backed loans.  Other engaging keynote speakers followed, including Michael Whitehorn, Co-Founder and General Manager of D coin; Arutyun Nazaryan of Bistox Exchange AG; Ramak Jon of Plouton Group; Dmitry Nikiforov of Quppy; Evgeny Kaplin, CEO of ModulTrade; Wei Huang, CEO of Dake Data Limited; Ivan Liang, OTC Director of FBG One; and Tamar Menteshashvili of Expread and Shanghai Jiao Tong University.  The day’s keynote speeches were closed by Rodik Mik of Direct Blockchain (presenting Buddy) on giving miners a second source of income and Denis Maksimov LLC of WattsOn presenting “The Most Profitable Mining in Europe with the WattsOn Ecosystem.”


Attendees ask questions during Circle Internet Financial speaker Beatrice O’Carroll’s ‘Demystifying OTC Markets’ Keynote Speech Q&A

The event organizers, Bitmain and BitKan, would like to express our great thanks to all keynote speakers, attendees, sponsors and event partners for joining the World Digital Mining Summit.  The event was a wonderful success and we look forward to organizing a follow-up at the next available opportunity.  Thank you and we look forward to meeting again soon.


Attendees discuss together in the networking area outside the World Digital Mining Summit’s Grand Hall

 

WDMS local host partner, Birtvi was represented by the firm’s CEO, Beqa Avaliani and Head of Communications, Inge Snip, here presenting their keynote speech in the Summit’s Grand Hall

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Bitmain Announces Next-Generation 7 Nanometer ASIC Chip for SHA-256 Mining. New Mining Machine Will Be Available Soon

BM1391 Chip Uses the 7nm Semiconductor Manufacturing Process and Will Greatly Improve Power Efficiency, New Mining Machine Will Be Available Soon

BEIJING, P.R. China, September 21, 2018 – Jihan Wu, co-CEO and co-founder of Bitmain Technologies Ltd., announced Bitmain’s next-generation ASIC chip BM1391 for mining cryptocurrencies using the SHA256 algorithm at the World Digital Mining Summit in Georgia today. Mr. Wu also revealed that Bitmain will soon launch a new generation of mining machines equipped with the BM1391 chip.

Bitmain co-CEO and co-founder Jihan Wu at the World Digital Mining Summit in Georgia, September 21, 2018

The new ASIC SHA256 algorithm acceleration chip carefully built by Bitmain uses one of the world’s most advanced semiconductor manufacturing technologies, 7nm Finfet. The ASIC chip integrates more than a billion transistors and is optimized for maximum efficiency. Thanks to its unique circuit structure and low power technology, it is stable and more efficient. Mr. Wu said tests have shown that the chip can achieve a ratio of energy consumption to the mining capacity that is as low as 42J/T.

Bitmain next-generation ASIC chip with ratio of energy consumption to mining capacity as low as 42J/T 

At his keynote speech at the summit, Mr. Wu said mass production of the 7nm chip will begin and be applied to the next generation of Bitmain’s Antminer machines, improving the new miners in various performance indicators, in terms of power and power consumption, and enabling outstanding performance.

Mr. Wu also pointed out that blockchain technology has continued developing to the present day, noting that the technology’s first decade has seen many difficulties, and that the future direction of development will center around applications of the blockchain. He said that as applications continue to develop, the industry’s market capitalization as a whole will drive growth. Exponential growth in blockchain user traffic will at the same time require ever greater capacity in data processing, with hardware acceleration and parallel computing technologies being integrated with blockchain to help solve this problem.

Bitmain’s 7nm chip to be used in a new Antminer 

Bitmain has been committed to the development and launch of high-performance computing chips. Since its establishment, Bitmain has independently developed and mass produced a variety of chips. In 2016, Bitmain took the lead in releasing and mass-producing 16nm chips, applying them to its Antminer S9 miner and other models. The Antminer S9 quickly occupied international markets with its high-computing power, low power consumption and strong stability, and has become a leader in the global mining machine industry. In addition, Bitmain’s Antminer series of mining machines has introduced a variety of models that support different encryption algorithms to meet the global demand of different digital currencies.

As a world leading high-performance computing chip company, Bitmain has grown rapidly over the years. It now has multi-brand businesses including Antminer, Antpool, BTC.com and Sophon. Bitmain’s cryptocurrency mining machine has long been a world leader with a market share of more than 70%.

The 7nm chip reflects the R&D strength of Bitmain and further consolidates Bitmain’s industry position. For the entire industry, this not only accelerates the development of digital currency mining but also sets a new benchmark for quality, providing miners with a better mining experience.

About Bitmain

Bitmain – founded in 2013 and headquartered in Beijing – transforms computing by building industry-defining technology in cryptocurrency, blockchain, and artificial intelligence (AI). Bitmain leads the global blockchain industry in the production of integrated circuits for cryptocurrency mining, as well as mining hardware under the Antminer brand. The company also operates the largest cryptocurrency mining pools worldwide – Antpool and  BTC.com. A leader in the still-nascent, high-growth blockchain technology ecosystem, Bitmain supports a wide array of blockchain platforms and startups, and actively participates in industry and community development. Bitmain has offices throughout China, including Hong Kong, and offices worldwide. For further information on Bitmain, see www.bitmain.com.

Bitmain, together with BitKan, is currently hosting the World Digital Mining Summit September 21-23, 2018 in Tbilisi, Republic of Georgia, featuring 30+ speakers and up to 1,000 attendees: miners, mining machine manufacturers, investors, mining pools, technologists, researchers and more. For further information, see www.miningconf.org.

 


Contact: 

Bitmain International PR and Communications Dept.

internationalcomms@bitmain.com

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Our Transparency Policy for Shipping and Mining Practices

As many of you have no doubt noticed, Bitmain has started to explore policies and behaviors that aim to increase transparency and foster greater dialogue between us and the cryptocurrency communities at large.

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. Here’s how you can expect this effort to continue:

 

  1. Disclosure policy on self-mining

Every 30 days we will publish data to advise community members which algorithms Bitmain is currently mining for itself and the total hashrate of Bitmain-owned hardware on each of these algorithms. The report will be available by this link: https://blog.bitmain.com/en/hashrate-disclosure/

  1. Zero tolerance policy against ‘secret mining’

Secret mining’ is a practice whereby an ASIC manufacturer may mine with newly developed equipment prior to selling or distributing such equipment to customers. This has been criticized as conferring an unfair market advantage to ASIC manufacturers over individual community member miners.  Bitmain itself has been unfairly accused of this practice. In the end, Bitmain values transparency and fair competition.  We therefore remain opposed to this practice and maintain our long-held zero-tolerance policy regarding same.

  1. We will never seek to mine ‘empty blocks’

While often described as the result of sinister intent, 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.

  1. We will provide shipping and volume information of new miners to the public

We will publish the shipping and volume information for the first model of all new miners, tweeting the quantity and payment timestamps via the official Antminer Twitter account. We will do this for all rounds of shipments within the first batches of those models, because 1) these have the maximum impact on the network difficulty of a blockchain, and 2) these are the first miners that use our latest ASIC designs.

We present these efforts as our contribution to assuring both new and veteran participants of our commitment to a fair and transparent cryptocurrency ecosystem. Our intent is to both reflect and reinforce the philosophies that brought all of us here in the first place. We look forward to continuing the dialogue.

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The above in Chinese:

 

我司关于货运和挖矿相关业务政策的透明性声明

 

众所周知,比特大陆已经开始摸索旨在增强与加密货币社区间对话以及透明度的业务政策和行为准则的制定。

简单来说,我们坚信比特大陆及其产品所服务的加密货币社区应尽可能公开透明地得到帮助和支持。 我们近期所做的努力包括限制订单数量,按先到先得的规则确保发货,屏蔽恶意囤货IP, 以及公开地发布细节性货运信息。

以上这些初步的努力已经取得显著成效,再加上我们与加密货币社区日益密切的对话,比特大陆决定将加倍致力于业务透明度的提高。以下是此项努力的预期发展目标:

 

  1. 自挖矿算法全公开政策

每隔三十天我们都会向社区公开比特大陆当前的自挖矿算法,并公开发布比特大陆在每个区块链上拥有的总哈希值。该数据将通过以下链接提供: https://blog.bitmain.com/en/hashrate-disclosure/

  1. “秘密挖矿”零容忍政策

“秘密挖矿”是指ASIC制造商在向客户销售或发售此类设备之前秘密使用其新开发的设备进行挖矿的做法。 这被谴责为是ASIC矿机制造商强加给社区矿工的不公平市场竞争。比特大陆重视透明度和公平性,即便曾被有失公正地指责在进行秘密挖矿,我们也会无论如何对此类行为持反对意见并将长期坚持零容忍政策。

  1. 我们永远不会试图挖“空块”。

挖空块常常被恶意宣传,然而它的出现取决于区块的广播和接收而非矿池操作人员的操纵。我们正在通过积极努力来减少这类问题。因此,如果比特大陆所拥有的矿池出现任何异常或过高的空矿开采率,我们将排查原因并公开披露。

  1. 新型矿机货运和数量信息公开

通过蚂蚁矿机官方推特,我们将公开所有新型矿机中第一批矿机的货运和数量信息,以及支付时间戳。 我们将对新型号第一批中的每一个矿机进行此操作,因为1)它们对区块链网络难度的影响最大,并且2)它们是使用我们最新ASIC设计的第一批矿机。

 

我们愿为加密货币社区的发展贡献一己之力,努力为新老社区成员提供一个公平而透明的加密货币生态系统。我们的愿景是反思并强化那些带领我们大家走在一起的初衷。我们也对将来与加密货币社区的交流充满了期待.

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Our Hashrate Disclosure – Updated on 9th October

Following is the hashrate of all Bitmain-owned hardware, updated once every 30 days. This disclosure is part of Our Transparency Policy for Shipping and Mining Practices

SHA256            ETHASH               SCRYPT                                      CRYPTONIGHT
2339.21 PH/s          902.11 GH/s              45.32 GH/s                                  4128.69 MH/s
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Antminer Has a New Twitter Account

We will now be Tweeting all news and announcements relating to the Antminers or other products sold on shop.bitmain.com from Antminer’s Twitter account.

As we continue to expand our operations, it will be useful for everyone to have a Twitter account dedicated to Antminer-related news or announcements.

URL for the new Twitter account is: twitter.com/Antminer_main

For buyers of the first batch of the Antminer Z9 mini, we will continue to post Z9 mini’s shipping updates from the new Antminer account.

For all corporate communications from Bitmain, please continue to follow our original Twitter account twitter.com/BITMAINtech (which is temporarily suspended because of confusion over Bitmain’s age) and our blog.

As always, please leave us a message here to contact Bitmain for anything.

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Antminer Z9 Mini Shipments: An Experiment in Radical Transparency

With multiple thriving cryptocurrencies supported by diverse development roadmaps within each, Bitmain strongly believes that the permissionless internet of money promises a more secure future. Zcash is one such cryptocurrency that we hope to see thrive and help deliver on this promise.

Bitmain supports those members of the Zcash community who believe that security, reliability, and accessibility are among the highest-order values in a cryptocurrency network. We also believe that dedicated, ASIC-based mining systems reinforce these values. This is especially evident given recent news about the potential security dangers when crypto networks are not secured by large amounts of dedicated and dependable mining power.

Given that, we want to make sure we do our best to allow Zcash community members to predict and plan for when increased hash rate comes online.

We have therefore decided to carry out the shipments and QA of all Antminer Z9 Mini units in the most transparent fashion possible. To this end, we will tweet real-time updates from our QA teams and shipping warehouse via our official account (on 19th June, all Tweets, including these Z9 mini updates, relating to Antminer series and all other products sold on shop.bitmain.com moved to twitter.com/Antminer_main), using the hashtag #Z9QA. As has always been our policy, all orders will be shipped on a first-paid-first-shipped basis. We will also share the time of payments (though not the identity or location of the buyer) for the orders that are about to be shipped.

This is something we have never done before but we continue to experiment with the best ways to work and communicate with the communities in which we operate.

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Circle Announces USD Coin, Bitmain Partnership, and New Strategic Financing

(This is a post on Circle’s blog to announce Bitmain’s partnership with Circle)

Today we announced the pending availability of tokenized US dollar coins supported by developments in the CENTRE open source framework and by a new partnership with Bitmain, which is also leading a $110M Series E equity investment in Circle.

USD Coin and CENTRE

The invention of cryptographic assets and blockchain-based computing have ushered in the next major era of the open internet. But a price-stable medium of exchange and store of value is missing, and badly needed in order for global financial interoperability to function reliably and consistently. Transacting in currencies which fluctuate with extreme volatility creates complexity and fragile settlement contracts, especially when compared to transacting in “tokenized fiat money” or fiat-pegged crypto assets.

A price-stable currency, such as a token pegged to the US dollar, is critical for enabling mainstream adoption of blockchain technology for payments as well as for supporting maturation in financial contracts built on smart contract platforms, such as tokenized securities, loans, and property. There are several interesting approaches to solving this need, spanning algorithmic reimaginations of money supply to crypto-backed tokens to fiat asset-backed tokens.

Circle USDC (USD Coin) is a solution that enables customers to purchase and use USDC fiat tokens for payments and trading in the crypto ecosystem. USDC provides a full reserve US dollar-backed stablecoin, and is based on the open source fiat stablecoin framework developed and governed by CENTRE, which will provide independent oversight of Circle’s offering.

Existing fiat-backed approaches have lacked financial and operational transparency, have operated in unregulated jurisdictions with unknown banking and audit partners, and have been built as closed-loop ecosystems and closed proprietary technologies.

Circle USDC addresses these problems by providing detailed financial and operational transparency, operating within the regulated framework of US money transmission laws, and reinforced by established banking partners and auditors. It is built on an open source framework with an open membership scheme that eligible Financial Institutions (FI) can participate in (CENTRE). USDC will be ERC-20 tokens minted, issued, and redeemed based on network rules defined by CENTRE.

Circle will only be the first issuing member of the CENTRE network, and further tokenized fiat stablecoins may be issued by other audited, licensed, participating network members. More about CENTRE is available here: https://centre.io

Further information on Circle’s forthcoming USDC offering is available as an FAQ here: https://circle.com/en/usdc-faq

Strategic Financing and Bitmain Partnership

Bitmain is becoming a key supporter of CENTRE and USDC, and in conjunction with this new partnership, Bitmain is leading a $110M strategic investment in Circle. Also participating in this financing round are existing investors IDG Capital, Breyer Capital, General Catalyst, Accel, Digital Currency Group, and Pantera, along with new investors Blockchain Capital and Tusk Ventures.

Bitmain is one of the most important and forward-thinking companies in crypto, and has become a critical infrastructure provider for the entire crypto economy. Bitmain Co-founder and CEO Jihan Wu is well known for espousing a vision similar to ours regarding the creation and adoption of a new global economy powered by cryptographic assets, distributed contracts, and open source blockchain technology. We are excited to be working directly with Bitmain on realizing our shared vision.

Bitmain will also join CENTRE’s efforts to introduce multiple fiat-backed stablecoins and provide financial interoperability around the world. This partnership will help drive global interoperability that benefits consumers, business ventures, institutions, and marketplaces everywhere. Specifically, Bitmain will help CENTRE introduce multiple fiat stablecoins in a variety of geo-currency zones.

These strategic partners believe in Circle’s goal of creating an open, global model for finance for consumers and businesses everywhere. We’re humbled and excited to work with them.

Next

Circle has grown to encompass multiple products: Circle Invest, Circle Trade, Circle Pay, and Poloniex. The refreshed look of our website circle.com, which is now updated and newly released, reflects this breadth. The pending introduction of USDC and other future stablecoins will impact and improve all of these products.

We wholeheartedly believe that an open internet of value exchange can transform and integrate the world more deeply, eventually eliminating artificial economic borders and enabling a more efficient and inclusive global marketplace that connects every person on the planet. We see the future of the global economy as open, shared, inclusive, distributed, and powerful — not only for a few chosen gatekeepers, but for all who will connect.

The development of USDC, the evolution of CENTRE, and this new strategic financing further grow our strength as we push toward our lofty goals. Yet in many ways, despite Circle celebrating a fifth anniversary this fall, we feel we are still just getting started. We’re thrilled for what’s to come.

Sean and Jeremy, Circle Cofounders

(The above is Circle’s blog post to announce the partnership with Bitmain)

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On Sia’s “The State of Cryptocurrency Mining”

David Vorick, lead developer of Sia, recently shared a blog post titled “The State of Cryptocurrency Mining,” which provides a perspective into the cryptocurrency mining world.  

First off, we’d like to express our appreciation for David and what he’s achieved with Sia. The crypto community revolves around transparency and trust, and we hope to someday work with David and his team.  

That said, the article reflects some persistent misunderstandings about our business, and we’d like to take the opportunity to clear up the confusion. We’d like to briefly address the most egregious ones.  

“Playing Dirty” 

The article accuses Bitmain of “playing dirty,” claiming that that the company has attempted to block Obelisk from manufacturing in China.  

Considering the truly vast number and diversity of suppliers in China, it’s difficult to consider that Bitmain could possibly exert such powerful control over a competitor’s supply chain to the degree the article suggests. The article does try, though. Indeed, this section—fully six percent of the total article—tries to accuse Bitmain of “playing dirty” while stating twice that there is no evidence of same. 

There are numerous suppliers and other third-party agencies involved in the manufacturing of a miner, both in China and elsewhere.  

This is, at its very bottom, a conspiracy theory, much like some of the other ones we frequently encounter. This brings us to the next item.  

A3 and “Flooding the Market “

The article asserts that Bitmain floods the market with its mining rigs. Here is what really happened: At launch, Bitmain introduced a strict one-miner-per-user batch allocation policy and other methods [1][2] in order to restrict hoarding and combat centralization. The number of miners made available per round was purposely limited to help further regulate their introduction into their respective ecosystems. Since then, we’ve enforced this policy with the launch of all ASIC miners for cryptocurrencies that can be profitably mined by GPUs. The article’s calculations here are merely speculative. 

Again, in an article that makes a number of accusations, we wanted to tell our own side of the story. Our license-to-operate within the cryptocurrency ecosystem is vital to our business and we do not take it for granted. We will continue to provide industry-defining mining hardware and services, while remaining sensitive to the communities in which we participate.  

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