In case you are fairly new to the whole Crypto game I’ll start by explaining a little about Bitmain. Bitmain is a company who develops ASIC chips and also mines Bitcoin and other cryptocurrencies. They run arguably one of the largest mining pools in the industry (Antpool). It was estimated that Bitmain profited between 3 to 4 Billion dollars in 2017 alone.
So what am I getting at with the whole “Monopoly” thing. Well, look at it this way. When Bitcoin was first born anybody could mine it by using their home computer. That all changed once massive companies like Bitmain came out with specialized computer chips. They over power the entire community with their mining pools Antpool and BTC.com accounting for nearly 30% of all the processing power on the network.
Now I realize that some of you are saying this is old news so what’s your point dude? Some of you however are shocked right now and had no clue this was happening.
I have more news for both of you. This is where it gets worse if you can even imagine it could. Bitmain no longer just mines Bitcoin. They mine Bitcoin Cash, Litecoin, Ethereum, Dash and even Siacoin?
Siacoin! Really? Now why do you guys have to ruin Siacoin already. I love everything about Siacoin. Well everything except this.
David Vorick (Core Developer of SC) and the Sia community are extremely opposed to the mining by Bitmain. They created the Obelisk verision prior to Bitmain’s miner but didn’t release it to avoid a fork in the Blockchain. Now, Vorick, the Obelisk employees and the Sia developers are all for the fork to prevent Bitmains hardware from taking over. Earlier this year Monero implemented a code to prevent Bitmain’s ASIC from mining their blockchain and Siacoin wants the same.
This is great news for Siacoin Hodler’s and the entire Sia community. I really hope they fork this and continue developing the blockchain without a monopolized company taking all the rewards.