Monero and Siacoin not happy with Bitmain, a cryptocurrency … – Crypto-lines (blog)


The cryptocurrency mining company, Bitmain, is the world?s largest mining company. Apart from mining, it sells Application Specific Integrated Circuit (ASIC) devices to the general public. It?s these devices that Monero and Siacoin are not happy about. Bitmain has released a new ASIC mining device called Antminer X3

The new device is able to mine the hashing algorithm, CryptoNight that is used by Monero and Siacoin. By being able to mine Monero?s and Siacoin?s hashing algorithm, the benefits acquired will be enjoyed by those who manufacture ASI chips and Video cards.

With the cryptocurrency mining company getting approximately 4 billion dollars in last year, only the mining business seems to be all profits which is? making Monero and Siacoin be worried. This has led to Monero?s developer, Spagni Riccardo to turn to Twitter to express himself. On his Twitter account, he said ?Just a reminder that this will not work? citing a continued effort by the development group at Monero to alter the CryptoNight algorithm by regularly updating it.

For Siacoin, they began deliberating on the possibilities of whether or not to endorse the Antminer X3. In a statement, Siacoin?s core development team decided, although not happy with the new device, to not invalidate it.

?After much consideration and discussion, we?ve decided to not invalidate A3 miners via soft-fork unless Bitmain takes direct action to harm the Sia project. We?re incredibly excited about 2018 and will move forward stronger? said Sia tech on Twitter.

But the founder of Siacoin, Vorick David, could not bring the issue to rest without some few words. On Reddit, Vorick said:

?Bitmain has historically been very greedy, and very willing to sacrifice the well-being of the community, of their customers, and of the ecosystem, if that means they can make a couple of extra dollars?

Other cryptocurrencies using the CryptoNight hashing algorithm are AeonCoin and ByteCoin.

With the cryptocurrency mining company making huge profits from crypto mining, should they share part of the profits with the different crypto coin firms? Should Monero, Siacoin and other coins be worried of the new ASIC Antminer X3?

Let us know your thoughts in the comments section below.


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