Compass Mining and mining consultancy Navier announced on Wednesday that they are testing a new tool that will allow buyers and sellers to verify the advertised hashrate of their specialized Bitcoin Mining machines.
The tool named HashTest is going to answer the common question for buyers and sellers: how does something actually work and how it is advertised. In the Bitcoin Mining context, it is important because there are limited ways to verify how a machine is actually performing when plugged and running at a mining site. The data is usually kept private by mining companies.
“HashTest is a tool we have created for everyone to identify independent and unbiased information regarding an ASIC,’’ Compass Mining CTO Paul Gosker said in a statement, referring to the application-specific integrated circuit machines that power most bitcoin mining operations. “HashTest will allow sellers to demonstrate the performance of an ASIC to a buyer.
Data for retail ASIC is still not clear in terms of transparency. For example, the Compass mining marketplace lets crypto miners big and small purchase and deploy their rigs. A tool like HashTest will allow buyers of mining equipment to get better efficiency data on the machines they are purchasing.
What is HashRate?
Hashrate is a measure of the computational power working to add new blocks to the Bitcoin Blockchain. ‘’HashTest is the first globally available independent hashrate testing service,’’ Navier CEO Josh Metnick said in a statement “we are not a manufacturer, we are not a mine, we are not a pool, and we do not make firmware. Our only goal is to provide the most accurate and unbiased hashrate measurement. We believe these datasets will empower both small and large miners to make more informed decisions.”
Over the past few months, Bitcoin miners have been battling a crackdown from various governments across the globe including China. The problem is brewing as a result of the energy that Bitcoin miners accumulate and its impact on the environment. Other governments are trying to regulate the activities of digital currency as a result of its growing popularity.