Bitcoin Miners Now Have a Tool to Verify Their Machines’ Hashrate – CoinDesk – CoinDesk

Bitcoin Miners Now Have a Tool to Verify Their Machines’ Hashrate – CoinDesk – CoinDesk

Think of it as the Carfax of bitcoin mining.

Announced Wednesday, Compass Mining and mining consultancy Navier are rolling out a new tool that lets buyers and sellers verify the advertised hashrate of their specialized bitcoin mining machines.

Like most third-party verifiers, the tool, HashTest, is working to answer a common question for buyers and sellers: How does something actually work versus how it’s advertised?

In the bitcoin mining context, it’s important because there are few ways to verify how a machine is actually performing when plugged in and running at a mining site. That 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 ASICs is still fairly splintered 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 would allow buyers of mining equipment to get better efficiency data on the machines they’re purchasing. Hashrate is a measure of the computational power working to add new blocks to the Bitcoin blockchain.