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On April 3, twelve of China’s leading cryptocurrency mining companies gathered with leading Chinese blockchain media companies to officially launch an information sharing platform, called Pow Power. The companies included Canaan, AvalonMiner, Inter Hash, Huobi Pool, OkEx Pool, and others.
Pow Power’s official letter indicated that the lack of transparency has increased the public demand for more reliable and transparent information when it comes to mining.
This ultimately inspired the mining community to build Pow Power. According to the announcement, a transparent standard benchmark will be released first on Pow Power. He added that:
“The benchmark index will be based on market supply and demand, revenue observation and public opinion. Information on the supply and demand of miners and mines will be collected and published regularly on the WeChat public platform “POW POWER”. “
The announcement pointed out that problems, such as industry information censorship and resource monopoly, have caused many mining companies to struggle to attract investment and continue to operate.
The demand for transparency is real
As of press time, China has implemented distributed ledger technologies to track and record medical supplies, charitable donations, and monitor the spread of the virus.
Other actions have also been taken, as Cointelegraph previously reported, Chinese journalist Sarah Zheng of the South China Morning Post, used the Ethereum blockchain network to bypass Chinese government censorship to archive interview content online.
