Coinbase has expressed an explicit desire to request operational details regarding bitcoin mining process as some businesses are being framed for infringement under the garb of trade secrets. As reported by Bitmain and MegaBigPower, Coinbase has asked for detailed revelation of mining facilities along with videos and time stamped photographs. They have also asked these companies to reveal the details of the hardware that these companies use for operation.
Dave Carlson, MBP Owner, speculates Pressure on CoinBase by Regulators for this Information
In a recent email to MBP, they have been asked to fill out a questionnaire to complete their task of additional due diligence. They have also been asked to provide time stamped images of their mining equipment and the core infrastructure used in their facilities. These images must be verifiable, as stated in the email.
Carlson expressed apprehension upon this request stating that this information is highly confidential and feels that CoinBase is undergoing pressure from the regulators to gather information of this nature.
When CoinBase was asked as to why is this information necessary with regards to client mining activities and about the relevance of this potent information to the service of company. A spokesperson revealed that this information is sought for the protection of consumers that are using Bitcoins for their transactions.
The requested information includes fine details about the company operation
In the questionnaire that was sent to MBP, the requests mainly included information regarding the acquisition of hardware apparatus, receipts for customer payouts, contracts for chip foundry and the recent utility bills, to name a few.
Even BitMain received similar enquiry, as confirmed by Yoshi Goto which requested time stamped information regarding the hardware and videos. Goto further added that CoinBase is asking for this information from other mining companies as well, who use their service. According to Goto, the information that they requested was far too confidential and runs a potent risk of cutting into the corporate secrets. He believes that this exercise is not to map all the mining companies that are operating across US.
Even CoinMiner received similar, but generic request for the information. CoinMiner is a part of MBP’s franchisee program and is based in New York. They received the request the very next day after MBP received theirs.
All these companies together form a large base of public facing mining companies that are currently operating in US. The request seems rather odd to most of the company representatives as it seems that they have to unwillingly disclose their corporate secrets.