Chinese mining giant Bitmain launches & # 39; crypto-index & # 39; for tracking Bitcoin prizes and 16 alternative cryptocurrencies – Cointelegraph (news about Bitcoin, Ethereum and blockchain)
The Chinese cryptocurrency mining giant Bitmain published various price indices on 30 November to keep track of the most important assets for both institutional investors and retailers.
The Bitmain Cripto index (BCI) consists of real-time reading of the cash price that is updated every second, along with a daily reference price. The spot index comprises the 17 largest cryptocurrencies according to market capitalization.
In an overview of the methodology, Bitmain said that the product was “developed to provide institutional and private investors with a transparent, current reference point based on the methodology and invertability of the most active cryptocurrencies negotiated globally”, explaining:
“The Index is the exclusive property of Bitmaintech Pte. Ltd. and is managed by the Bitmain Index Operating Committee (& # 39; BIOC & # 39;), which will conduct regular reviews and engagement with external stakeholders to receive and retain feedback to keep the methodology of the Index as up-to-date and representative as possible “.
BCI is the last subsidiary of Bitmain, because the company is going through a considerable period of its history.
As the largest Bitcoin participant in the mining sector, the controversy surrounding the company and co-founder Jihan Wu has increased in recent weeks, partly because of the role of both in the controversial strong bifurcation of Bitcoin Cash (BCH).
Reportedly, Bitmain also wants to hold an initial public offer in Hong Kong, but doubts remain about the likelihood that such an event will occur.
As far as the bifurcations are concerned, the BCI will treat the fresh divisions of covered cryptocurrencies with the help of a ten-day grace period. The general picture indicates:
“For the purpose of calculating and disseminating the Index, a new split token is measured against a set of criteria on the tenth day after the split to determine if it is a significant sign. “
Other requirements include “trading in at least two sub-exchanges” with “at least 200 daily transactions in the new token against the USD or equivalent pairs in all constituent exchanges”.
Earlier this month, a subsidiary of VanEck launched the first cryptocurrency index based on OTC rates (over-the-counter).