Chinese Mining Giant Bitmain Releases ‘Crypto Index’ Tracking Bitcoin, 16 Altcoin Prices

Bitmain has released the Bitmain Crypto Index, designed to give both institutional and retail investors a “transparent” price benchmark.

Chinese cryptocurrency mining giant Bitmain released several price indices Nov. 30, aiming to track the largest assets for both institutional and retail investors.

The Bitmain Crypto Index (BCI) comprises real-time spot price reading which refreshes every second, along with a daily reference price. The spot index covers the 17 largest cryptocurrencies by market cap.

In a methodology overview, Bitmain said the product was “developed to provide institutional and retail investors with a transparent, timely, methodology-based, and investable benchmark of the most active cryptocurrencies traded globally,” explaining:

“The Index is solely owned by Bitmaintech Pte. Ltd. and is administered by Bitmain Index Operating Committee (‘BIOC’) which will conduct regular review and engagement with external stakeholders for feedbacks to keep the Index methodology as updated and representative as possible.”

BCI forms the latest branching out for Bitmain as the company undergoes a significant period in its history.

As the largest Bitcoin mining participant, controversy around both the company and co-founder Jihan Wu has increased in recent weeks due in part to the role of both in the Bitcoin Cash (BCH) contentious hard fork.

Bitmain also reportedly intends to hold an IPO in Hong Kong, but doubts remain as to whether such an event is likely to happen.

Regarding hard forks, the BCI will treat fresh forks of cryptocurrencies covered using a ten-day grace period. The overview states:

“For the purpose of Index calculation and dissemination, a hard forked new token will be measured against a set of criteria on its 10th day post-fork to determine whether it is a ‘significant’ one.”

Other requirements include the coin “trading on at least 2 constituent exchanges” with “at least 200 daily trades in the new token vs. USD or equivalent pairs on all constituent exchanges.”

Earlier this month, a subsidiary of VanEck launched the first cryptocurrency index based on over-the-counter (OTC) rates.

Source: Cointelegraph

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