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The Chinese hardware producer of cryptocurrency mining, Bitmain, has just published its cryptocurrency index. In the future, the company will provide market data for 17 of the largest digital assets by market capitalization.
The Bitmain Crypto index will track 17 of the most popular digital assets
One of the largest producers of digital money extraction hardware has just published a cryptocurrency price index. Bitmain announced the move via its website, BTC.com, earlier today.
According to the post, the new Bitmain price index has been adapted in the same way to institutional investors and individual investors. He has declared:
"The index tracks the performance of the largest and most liquid digital currency on the market and is denominated in US dollars".
The index draws its price data from the largest cryptocurrency exchanges on the planet. To help decide which trading venues are eligible to inform the service, Bitmain analyzes each based on: reputation, regulatory compliance, price transparency, stability and volume of trade.
The exchanges that have made the vote so far are: Bitfinex, Binance, Bitstamp, Bittrex, GDAX, Gemini, Huobi, Itbit, Kraken, OKEX and Poloniex.
Bitmain will provide visitors with the index with real-time price updates within the second, along with a daily reference price. This last function will be updated every day at 10 am (GMT +8).
The coins chosen by Bitmain are: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), EOS, Ethereum Classic (ETC), Litecoin (LTC), XRP, Dash, IOTA, NEO, Monero (XMR), Cardano (ADA), Tron (TRX), Icon (ICX), Lumens (XLM), Zcash (ZEC) and OmiseGo (OMG).
In addition to 17 individual digital currency indices, Bitmain also created a combined index of the top 10 cryptos. This will be known as the Bitmain Large Cap 10 index (BLC10). In the words of the same Chinese company, the BLC10 will be:
"A complete index of market capitalization weightings, equal to over 90% of the market value of the digital currency of the market, which covers classes of currencies, classes of decentralized platforms and anonymous digital asset classes".
Related reading: How much of 20% of Surge of Bitcoin Cash is affected by Bitmain IPO?
Bitmain is still in Choppy Waters
In other recent Bitmain news, the Chinese mining hardware manufacturer has just had a collective legal action against it by one of its US customers. The case states that Bitmain has redesigned its ASIC cryptocurrency mining chips to earn mining prizes and transaction fees for the company rather than for the users themselves.
The complaint is a Los Angeles resident named Gor Gevorkyan. However, the action is on behalf of all US customers of Bitmain. Gevorkyan believes that there are about 100,000 individuals. He hopes to sue the mining giant for over $ 5 million.
However, the cause is just the tip of the iceberg regarding Bitmain's current problems. His plan to become public on the Hong Kong Stock Exchange has exposed some questionable figures relating to the company's inventory. This led to a complete restructuring of its board of directors.
All the time, the undisputed leader of the hardware manufacturing industry is sliding technologically to other companies, also building ASIC chips.
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