Home / Bitcoin / The Chinese mining giant releases the "Crypto Index" index that tracks Bitcoin, 16 Altcoin prices

The Chinese mining giant releases the "Crypto Index" index that tracks Bitcoin, 16 Altcoin prices

The Chinese mining giant of cryptocurrency Bitmain has published several price indices on November 30, with the goal of tracking the largest assets for both institutional and retail investors.

The Bitmain Crypto Index (BCI) includes the reading of spot prices in real time that updates every second, along with a daily reference price. The spot index covers the 17 largest cryptocurrencies by market capitalization.

In a methodological overview, Bitmain stated that the product was "developed to provide institutional and retail investors with a transparent, timely, methodological and investable reference to the most active cryptocurrencies traded globally", explaining:

"The Index is the exclusive property of Bitmaintech Pte. Ltd. and is administered by the Bitmain Index Operating Committee (" BIOC ") which will periodically perform audits and engagements with external stakeholders for feedback in order to keep the Index methodology as up-to-date and representative as possible. "

BCI constitutes the last branch for Bitmain as the company suffers a significant period of its history.

As Bitcoin's biggest mining participant, disputes around both the company and co-founder Jihan Wu have increased in recent weeks, partly due to the role of both in the controversial bitcoin fork of Bitcoin Cash (BCH).

Apparently, even Bitmain intends to hold an IPO in Hong Kong, but doubts remain about whether such an event could happen.

With regard to hard forks, BCI will treat the fresh forks of cryptocurrencies covered with a ten day grace period. The overview states:

"For the purpose of calculating and disseminating the Index, a new hard token token will be measured against a set of criteria on its tenth day post-fork to determine if it is a" significant ".

Other requirements include the currency "exchange at least 2 constituent exchanges" with "at least 200 daily exchanges in the new token against the USD or equivalent pairs on all stock exchanges".

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

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