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


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                Bitmain has released the Bitmain Crypto Index, designed to give both institutional and retail investors a “transparent� price benchmark.
                <p dir="ltr"><a href="">Chinese</a> cryptocurrency <a href="">mining</a> giant <a href="">Bitmain</a> released <a href="" target="_blank" rel="nofollow,noopener">several price indices</a> Nov. 30, aiming to track the largest assets for both institutional and retail investors.</p><p dir="ltr">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.</p><p dir="ltr">In a <a href="" target="_blank" rel="nofollow,noopener">methodology overview</a>, Bitmain said the product was &ldquo;developed to provide institutional and retail investors with a transparent, timely, methodology-based, and investable benchmark of the most active cryptocurrencies traded globally,&rdquo; explaining:</p><blockquote><p dir="ltr">&ldquo;The Index is solely owned by Bitmaintech Pte. Ltd. and is administered by Bitmain Index Operating Committee (&lsquo;BIOC&rsquo;) which will conduct regular review and engagement with external stakeholders for feedbacks to keep the Index methodology as updated and representative as possible.&rdquo;</p></blockquote><p dir="ltr">BCI forms the latest branching out for Bitmain as the company undergoes a significant period in its history.</p><p dir="ltr">As the largest <a href="">Bitcoin mining</a> participant, controversy around both the company and co-founder <a href="">Jihan Wu</a> has <a href="">increased</a> in recent weeks due in part to the <a href="">role of both</a> in the <a href="">Bitcoin Cash (BCH)</a> contentious <a href="">hard fork</a>.</p><p dir="ltr">Bitmain also reportedly <a href="">intends</a> to hold an <a href="">IPO</a> in <a href="">Hong Kong</a>, but doubts remain as to whether such an event is likely to happen.</p><p dir="ltr">Regarding hard forks, the BCI will treat fresh forks of cryptocurrencies covered using a ten-day grace period. The overview states:</p><blockquote><p dir="ltr">&ldquo;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 &lsquo;significant&rsquo; one.&rdquo;</p></blockquote><p dir="ltr">Other requirements include the coin &ldquo;trading on at least 2 constituent exchanges&rdquo; with &ldquo;at least 200 daily trades in the new token vs. USD or equivalent pairs on all constituent exchanges.&rdquo;</p><p dir="ltr">Earlier this month, a subsidiary of VanEck <a href="">launched</a> the first cryptocurrency index based on over-the-counter (OTC) rates.

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