Chinese cryptocurrency mining hardware manufacturer Bitmain has just released its own cryptocurrency index. Going forward, the firm will provide market data for 17 of the largest digital assets by market capitalisation.
Bitmain Crypto Index Will Track 17 of the Most Popular Digital Assets
According to the post, Bitmain’s new price index has been tailored to institutional and individual investors alike. It stated:
“The index tracks the performance of the largest and most liquid digital currency in 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 analyse each based on its: reputation, regulatory compliance, price transparency, stability, and trading volume.
The exchanges making the grade thus far are: Bitfinex, Binance, Bitstamp, Bittrex, GDAX, Gemini, Huobi, Itbit, Kraken, OKEX, and Poloniex.
Bitmain will provide visitors to the index with real-time price updates by the second, along with a daily reference price. This latter feature will be updated at 10 a.m. (GMT +8) each day.
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 the 17 single digital currency indices, Bitmain has also created a combined index of the leading 10 cryptos. This will be known as the Bitmain Large Cap 10 Index (BLC10). In the words of the Chinese firm itself, the BLC10 will be:
“A comprehensive index of market capitalisation weights, totalling more than 90% of the market’s digital currency market value, covering currency classes, decentralised platform classes and anonymous digital asset classes.”
Bitmain Still in Choppy Waters
In other recent Bitmain news, the Chinese mining hardware manufacturer has just had a class action lawsuit brought against it by one of its U.S. customers. The case claims that Bitmain had redesigned their ASIC cryptocurrency mining chips to earn mining rewards and transaction fees for the company rather than the users themselves.
Filing the complaint is an LA resident called Gor Gevorkyan. However, the action is on behalf of all Bitmain’s U.S. customers. Gevorkyan believes this is around 100,000 individuals. He is hoping to sue the mining giant for over $5 million.
However, the lawsuit is just the tip of the iceberg with regards Bitmain’s current troubles. Its plan to go public on the Hong Kong Stock Exchange has exposed some dubious figures relating to the company’s inventory. This has prompted a full restructuring of its board of directors.
All the while, the once undisputed leader of the hardware manufacturing industry is slipping behind technologically to other companies also building ASIC chips.
Featured image from Shutterstock.
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