Bitmain Launches Cryptocurrency Index

Cryptocurrency mining firm Bitmain announced the launch of a cryptocurrency index this Friday.

The Beijing-based firm’s index should serve as a useful benchmarking tool for cryptocurrency investors.

That may sound like a technicality, but it’s something that has been sorely lacking in the cryptocurrency market.

Just this week, Jay Clayton, the Chairman of the Securities and Exchange Commission, said that a cryptocurrency exchange traded fund (ETF) is still a long way off.

Part of the reason for that, Clayton told CNBC reporters, is the lack of pricing data available to investors.

Obviously, a major part of constructing an ETF is solid price data, and Bitmain’s newest could help that process.

Denominated in US dollars, the new service has several data outputs.

Firstly, there is a real-time spot price. This is, according to the cryptocurrency mining firm, updated every second.

Next, there is a reference price that is published once a day at 10:00 am Hong Kong time (02:00 am London time).

The index also lists the spot prices of the 17 top Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term by their market capitalization.

Aside from this index, Bitmain is also releasing the Bitmain Crypto Large Cap 10 Index (BLC 10).

This will, according to the firm, track a basket of the ten largest cryptocurrencies by market capitalization. Prices are updated for the index every second.

“The index [has been] developed,” said Bitmain in an explainer document, “to provide institutional and retail investors with transparent, timely, methodology-based, and investable benchmark of the most active cryptocurrencies traded globally.”

Bitmain - not the only index around

Bitmain isn’t the only company to have had a stab at creating a benchmark price for cryptocurrencies.

The wonderful Finance Magnates Intelligence Department has made a cryptocurrency performance benchmark.

A proprietary index of the Finance Magnates Intelligence Department, the Cryptocurrencies Performance Benchmark measures the condition of the main cryptocurrency markets.

It is composed of the four biggest cryptocurrencies by market capitalization and tracks their price change.

Currently, these are Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term, Ethereum, Ripple (XRP) and BitcoinCash. The initial value of the benchmark on September 30, 2017, was 5,000 points.