According to the post, the new price index of Bitmain was adapted to suit both institutional and individual investors. It said:
“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 information from the world’s biggest cryptocurrency exchanges. In order to assist in deciding which trading venues are eligible to offer the service, Bitmain validates each according to its notoriety, regulatory compliance, price lucidity, steadiness and volume of trading.
The exchanges getting the rank so far are: Bitfinex, Bitstamp, Bittrex, Binance, Gemini, GDAX, Itbit, Huobi, OKEX, Kraken, and Poloniex.
Bitmain will bestow visitors to the index with real-time price that refreshes by the second, along with an everyday reference price. This latter aspect will be updated at 10 a.m. (GMT +8) each day.
The coins chosen by Bitmain are: Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), EOS, XRP, Litecoin (LTC), Dash, NEO, Cardano (ADA), Monero (XMR), Tron (TRX), Lumens (XLM), Icon (ICX), Zcash (ZEC), IOTA, and OmiseGo (OMG).
Along with the 17 single digital currency indices, Bitmain has also developed a combined index of the top 10 cryptos. This will be identified as the Bitmain Large Cap 10 Index (BLC10). According to the Chinese firm, 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.”
In other latest Bitmain news, the Chinese mining hardware manufacturer has been slapped with a class action lawsuit by one of its American customers. The case claims that Bitmain overhauled its ASIC cryptocurrency mining chips to receive mine rewards and transaction charge for the company rather than the clients themselves.
The complaint is a LA resident named Gor Gevorkyan. However, the suit is on behalf of all Bitmain ’s US clients. Gevorkyan hopes that this is about 100,000 persons. He plans to sue the mining giant for more than $5 million.
However, the lawsuit is merely the tip of the iceberg as far as Bitmain’s current issues are concerned.
Its plan to list on the Hong Kong Stock Exchange has uncovered some doubtful data relating to the company’s stock. This has led to a complete reorganization of the Board of Directors. The once unquestionable pioneer in the mining hardware industry crawls technologically behind other companies that also develop ASIC chips.