Bitcoin’s Q3 Hashrate Explodes on FTX Futures Exchange

FTX Exchange recently became the first exchange to offer futures on Bitcoin

Today, FTX Exchange launched hashrate futures. It functions much like any other futures marketplace and allows miners to hedge risk.

The futures are priced on an index 0 to 100. According to the announcement, the index is calculated as follows:

1) take each block that is mined during the quarter

2) Take the difficulty for that block

3) Average those difficulties together

4) Divide by 1 trillion

Currently, Bitcoin’s hashrate in May 2020 is 16 on the index. However, based on the first day of trading, speculators are clearly expecting this to rise in Q3 2020.

Currently, Bitcoin’s hashrate for next quarter is trading above 18. It opened on the market with significant gains and is up 6% or so on the daily. It remains to be seen whether this price point will hold, but it has remained steady since the initial run-up.

Although FTX exchange is the first to offer futures for Bitcoin’s hashrate, other exchanges may follow its lead. It has been in the works since at least August of last year, as per a blog post. Other exchanges may soon follow if the experiment is successful.

Do you want to Be In Crypto?Join our Telegram Trading Group for FREE Trading Signals,a FREE Trading Course for Beginners and Advanced Tradersand a lot of fun!

Images courtesy of Shutterstock, Trading View and Twitter.

Disclaimer. Read MoreRead Less

As a leading organization in blockchain and fintech news, BeInCrypto always makes every effort to adhere to a strict set of editorial policies and practice the highest level of journalistic standards. That being said, we always encourage and urge readers to conduct their own research in relation to any claims made in this article.
This article is intended as news or presented for informational purposes only. The topic of the article and information provided could potentially impact the value of a digital asset or cryptocurrency but is never intended to do so. Likewise, the content of the article and information provided within is not intended to, and does not, present sufficient information for the purposes of making a financial decision or investment. This article is explicitly not intended to be financial advice, is not financial advice, and should not be construed as financial advice. The content and information provided in this article were not prepared by a certified financial professional. All readers should always conduct their own due diligence with a certified financial professional before making any investment decisions.
The author of this article may, at the time of its writing, hold any amount of Bitcoin, cryptocurrency, other digital currency, or financial instruments — including but not limited to any that appear in the contents of this article.

Molly Jane is a Russian Literature major from California with a background in writing. She joins CurrencyTimes after working as a freelance journalist and blogger.

Latest articles

Travala’s Booking Business Booms as Global Lockdown Eases

Various aspects of the global economy have taken significant hits since the coronavirus pandemic began, and the travel industry has been no different....

OmiseGo Network Utility Jumps and Prices May Follow

The OMG Network scored a partnership that will prove its utility to deliver faster and cheaper transactions than Ethereum. Key Takeaways The OMG Network has...

Ethereum Layer-2 Scaling Initial Deployments Successful

Ethereum BUY NOW is on the move in terms of development and price with the recent successful deployment of a number of layer-2...

Bitcoin Price Prediction: Bitcoin (BTC) Can Slump to $8.8k If It Breaks $9.3k Support

Bitcoin (BTC) Price Prediction – May 31, 2020Yesterday, BTC/USD pair retested the $10,000 resistance zone and was repelled. It is anticipated that as...

Related articles