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John Wang
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Crypto
May 15 21:16

BTC now has traceable hash rate futures

FTX introduces new product.
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BTC holders received a new opportunity to influence the currency’s ecosystem. FTX platform announced a launch of its new futures project that tracks BTC has rate.
The contracts got a simple name of “hashrate futures”. They measure the average difficulty of the currency’s network daily for the whole quarter. FTX explained, that tracking has rate closely enough is pretty much impossible, so the difficulty level is used instead.
To clarify, mining difficulty refers to the complexity of the equations that need to be solved in order to validate BTC transactions. Hash rate is the Bitcoin network’s computing power at the specific moment.
The two metrics are around the record high levels. However, the halving caused the hash rate to tail off. At the moment the FTX rate is performing over the estimates. The contracts are supposed to come due in the third and fourth quarters of this year and already went up 6% and 13%.