May 15, 2020 FTX launches Bitcoin hashrate futures.

The cryptoasset derivatives exchange, FTX, has launched a Bitcoin hashrate futures product that aims to allow Bitcoin miners to hedge their exposure to fluctuations in the cryptoasset’s difficulty adjustments. Although the product does not track the exact hashrate of the Bitcoin network, something which is widely held impossible, the product is based on an approximation derived from Bitcoin’s block times and difficulty. According to FTX’s CEO, Sam Bankman-Fried, Bitcoin miners, and mining-associated companies have shown an immense level of interest in the product. Although it is not the first of its kind, the offering is the first to be issued by a large exchange.