The BLOCKS contract is a prediction futures contract. The futures contract is Binary, meaning it will either settle at 0 or 100.
The BLOCKS contract is a prediction future on whether a block larger than 1MB (a “Big Block”) will be mined on the longest Bitcoin chain.
The definition of a “Big Block” is limited to blocks of size > 1MB through an actual base block size limit (non-witness data) increase. Blocks with an effective size larger than 1MB due to SegWit do not apply, nor do “Extension Blocks”.
BLOCKS will settle at 100:
BLOCKS will settle at 0 if the above conditions are not met.
The above conditions may be amended with notice at any time.
BitMEX’s SEGWIT binary is independent from this contract. Both, or neither, may settle positively before the expiration date.
Please see the Binary Series Guide for more details.