20 June 2013
Update on BitPay Exchange Rate Calculations
Effective immediately, we have temporarily stopped using Mt. Gox for determining the exchange rate for our invoices.
The rate calculation that we use for each invoice is now as follows:
Pull the full Level II market depth, on the bid side, from multiple exchanges.
Merge the market depths into one Consolidated Level II table.
Calculate the blended clearing price for the amount of the invoice, assuming an auto-routing market sell order across all exchanges, with zero commission.
We are committed to offering the fairest possible rate to buyers while minimizing our counterparty risk.