A Bitcoin Difficulty Derivatives Market?

Wow so I was just looking at bitcoin farseer and I thought that was a great idea. Too bad it just pays the people who gets the closest bet not exactly a derivative.

But wouldn't it be cool if you had a derivatives market based off of Bitcoin hash difficulty?

Just like farmers using the derivatives to guarantee a price on there wheat.

Miners can use it as an insurance on ROI. And traders and can also use it for speculation. And actually the market will be a lot more structured compared to the bitcoin price outlook.

So has someone implemented this already?

Now it also occured to me that hardware manufacturers might have inside information, but with the increase in manufacturers that shouldn't be a problem. And its similar to a billionaire buying options to exploit the market before placing a gigantic bid order. It should be fine because I feel the derivatives market of bitcoin hashrate would be a lot smaller that the hashing market. So, you would make a lot more profit on mining.

But, if Derivatives were used as insurance the premiums would probably quite high. Well we would never really know how the market would play out until its implemented someday.

What do you think?