Well, this week has been pretty hectic in the crypto world, let me drive you trough the 5 News you should know from this week. Let's dive into it !
First and surely the most important one, Bitcoin mining has become more difficult by nearly 6% :
While two weeks ago, it was estimated that the difficulties of mining Bitcoin would decrease, well they have just increased by more than 6%, indeed this is the result of more and more miners trying to mine some BTC. Every 2016 blocks the Mining Difficulty is adjusted (approximately every two weeks), in order to maintain a mining time of 10 minutes per block. This means that if there are many miners competing with each other and spreading blocks in less than ten minutes, the difficulty of the next puzzle will be increased; if there are few miners and it takes them much longer to find a solution, the difficulty is reduced, both times just enough to maintain the mining time per block around 10 minutes.
Then, let's move on a crazy story, an engineer cracked an encrypted file and recovered $300.000 USD :
Indeed, this engineer named Mike Stay managed to retrieved his Bitcoins stuck in a ZIP File. In late 2019 a Russian guy contacted him to tell him he might have a solution to this problem, a compression/archiving program written nearly two decades ago called PKZIP. After some days of work and research, Mike managed with the original laptop and the time of encryption to crack the File, and because he bought $10.000 USD of Bitcoin in 2016, it is now worthing... over $300.000 USD. What a journey for him !
I've talked about this in a recent article and he might happen earlier than we fought, I'm talking about the arrival of cryptocurrencies in Central Banks :
The major Central Bank and some analysts believe that the fear of the transmission of COVID-19 through cash and credit cards by people could accelerate the arrival of cryptocurrencies from CBDS. People are afraid to use cash because they think it could transmit the virus, according to the Bank for International Settlements (BIS) in its recent newsletter. Many scientist conclude that the risk of transmission is higher trough affected objects made of non-porous materials, which include credit card terminals or keyboards for Pins, however right now there aren't evidence of transmission trough coins and banknotes, says the BIS.
And to finish, let's talk fact, the number of Bitcoin Whales reached its highest level since 2 years :
But what is a whale in terms of Bitcoin language ? It's a single person owning a least 1.000 BTC ($6.8 million USD as I'm writing this article), according to some statistics there are 1845 Bitcoin Whales. This number has never been so high during an accumulation phase, this number of Bitcoin Whales increased before the market crash on 12 March, and accelerated during and after the crash.