Bitcoin price boosted by shaky US elections

The Mining Difficulty has gone into reverse, while the Bitcoin Rich List is one participant poorer. The market update.

While the vote count is in full swing, the Bitcoin share price (BTC) is completely unimpressed by the looming shaker. In a daily comparison, the largest crypto currency is up 1.1 per cent and is trading at US$13,666 at the time of going to press.

As unperturbed as the crypto market is about the outcome of the presidential elections, the uncertainty on the stock markets is clearly noticeable. Germany’s leading index, the DAX, initially fell below the 12,000 mark at the start of trading, but then quickly gained ground, rising to 12,150 points.

According to current projections, challenger Biden, with 235 electoral votes, is just ahead of the incumbent president with 213 votes. However, counting from the crucial Swing States such as Wisconsin, Michigan and Pennsylvania is still pending, as are the results of the postal votes.

This means that a tough counting process is imminent, which is likely to keep the markets on alert for some time to come. Whether the uncertainty will spread to the crypto market remains to be seen in the coming days. So far, however, the major crypto currencies have remained stable in value. In the event of panic sales, the wildfire could also spread to the crypto-market.

Second largest adjustment of the Mining Difficulty

The Mining Difficulty has survived the second largest negative adjustment in the history of Bitcoin News Trader. In yesterday’s course of the day, the Difficulty fell by 16 per cent to 16.79 T in the latest adjustment. Previously, the Mining Difficulty had shown a similarly large correction in March, when the network difficulty dropped by 15.9 per cent. The biggest slide was in October 2011 with a decrease of 18 per cent.

The Mining Difficulty indicates the difficulty of calculating a valid hash and adjusts to the hash rate every 2016 blocks and thus approximately every fortnight. This adjustment regularly impregnates the network against potential attacks. However, in view of the hash rate, which has been falling for days, the drop in the hash rate was no surprise.

On 18 October, the hash rate reached its all-time high of 146 TH/s. Afterwards, however, things were to go downhill. Since then, the hash rate has fallen by 27 percent to 106 TH/s.

The drastic decline is related to the end of the rainy season in the Chinese province of Sichuan. The province in the southwest of the country is considered an absolute mining epicentre. With the rain, local electricity prices are also falling rapidly. However, when it drips out at the end of the monsoon season in October, the Miner Caravan moves to other regions of the country with its energy-hungry hardware. The hash rate usually shows particularly strong fluctuations during this transition period.

Fourth largest Bitcoin Wallet emptied

Large Bitcoin transactions fire the imagination, especially when it comes to old Bitcoin from the Satoshi era. This is what happened on November 3: the Bitcoin Block Bot registered a transaction of 69,369 Bitcoin worth $955 million.

Little is known about the sender. However, the fact that the wallet is the (formerly) fourth largest wallet in the Bitcoin ecosystem is fuelling speculation.

There has been no wallet activity since 2013. Two scenarios explain why the Bitcoin were now sent to a native SegWit address. In the more likely case, the lucky owner has transferred his Bitcoin out of protection. After all, it is precisely the thick wallets on the Bitcoin Rich List that are a sought-after target for hackers. This would then be explanation no. 2: In a case that tends to be less likely, but cannot be ruled out, hackers have succeeded in hacking the bulging virtual wallet.

Either way, the sender only had to pay a fee of 12 US dollars for the transaction of almost one billion US dollars.