Bitcoin HODLers Among Whales on the Rise

• Bitcoin whale entities are on the verge of making a comeback.
• How will this help Bitcoin HODLers?

Bitcoin whale entities are making a comeback into the crypto market. They are a single network participant who controls a cluster of addresses. They also hold a large number of bitcoins. Their movements in the crypto market have the potential to manipulate currency valuation. The number of coins owned by the whale entities rose by 80000 to 4.216 million BTC on July 2, 2021, the highest level since May 2021. The number of whale entities has also jumped to a three-week high of 1,922.

The whale entities held a record high balance of 4.543 million BTC on Feb 8, 2021. Following this, BTC reached an all-time high of $64,829 in mid-April. Then the entities commenced selling, and subsequently, their balance declined to 4.12 million BTC.

Now, these whale entities are on the verge of growing their BTC balance. A single trade made by these whales can cause enormous price changes. And that’s a piece of good news for the Bitcoin HODLers. The last time when the whale entities increased their wallet balance, demand for BTC climbed high and, it increased the price. If these entities keep adding more BTCs to their pocket, it’s going to be a great thing for Bitcoin HODLers. Because the HODLers might as well enjoy the bull run.

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The Buzz Around Samourai Is Getting Real; Here’s Why

In 2015, two developers, Keonne Rodriguez and William Hill embarked on creating a Bitcoin Wallet with privacy on steroids. The project took off intending to align with the underlying principles of Bitcoin: security, transparency, privacy, fungibility, and decentralization. Fast forward to today, the buzz around the Samourai is at its peak at a time when the big guns are continuously monitoring the everyday behavior of individuals. 

At present, many state actors are actively seeking to erect a cordon around the illicit activity that relies on cryptocurrencies. However, some of these initiatives are hampering the adoption of cryptocurrencies that prioritize privacy. For example, in 2018, the US Department of Homeland Security called for ways to circumvent privacy protections in some of the privacy-enhancing cryptocurrencies. In another instance, in 2020, the US proposed regulations that required exchanges to report all personal information of a person making transactions of more than USD 10,000 in a day. Samourai is a project aimed at protecting users’ privacy as much as possible amidst this regulatory ambiguity. The founders are dedicated to standing by the principles of Bitcoin as they themselves have stated:

“We are privacy activists who have dedicated our lives to creating the software that Silicon Valley will never build, the regulators will never allow, and the VCs will never invest in. We build the software that Bitcoin deserves.” 

Samourai goes one step further by offering the Whirlpool feature to provide transactional privacy on the street. Whirlpool implements the CoinJoin protocol to mix Bitcoin directly within the mobile wallet. At its core, Whirlpool involves collaborative transactions between five participants. This makes it almost impossible to determine which output belongs to which input. It adds a critical layer of privacy on top of Bitcoin when Bitcoin privacy demand is shooting up globally. 

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Biggest Ever Difficulty Adjustment of Bitcoin Network, Just Happened

The Bitcoin Network witnessed a 27.94% drop in the mining difficulty

• Why the sudden drop?
• What are its implications?
• What lies ahead for miners and mining businesses?

Bitcoin network has seen the biggest ever drop in its difficulty adjustment today. The difficulty has changed from 19.93 T to 14.36 T at block 689,472, a staggering 27.94% decline in processing power requirement for block discovery.

Bitcoin network algorithm is programmed to self-adjust the difficulty to keep its average target time around 10 minutes to mine a block. Mining difficulty adjustment occurs whenever 2016 blocks have mined to the network. It is the measure of how difficult it is to mine a new block in the network. The difficulty is proportionate to the time taken to find the correct hash for each block. Adjustment of difficulty depends on the average time and hash power for every 2016 blocks of the mining network.

The average time at block 689472, when the difficulty adjustment took place, was around 14 minutes. The increase in target time is due to the drastic fall in hashrate from 180.666m TH/s on May 14, 2021, to 87.621m TH/s as of July 2, 2021, following China’s Bitcoin crackdown. This 50% decrease in hashrate accounted for the increment in the target time.

The latest 27.94% decline in difficulty would bring down the block mining time close to 10 minutes. This decline in difficulty benefits the miners who currently operate. They will generate more profit until the Great mining migration gets completed and their hash power comes back online.

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