Bitcoin-focused X account Documenting Bitcoin shared an email dated November 8, 2008 from Bitcoin pseudonym creator Satoshi Nakamoto on its crypto mailing list with the subject line “Bitcoin P2P e-Cash Paper.” This email arrived eight days after Satoshi Nakamoto published his Bitcoin whitepaper in 2008.
Bitcoin’s white paper “Peer-to-Peer Electronic Cash System” was published on October 31, 2008, during the global financial crisis. The nine-page document laid the foundation for what would become the world’s first cryptocurrency.
The white paper outlined a vision for a decentralized peer-to-peer financial system built on cryptographic proofs rather than trust in third-party intermediaries.
Satoshi Nakamoto explains “difficulty adjustment”
An email from Satoshi Nakamoto dated November 2008, shared by Documenting Bitcoin, explains Bitcoin’s difficulty adjustment.
Satoshi Nakamoto explains “difficulty adjustment”
“As computer speed increases and the total computing power applied to the creation of Bitcoins increases, the difficulty also increases proportionately in order to keep the total amount of new production constant. Therefore, the number of new Bitcoins is known in advance.” pic.twitter.com/HTYXf7Y1CP
— Documenting ₿itcoin 📄 (@DocumentingBTC) November 8, 2025
Part of the email reads: “Increases in hardware speed are accounted for. To compensate for increases in hardware speed and changes in interest in running a node over time, proof-of-work difficulty is determined by a moving average over the average number of blocks per hour. If it is produced too quickly, the difficulty increases.”
He continued, “As computers become faster and the total computational power applied to the creation of Bitcoins increases, the difficulty increases proportionately to keep the total amount of new production constant. Therefore, the number of new Bitcoins is known in advance.”
Will the Bitcoin market reset?
Coinbase Institutional’s report highlights the significant deleveraging of the crypto market after the October 10 liquidation, suggesting that a short-term bottom may have formed, saying, “October’s decline may not have been the end of the cycle, but a necessary reset.”
Based on the implied distribution of options, the BTC price prediction for the next 3-6 months is between $90,000 and $160,000, with a bullish trend. The report also cited Fed rate cuts, liquidity relief and new regulations as medium-term tailwinds, which could extend the current cycle into 2026.
At the time of writing, BTC was up 1.02% in the past 24 hours to $103,228.
