Good morning Bitcoin: mining is harder than ever

Good morning! We have listed the latest news for you. Start the day with a bitcoin breakfast.

The bitcoin price surprisingly shot up after the disappointing inflation figures from America. Due to high inflation, the US central bank appears to be postponing its interest rate cuts even longer. That initially seems bearish, but the price reacted positively.

This also seems to have to do with the outflows at the Grayscale Bitcoin Trust, which are currently slowing down considerably.

Positive result for Spot Bitcoin ETFs
At the beginning of this week, the outflows from the Grayscale Bitcoin Trust (GBTC) were still enormous. That put enormous pressure on the bitcoin price, but on Wednesday the situation suddenly turned around again.

The so-called mining difficulty continues to grow in the run-up to the historic halving. In two weeks, miners will suddenly earn 50% fewer new coins per block they create. At the same time, competition among miners is increasing: the mining difficulty adjustment is increasing!

Yesterday (April 10) the difficulty level for bitcoin mining increased again. As a result, this number now stands at a record high of 86.4 trillion. That’s a few percent higher than the previous difficulty level. On March 28, it was fixed at 83 trillion.

The next adjustment to the difficulty level is not expected to take place until after the halving. Experts think that it will then become easier, because miners will suddenly have smaller margins and will therefore consider stopping.

Data from Whale Alert shows that an unknown whale sent 4,535 BTC to the largest crypto exchange in the United States today. The amount amounts to a total of $322 million.

It is not known what the idea behind this transfer is. All we know is that the money was moved to Coinbase Institutional. That is the business branch of the stock exchange. Institutional customers can store, buy and sell their cryptocurrency here.

The address “147t6” is a relatively new player in the crypto scene. The first transactions using this address occurred just two days earlier, when they withdrew the first 843.53 BTC from Coinbase Prime. That translates to $60.45 million.

From then on, they received bits of bitcoin from Coinbase multiple times, accumulating a total of 4,535 BTC. This entire amount was sent to Coinbase Institutional today. The old bitcoin address is now completely empty.