Satoshi Era Miner Wakes From 14-Year Slumber, Moves 50 BTC to Coinbase: Data



A miner wallet from the early years of the cryptocurrency market has awoken from a long slumber, moving its assets to a centralized exchange.

According to a tweet by Lookonchain, the wallet moved 50 BTC worth over $3.28 million to the crypto exchange Coinbase in the early hours of the Asian trading session.

Miner Wallet Moves 50 BTC

The wallet address 15sxzZ earned the BTC after validating a block on April 23, 2010, and has held the cryptocurrencies since then. At the time, Bitcoin’s value hovered around $0.04, and the stash was worth roughly $2.

On October 25, 2020, the address received 547 satoshis worth $0.36, possibly to settle gas fees when the time to move the coins arrived. By this time, Bitcoin’s value had increased to $13,100, and the 50 BTC stash was worth more than $655,000.

By the time the assets moved out of the wallet today, BTC was worth approximately $65,650, and the stash’s total had skyrocketed to $3.28 million, signaling a 164,000,000% increase in value. Apparently, the miner intends to sell the Bitcoin to make a big profit since the assets were deposited into Coinbase.

Satoshi Era BTC Wallets Awake

Several wallets from the Satoshi era, which is the period between 2009 and 2011 when the pseudonymous Bitcoin creator was active in online forums, have come alive recently as BTC keeps gaining adoption and its value continues northward.

In July and August 2023, on-chain analytics firms identified two whale wallets that had awoken from an 11-year and 12.8-year slumber to move thousands of BTC from their addresses. The first whale transferred 1,037 BTC worth $37.8 million to a new address, while the second moved 1,005 BTC worth $29.7 million.

Two years ago, CryptoPotato reported that another address holding 489 BTC worth $20 million at the time was activated after 11.4 years. The wallet recorded returns of 42,000,000%, underscoring the benefits of HODLing BTC.

Meanwhile, Bitcoin is anticipated to record even greater gains, as the halving, a historically bullish event, is only five days away. Although miner block rewards would be slashed by 50%, Bitcoin’s inflation and production rate would be reduced, making it more valuable if the demand remains the same or increases, per the laws of economics.



Source link

About The Author