An old cryptocurrency mining wallet that had been inactive for a long time has recently become active again, transferring its digital assets to a more conventional exchange.
Based on a post on Lookonchain’s Twitter account, approximately 50 Bitcoin, equivalent to around $3.28 million, were transferred from a wallet to the cryptocurrency exchange Coinbase during the Asian trading session’s early hours.
Miner Wallet Moves 50 BTC
Since verifying a block on April 23, 2010, the Bitcoin stored in the wallet address 15sxzZ was acquired and has been in possession since then. At that point in time, Bitcoin’s price was approximately $0.04, making the stash worth around $2 in value.
On October 25, 2020, an amount equal to 547 satoshis, or approximately $0.36 at the time, was received at the address. This transaction may have been made to cover gas fees when it became necessary to transfer the coins. By that point, the value of one Bitcoin had risen to $13,100, causing the 50 BTC hoard to be worth over $655,000.
Today, when the Bitcoins were transferred out of the digital wallet, the cryptocurrency was valued around $65,650. The value of the stash had surged to a staggering $3.28 million, representing an astounding 164 million percent increase in worth. It seems that the miner aims to cash in on this windfall by selling the Bitcoin through Coinbase.
Satoshi Era BTC Wallets Awake
During the time, around 2009 to 2011, when the mysterious Bitcoin creator known as Satoshi was frequently active on forums, several old digital wallets have resurfaced. With Bitcoin’s increasing popularity and soaring value, these wallets have become active once again.
In July and August of 2023, two cryptocurrency wallets that had been inactive for over a decade were observed by on-chain analysis firms becoming active again. The first wallet, which had been dormant for 11 years, transferred approximately 1,037 Bitcoins, valued at around $37.8 million, to a new address. Likewise, the second wallet, which had been inactive for 12.8 years, moved roughly 1,005 Bitcoins, equivalent to about $29.7 million, to a different wallet.
Approximately two years ago, CryptoPotato announced that a Bitcoin wallet, containing 489 BTC or around $20 million at that moment, became active again after being inactive for over 11 years. This wallet saw an astonishing gain of approximately 42 million percent, highlighting the potential rewards of long-term Bitcoin holding.
In the meantime, it’s expected that Bitcoin will experience even larger price increases as the halving event approaches in just five days. Although miner rewards for each block found will be cut in half, this reduction in supply translates to less inflation and production, making Bitcoin potentially more valuable if demand stays steady or rises due to economic principles.
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2024-04-15 16:02