A Bitcoin miner from the early days of the cryptocurrency known as the “Satoshi era” has resurfaced after a nearly 14-year dormancy.
Bitcoin Miner Awakened from 14-Year Sleep, Transferred $3 Million in BTC
According to blockchain analysis platform Lookonchain, a long-dormant BTC wallet dating back to April 2010 recently transferred a staggering $3.328 million, the equivalent of 50 BTC.
The miner first earned these 50 BTC by participating in mining activities on July 14, 2010; At that time, the reward for each block mined was 50 BTC.
The wallet has not been touched since then. In 2010, the price of each BTC was only $0.05, underlining the incredible increase in value over the years.
The final transfer involved splitting 50 BTC into two transactions. 17 BTC into one wallet and 33 BTC into the other. In particular, the frequent transactions of the wallet holding 17 BTC suggest a connection with cryptocurrency exchanges, especially Coinbase.
Further analysis revealed that Bitcoins sent to this wallet were then combined with funds from other wallets associated with Coinbase, indicating a possible deposit to the exchange.
On the other hand, the remaining 33 BTC was transferred to a new wallet. This new practice of using addresses increases transaction privacy, a common strategy among crypto holders.
*This is not investment advice.
