Is That You, Satoshi? A Bitcoin Wallet That Has Been Dormant for 14 Years Cashes Out Hugely
On June 27, a pioneering Bitcoin miner transferred 50 BTC, continuing the rare trend of Bitcoin transfers from the Satoshi era, after 14 years of holding the assets unaltered.
The almost $3 million stockpile was delivered to the cryptocurrency exchange Binance, according to an X post by analytical service Lookonchain.
Bitcoin Miner Increases $25k to $3 million
According to blockchain statistics, on July 14, 2010, months after the network began, and when the token was only worth a few pennies on the dollar, the miner was rewarded with 50 Bitcoin.
It is referred to as the “Satoshi era” informally, and it covers the months when Bitcoin’s enigmatic and mysterious creator, From late 2009 to 2011, Satoshi Nakamoto was active on internet forums.
The block reward at the time was 50 BTC. After the April halving event, the mining reward per block is currently only 3.125 BTC. At the time of the miner’s payout, the value of Bitcoin was $0.05, meaning that his assets were worth $25 BTC. The alpha coin is trading at $61,752 as of this writing. This suggests that the miner’s holdings are valued at more than $3.06 million, proving that his perseverance has paid off handsomely.
Seven hours ago, a miner wallet that had been dormant for 14 years woke up and deposited 50 $BTC ($3.05M) to #Binance. On July 14, the miner made 50 $BTC from mining.
Address: 1PDTDwpgRPdQaCcp3Th6z; 2010.
aMASgcCcm3Jcm
Lookonchain June 27, 2024 (@lookonchain)
Conjecture In The Crypto Community
Though they are extremely uncommon, a few Satoshi-era Bitcoin wallets have been operational since the beginning of 2024. 50 BTC that were gained from mining on April 23, 2010, were transferred to Coinbase in April by a wallet that had lain inactive for 14 years, and in March, another wallet sent $3.67 million worth of BTC to Coinbase.
The most recent transfer may be connected to Satoshi, according to some market watchers. He wasn’t the only whale mining Bitcoin, though, in the early days of the cryptocurrency. Other social media pundits noted that the cryptocurrency market had seen a lot of selling recently, most likely in reference to the dumping by the US government and the German Federal Criminal Police Office. They believe the widespread selling indicates that the price of Bitcoin has peaked and may drop to $50,000 levels.