A Bitcoin miner that went into dormancy in the Satoshi Nakamoto era has come back to life. This is one of the clear cases that shows more unknown entities were involved in Bitcoin’s early days.
Dormant Bitcoin Miner In Huge Profit
According to data insights from crypto analytics platform Lookonchain, the Bitcoin miner went into hibernation about 14 years ago. A few hours ago, it made a transfer of 50 Bitcoin worth approximately $3.05 million to the Binance exchange.
A miner wallet woke up after being dormant for 14 years and deposited 50 $BTC($3.05M) to #Binance 7 hours ago.
The miner earned 50 $BTC from mining on July 14, 2010.
Address:
1PDTDwpgRPdQaCcp3Th6zaMASgcCcm3Jcm pic.twitter.com/toKmBfbUne
— Lookonchain (@lookonchain) June 27, 2024
Notably, this move underscores the likelihood of selling and is generally characteristic of dormant wallet addresses that come back to life. This Bitcoin miner earned the 50 BTC from mining on July 14, 2010. This was before the first Bitcoin halving event and at the time, the reward for mining a block was 50 BTC.
The price of Bitcoin at the time was also quite negligible and was pegged at about $0.05 per coin. This implies that the 50 BTC at the time had a valuation of just $2.5. This makes the 14-year wait one of the most lucrative Bitcoin HODLing stories in the coin’s history.
Right Time To Sell?
Over the past few months, Crypto-Vanguard has reported many instances of Bitcoin and Ethereum whale addresses coming back to life. While different wallets have varying ideologies, the Bitcoin market has come of age with the asset’s price now pegged at $60,807.25.
While this is not the best price Bitcoin has recorded over the past 6 months, it still leaves the Bitcoin miner at a very big advantage. While there are many ways to utilize Bitcoin including keeping it in Binance until the prize recovers, the whale has proven how lucrative early adoption of Bitcoin is.
Despite the price of the coin already overblown, many analysts have predicted that the valuation of the coin will still soar in the future. For instance, Robert Kiyosaki predicts the price of Bitcoin will soar to $350,000 by the end of this year.
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