Bittime - The crypto world has been shocked again by the unexpected movement of a Satoshi-era Bitcoin (BTC) mining wallet. This wallet, which had been inactive for a long time, suddenly "woke up" and moved 50 BTC to the well-known crypto exchange, Coinbase.
Miner Wallet Move 50 BTC
According to Lookonchain's tweet, the wallet with the address 15sxzZ moved 50 BTC, worth more than $3.28 million, to Coinbase during this morning's Asian trading session. This wallet is known to have mined the 50 BTC on April 23, 2010, and has been holding it since then.
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At that time, the value of Bitcoin was still around $0.04 and this miner's 50 BTC was only worth around $2. However, on October 25, 2020, the wallet received back 547 satoshi worth $0.36. It is suspected that this delivery is to pay transaction fees (gas fees) when the miner finally decides to move his coins.
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When Bitcoin was transferred today, its value had reached $65,650 per piece, so the total value of the 50 BTC exploded to $3.28 million. This represents a 164,000,000% increase in value! The size of this increase indicates that the miner intends to sell his Bitcoin to reap large profits, considering that the transfer was made to Coinbase, a crypto exchange.
Satoshi Era Wallet is Back in Action
Several other wallets from the Satoshi era, namely the period between 2009 and 2011 when the still anonymous Bitcoin creator was active in online forums, have also reportedly "woke up" recently. The increasing adoption of Bitcoin and the skyrocketing value of this crypto is thought to be the trigger.
In July and August 2023, the on-chain analysis company managed to track two wallet “whales” (investors with large crypto holdings) who “woke up” after sleeping for 11 and 12.8 years. The first wallet was found to have moved 1,037 BTC worth $37.8 million to a new address, while the second wallet moved 1,005 BTC worth $29.7 million.
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Two years ago, CryptoPotato reported another wallet containing 489 BTC worth $20 million at the time, was back active after 11.4 years. The wallet recorded a gain of 42,000,000%, further confirming the long-term profitability of the Bitcoin “HODLing” (buy and hold) strategy.
Meanwhile, Bitcoin is expected to set a new record as the halving event, which historically triggers an upward trend in prices, is just five days away. Although miners' block rewards will be cut by 50%, Bitcoin's inflation and production rate will decrease, making it even more valuable if demand remains the same or increases, following the laws of economics.
How to Buy Bitcoin (BTC) from Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
The Changing Dynamics of Bitcoin Mining: The Impact of Wall Street Funding
BTC Prices Continue to Soar, Miners' Shares Become the Target of Investors
Bitcoin Miners Party Ahead of Halving: Revenue Reaches $2 Billion, Read the Explanation!
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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