Dormant Bitcoin Mining Wallet Resurfaces After 14 Years, Transfers 50 BTC to Binance

According to blockchain analytics platform Lookonchain, a Bitcoin wallet that has been inactive for 14 years has resurfaced.

The firm has set the price of 50 BTC to $3.05M for Binance.

An early Bitcoin mining wallet moves 50 BTC

A dormant wallet belonging to a former bitcoin miner sprung to life on Thursday, moving its 50 BTC balance, worth $3.05 million, to kriptovalyutnoy exchange Binance.

A mining wallet woke up after 14 years of hibernation and deposited $50BTC ($3.05M) into #Binance 7 hours ago.

The miner got $50 BTC from mining on July 14, 2010.

Address: 1PDTDwpgRPdQaCcp3Th6zaMASgcCCm3Jcm pic.twitter.com/toKmBfbUne

— Lookonchain (@lookonchain) June 27, 2024

Lookonchain claims that the inactive wallet address received 50 BTC as a mining reward on July 14, 2010, and has held the coins ever since.

In the year In 2010, BTC was trading below the $1 mark, and in February 2011, it crossed this threshold. In June of the same year, the price rose by $30. Currently, the cryptocurrency is close to $61,000

In the year Minted in 2010, BTC are among the earliest and most coveted in the cryptocurrency world. The sudden activation of such coins can indicate various market sentiments, including the renewed interest of early adopters.

It is generally accepted that when owners of old wallets are active, it may indicate that they plan to sell their holdings. Sometimes owners move BTC to different addresses for subsequent transactions.

Dormant Satoshi Era Bitcoin Wallet Resurrection

This dormant wallet revival phenomenon is not entirely new. Many wallets from Satoshi's era— Similar activity was observed between 2009 and 2011 when the Bitcoin counterfeiter was active.

In the year In March 2022, another wallet with 489 BTC worth $20 million at the time was reactivated after 11.4 years of dormancy. This wallet has returned 42,000,000%.

On-chain analytics firms have identified two critical wallets in July and August 2023 that have been inactive for more than a decade. These whales moved thousands of BTC from their addresses, with one transferring 1,037 BTC worth $37.8 million to a new address and the other moving 1,005 BTC worth $29.7 million at the time.

More recently, in April 2024, another wallet that had been dormant for 14 years was transferred to Coinbase with 50 BTC worth over $3.28 million at that time. Additionally, a major Bitcoin owner that had spent a decade dormant moved in April, 246 BTC from an address holding 1,701 BTC. This whale received 4,272 BTC in 2013 when he sold BTC at an average price of $29.39.