Satoshi Era Miner Awakens From 14-Year Dormancy, Moves 50 BTC To Coinbase: Data

From the early years of the cryptocurrency market, mining wallets woke up from a long slumber, moving their assets to a central exchange.

Lookonchain tweeted that its wallet moved 50 BTC worth more than $3.28 million to crypto exchange Coinbase at the start of the Asian trading session.

Miner Wallet moves 50 BTC

Wallet address 15sxzZ acquired BTC after confirming a ban on April 23, 2010, and has been holding cryptocurrencies ever since. At the time, the price of Bitcoin was hovering around $0.04, and Stash was worth roughly $2.

In the year On October 25, 2020, the address received 547 satoshis worth $0.36, presumably to settle gas bills when it's time to move the coins. At this time, the price of Bitcoin increased to $ 13,100, and a 50 BTC stash was worth more than $ 655,000.

When the assets were withdrawn from the wallet today, the BTC price was approximately $65,650, and the total amount of the result rose to $3.28 million. Apparently, after the assets are deposited into Coinbase, the miner intends to sell the bitcoins for a huge profit.

Satoshi Era BTC Wallet is active

Many wallets from the Satoshi era, when the fake Bitcoin creator operated online forums between 2009 and 2011, have survived as BTC gained adoption and its value continued to head north.

In the year On-chain analytics in July and August 2023 identified two wallets that companies woke up from 11-year and 12.8-year dormancy to move thousands of BTC from their addresses. The first whale transferred 1,037 BTC worth $37.8 million to a new address, while the second moved 1,005 BTC worth $29.7 million.

Two years ago, CryptoPotato reported that another address holding 489 BTC 20 million dollars was activated after 11.4 years. The wallet recorded returns of 42,000,000%, highlighting the benefits of HODLing BTC.

Meanwhile, Bitcoin is expected to record further gains as the halving, a historically bullish event, is only five days away. Even if mining block rewards are reduced by 50%, Bitcoin's inflation rate and production rate will decrease, making it worth more than if demand were the same or increased according to the laws of economics.