Dormant Bitcoin Mining Wallet Awakens After 14 Years, Transfers 50 BTC ($3 Million) to Binance
A dormant Bitcoin mining wallet has resurfaced after 14 years, transferring 50 BTC to Binance. Lookonchain, a blockchain analytics company, reported this event, noting that the Bitcoin, worth approximately $3.05 million, was originally mined on July 14, 2010.
The wallet received 50 BTC from mining block 67,254 on July 14, 2010, when the Bitcoin ecosystem was still in its infancy. Block details include a difficulty of 45.38682234 and a transaction size of 1,085.85 BTC across four transactions. The miner received a 50 BTC block reward for successfully mining the block during a time when the network was much less congested and difficulty levels were relatively low compared to today’s standards.
Recent Activity
After more than a decade of dormancy, the miner’s wallet transferred 50 BTC to Binance. Such movements of old BTC often attract attention due to their potential impact on market dynamics. The sudden reactivation of this dormant wallet raises questions within the crypto community, highlighting Bitcoin’s early days and its legendary current status. Speculation arises about whether the miner has “diamond hands” or simply rediscovered their seed phrase.
Currently, Bitcoin’s price stands at $60,697, with a 24-hour trading volume of $22,030,541,570.58. This marks a 1.55% price drop in the past 24 hours and a 7.17% decline over the past seven days. Bitcoin’s market capitalization is approximately $19.7 billion.
Previous Whale Activity
The Crypto Basic has reported the reactivation of several whale addresses, which transferred around $2 billion on-chain. Arkham Intelligence, a prominent crypto analysis firm, first detected this activity. They reported that five different wallets consolidated nearly 50,000 BTC into four separate addresses. This resurgence of addresses coincided with the crypto ecosystem bracing for significant liquidity shifts due to the advent of Bitcoin Exchange-Traded Fund (ETF) products.
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One of these wallets, holding 1,000 BTC valued at approximately $30.39 million, saw its value increase from $468,643 eight and a half years ago, representing a 6,301.46% rise. Additionally, in May, a nearly nine-year dormant Bitcoin whale reactivated.
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