Lost Treasure Found? Bitcoin Miner Transfers Over $3 Million BTC After 14-Year Dormancy
April 15 2024 - 10:00PM
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According to the on-chain analysis platform Lookonchian, a
long-dormant Bitcoin (BTC) wallet dating back to April 2010,
recently transferred 50 BTC, equivalent to $3.328 million. Related
Reading: Breaking: Spot Bitcoin And Ethereum ETFs Approved In Hong
Kong Unraveling The Transaction: An Exploration of Potential
Motives As reported by Lookonchian, 50 BTC mined over 14 years ago,
when each block reward was 50 BTC, was divided into two
transactions: 17 BTC ($1.1 million) for one wallet and 33 BTC ($2.2
million) for another. The recipient wallet receiving 17 BTC has
shown patterns of frequent transactions, possibly indicating its
association with a cryptocurrency exchange, particularly Coinbase.
The analysis further reveals that the Bitcoin sent to this wallet
was subsequently merged with funds from other wallets associated
with Coinbase, suggesting a possible deposit into the exchange. A
miner wallet woke up after being dormant for nearly 14 years and
deposited 50 $BTC($3.28M) to #Coinbase 5 mins ago. The miner earned
50 $BTC from mining on Apr 23, 2010, and has been holding it to
this day. Address: 15sxzZ4QSaoiMo5KYH9ab4xQj34yeJmKgb
pic.twitter.com/DRw9U5Xy8N — Lookonchain (@lookonchain) April 15,
2024 On the other hand, the remaining 33 BTC were transferred to a
new wallet. This could indicate that this Bitcoin may have
effectively remained within the miner’s control but under a new
address, a common practice to enhance transaction privacy. Bitcoin
Recovery Amid Impending Halving This recent activity coincides with
Bitcoin’s rebound following a sharp decline that saw its price
plummet from over $70,000 to $62,000 over the weekend. However, at
the time of writing, Bitcoin is trading at $64,109, marking a 0.5%
increase in value over the past 24 hours. This surge in price comes
amidst anticipation of the upcoming Bitcoin Halving scheduled to
take place in the next 5 days on April 20. Notably, the Bitcoin
Halving is a programmed event that occurs approximately every four
years or after every 210,000 blocks are mined. Bitcoin miners’
reward for validating transactions and securing the network is cut
in half during this event. When Bitcoin was launched in 2009, the
reward was initially set at 50 BTC per block. However, the reward
has been halved, reducing the rate at which new BTC is created.
This adjustment is designed to control the supply of Bitcoin,
making it more scarce over time and ultimately contributing to its
deflationary nature. Furthermore, recent reports indicate that BTC
miners could face losses exceeding $10 billion due to the upcoming
Halving event. As Bloomberg reported, this loss could result from
several factors, including miners facing intensified
competition from AI companies. Related Reading: Bitcoin Bonanza
Before The Halving? Analyst Sees Pre-Crash Buying Window Core
Scientific CEO Adam Sullivan noted the tightening availability of
power in the US, driven partly by tech giants like Amazon investing
heavily in data centers. This competition for resources presents
further obstacles for miners seeking affordable power contracts.
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