A Bitcoin miner’s wallet that lay dormant for 14 years recently sprang back to life, transferring 50 BTC (approximately $3 million) mined in July 2010 to Binance.
The resurgence of this long-inactive wallet was detected by Lookonchain, a smart money on-chain tracker. It noted that the 50 BTC, originally mined on July 14, 2010, are now valued at approximately $3.05 million.
Back in 2010, the wallet earned 50 BTC from mining block 67,254. During that period, Bitcoin was in its infancy, evidenced by the block’s details showing a difficulty level of 45.38682234 and a transaction volume of 1,085.85 BTC across four transactions. The miner received a block reward of 50 BTC for successfully mining the block, a feat accomplished in a network far less congested than today’s, with comparatively lower difficulty levels.
After more than a decade of dormancy, the wallet has suddenly transferred its 50 BTC holdings to Binance. Such movements of older BTC often attract attention due to potential implications for market dynamics. The unexpected reactivation of this dormant wallet has sparked speculation within the community.
Commentators have questioned whether the miner held onto their BTC all this time (possessing “diamond hands”), or if they recently recovered their seed phrase. Others reflect on the reawakening of such dormant wallets as a reminder of Bitcoin’s early days and its current stature, suggesting that more early adopters might similarly resurface.
It’s worth noting that Bitcoin’s current market price stands at $60,697, with a 24-hour trading volume exceeding $22 billion. Over the past day, Bitcoin has experienced a 1.55% decline, and a 7.17% decline over the past week, while its market capitalization remains around $19.7 billion.
Earlier this year, there were reports of significant whale activity in the Bitcoin space, including the reactivation of several whale addresses moving approximately $2 billion on-chain. Arkham Intelligence, a respected crypto analytics firm, first observed this activity, noting the consolidation of nearly 50,000 BTC across five different wallets into four distinct addresses. This resurgence coincided with preparations in the crypto ecosystem for significant liquidity shifts following the introduction of spot Bitcoin Exchange Traded Fund (ETF) products.
In a separate instance in May, a Bitcoin whale that had remained dormant for nearly nine years also became active. This particular wallet, holding 1,000 BTC valued at around $30.39 million, saw its worth appreciate from $468,643 eight and a half years earlier, marking a staggering increase of 6,301.46%.
**Disclaimer:** This article provides information and should not be construed as financial advice. The opinions expressed herein may include personal views of the author and do not necessarily reflect those of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic holds no responsibility for financial losses incurred.