Bitcoin Miner From 2010 Moves 50 BTC After 14 Years

The ancient Bitcoin miners are at it again. With just days until the Bitcoin halving event, a wallet containing a portion of the mined cryptocurrency from when pseudonymous founder Satoshi Nakamoto was still active shifted its holdings for the first time in 14 years.

On-chain data suggests that the wallet transferred 50 BTC worth $3.2 million. A significant portion of it went to a Coinbase address. 

Blockchain sleuths on Twitter (called X) stated the address belonged to a miner who produced the new coins on April 22, 2010. Since then, the BTC has remained in a wallet and is unmoved. 

The on-chain data reveals that 50 BTC landed in the wallet as a block reward when Bitcoin sold for pennies or less, implying that the miner has only earned spectacular profits since then.

Bitcoin Miner Sets to Profit From Bitcoin Halving Event

Bitcoin miners are compensated for producing new currency. This address would have gotten the 50 new coins when Bitcoin was in its early stages. Bitcoin traded primarily for less than $0.10 per coin in 2010 but reached a high of $0.30 at the end of the year, according to Investing.com statistics.

Meanwhile, the oldest data from CoinMarketCap indicates a price higher than $0.07 in July 2010. It was worth less in April that year, but this wallet’s contents would have increased by almost 87,000,000% even by July.

Bitcoin’s halving is set to occur on Saturday. The quadrennial event will reduce Bitcoin miner payouts by half, from 6.25 BTC per block processed to 3.125 BTC. It is presently scheduled to take place on April 20.

This will likely lead to an increased scarcity of coins on the market. Miners will also have to work harder, which means that only the most potent and efficient businesses in the sector will be participating in maintaining the network.