Bitcoin miner who has been dormant for nearly 14 years transfers over $3 million in BTC
According to blockchain analysis platform Lookonchian, a long-dormant BTC wallet dating back to April 2010 recently transferred 50 BTC, equivalent to $3.328 million.
The 50 BTC mined 14 years ago, when the reward for each block was 50 BTC, was split into two transactions: 17 BTC to one wallet and 33 BTC to another wallet.
The wallet that received 17 BTC showed a pattern of frequent transactions, which may indicate that it is related to cryptocurrency exchanges, especially Coinbase.
The analysis further showed that the bitcoins sent to this wallet were subsequently merged with funds in other wallets associated with Coinbase, indicating that it may be a deposit to the exchange.
On the other hand, the remaining 33 BTC were transferred to a new wallet. This may indicate that these bitcoins are actually still under the control of the miner, but under a new address, which is a common practice to enhance the privacy of transactions.
Bitcoin’s Recovery Amid Upcoming Halving Event
This recent activity coincides with Bitcoin’s rebound following a price crash from $70,000 to $62,000.
This price rally comes amid anticipation for the upcoming Bitcoin halving, which is scheduled to take place in five days on April 20.
It is important to note that Bitcoin halving is a scheduled event that occurs approximately every four years or after every 210,000 blocks are mined. During this event, the reward for Bitcoin miners who validate transactions and maintain the network is cut in half.
When Bitcoin was launched in 2009, the reward was initially set at 50 BTC per block. However, this reward has been halved, reducing the rate at which new BTC are generated. This adjustment is intended to control the supply of Bitcoin, making it more scarce over time, ultimately contributing to its deflationary nature.
Recent reports suggest that BTC miners could face losses of more than $10 billion due to the upcoming halving event. As Bloomberg reports, this loss could stem from a variety of factors, including the increased competition miners face from artificial intelligence companies. The tightening of electricity supply in the United States, in part due to heavy investments in data centers by tech giants such as Amazon.This competition for resources creates further obstacles for miners seeking reasonable power contracts.
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