A Satoshi-era Bitcoin wallet dating back to 2010 has woken up after 14 years of slumber and sent 50 Bitcoins to cryptocurrency exchange Binance.
The Satoshi era refers to the period from 2009 to 2011 when Satoshi Nakamoto, the anonymous creator of Bitcoin, was active on online forums.
Bitcoin miner turns $25 in Bitcoin into $3 million
According to data from on-chain analytics firm Lookonchain, the Bitcoin wallet is associated with a BTC miner who received a mining reward of 50 BTC in July 2010.
These were the first bitcoins ever mined, when the mining reward per block was 50 BTC, compared to the current 3.125 BTC.
At the time, BTC was trading at around $0.05 and the Bitcoin miner was less than a year old when he received a block reward of 50 BTC. The value of his BTC holdings at the time was only $25.
Looking at a Bitcoin wallet, the transaction history shows that a miner has successfully mined a block, which is rare in today's world where the Bitcoin network hash rate is at an all-time high.
The flow of cryptocurrencies to centralized exchanges is often seen as a bearish sign because most of the time, the usage of centralized exchanges is related to the sale of assets.
Over the past year, some dormant Bitcoin wallets (many of which are from the Satoshi era) have woken up and either moved their BTC to new wallets or finally took profits and sold them on exchanges.
The Bitcoin Hash Rate War
Satoshi Nakamoto, the anonymous creator of Bitcoin, originally intended that ordinary people could mine the cryptocurrency on their local home computers. However, over time, Bitcoin mining has evolved into a lucrative, industrial-scale business as BTC prices have reached new highs and brought significant returns with each halving cycle.
Over the years, a number of companies have installed hundreds of state-of-the-art mining machines to maximize their bitcoin mining operations, and many of them have gone public.
Competition in Bitcoin mining has greatly increased the difficulty of mining, and even mining machines worth thousands of dollars cannot independently guarantee the successful mining of a single block.
