Miners who have been "dormant" for 14 years have woken up

After 14 years of dust, when miners woke up, BTC profits were astonishing

During a quiet moment in the early hours of this morning, blockchain observer Lookonchain was surprised to discover that a mysterious miner had woken up from 14 years of hibernation and transferred 50 Bitcoins to the cryptocurrency exchange. for a staggering price of $61,083. These Bitcoins were actually mined by him as early as July 14, 2010. At that time, their value was only 0.058 USD.

After years of accumulation, the value of these Bitcoins skyrocketed, giving this miner an incredible income of more than 1,053,154 times, equivalent to up to 3.05 million RMB. This was a fourteen-year wait, but it finally ushered in a moment of immense splendor.

Miner selling pressure appears, BTC price is under pressure

Lately, Bitcoin's price seems to be limited by some mysterious force. Many market analysts point out that this may be related to the sales behavior of miners. QCP Capital bluntly stated in the report that due to the increase in breakeven price after Bitcoin halving, miners were under huge selling pressure, causing their total Bitcoin reserves to plummet by 50,000 compared to the beginning of the year.

As early as the 14th, QCP foresaw this trend, pointing out that Bitcoin miners are facing many challenges post-halving, which has certainly created a drag on Bitcoin price increases. . Bitfinex further confirmed this in a report on the 17th, saying miners' reserves are continuing to decline and they are selling assets to maintain operational efficiency and invest in equipment upgrades.

Miner reserves are currently near a four-year low, and market observers speculate that this could mean that miner selling pressure is approaching a tipping point. But Bitcoin price still holds the 60,000 mark. What power lies behind this?

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