According to U.Today, early Bitcoin miners have reportedly made a profit of around $550 million this year. This substantial profit was primarily achieved when Bitcoin's price ranged from $62,000 to $70,000, demonstrating the significant financial gains that can be achieved with perfect market timing. CryptoQuant CEO Ki Young Ju revealed that these early miners, who were among the first to adopt and validate transactions on the Bitcoin network, have seen a significant return on their investment in 2024. They capitalized on the Bitcoin price surge this year, securing significant profits.
Several Bitcoin wallets from the 'Satoshi era,' referring to the period when Bitcoin's pseudonymous founder, Satoshi Nakamoto, was active on public forums from late 2009 to 2011, have been reactivated since the start of 2024. In May, an early Bitcoin miner wallet that had been dormant for 14 years transferred 2,000 BTC, which most likely went to an OTC desk or custodian, as the coins were transmitted to multiple other fresh addresses almost immediately. The $62,000 to $70,000 price range has proven to be particularly lucrative for these ancient Bitcoin miners. This range represents a period when Bitcoin reached near its current all-time highs, providing an ideal opportunity for miners to sell their accumulated Bitcoin at premium prices.
Bitcoin has quadrupled in price since the start of 2023, reaching an all-time high of $73,798 in March, boosted by demand for specialized U.S. exchange-traded funds. However, the surge has recently eased, as has the pace of ETF inflows. Bitcoin plummeted along with the rest of the cryptocurrency market on Tuesday, reaching a low of $64,010, amid global economic concerns and lower summer liquidity. At the time of writing, the price of Bitcoin was down by 0.52% at $64,998, sliding below $65,000 for the first time since May 16.