Bitcoin has been in the news lately, but this story will blow your mind about one bitcoin wallet that’s been dormant for 11 years.
The miner was able to make a modest fortune after acquiring bitcoins when the price was less than $1.
If you were smart enough to buy bitcoins at the beginning, you would be rich now.
After 11 years and five months the wallet contained a stash worth about $3 million.
Miner Transfers 50 ‘Sleeping Bitcoins’ After Bitcoins Lie Dormant For Nearly 11 Years
An anonymous bitcoin miner received 50 BTC on May 17, 2010, but left the bitcoin unattended for the next 11 years. On October 22, the address was reported to be active as the miner appeared to have cashed in on his reward after ten years while earning a fortune on the side.
Back in 2010, the miner could have purchased the entire 50 bitcoins for less than $4, but today’s price of Bitcoin is over $60,000, which results in a massive gain of $3 million for the miner. If the miner decided to sell off his assets, he would have gained over 76,000,000% in just over 11 years.
Bitcoin miners were then rewarded with 50 BTC block rewards, which were halved every four years. Three halves have resulted in a reward per block of 6.25 BTC. Given the upward price trend of bitcoin, mining has become a lucrative endeavor despite the halvings. The last bitcoin halving was in May 2020, and it is thought that these halving events caused the price increase since then.
The First Bitcoin Minors Gained a Reputation In The Ecosystem
In the bitcoin ecosystem, early bitcoin miners have one of the most reputable reputations. Because they have remained untouched since the day they were mined, their bitcoins are often called zombie bitcoins. Bitcoins may have been lost forever, but on the other hand, they may be waiting until the right time comes to wake up from hibernation.
According to this belief, previously unused addresses from that era are seeing an increase in activity recently. Several 2010 miners moved their BTC these past few years, according to data from btcparser.com. It was found that one whale from that era moved 6,000 bitcoins and in 2021, 4,250 BTC were moved from that figure.
The article was first shared here.
Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
