Satoshi-Era miner wallet wakes up after 14 years
Blockchain insights firm Lookonchain revealed that a mining address sprang to action this Thursday, ending a 14-year slumber.
This wallet moved 50 BTC (valued at approximately $3.05 million) into the Binance trading platform.
The funds represent a mining bounty collected on July 14, 2010.
Movements from wallets established as far back as 2010 are extremely uncommon. In April, there was a movement of 50 BTC mined on April 23, 2010, marking its first transaction in 14 years. March witnessed a similar event, as tracked by Lookonchain.
Notably, back in 2010, the prime cryptocurrency was valued below one dollar. Bitcoin first climbed above this price in February 2011, and by June 2011, its value hit a high of $30. Currently, Bitcoin's trading price stands at $61,040.
On social media, some have speculated that this recent move could be tied to Satoshi Nakamoto, the enigmatic figure behind the premiere cryptocurrency. Yet, Nakamoto wasn't the sole giant in the early mining days. Despite the network's infancy then, a robust batch of miners collected a total of 3.39 million coins in that year alone.
In 2010's mining scene, the absence of specialized hardware meant that enthusiasts could generate the digital currency using standard PCs. Nevertheless, with an influx of new participants, the mining challenge intensified. For example, on July 16, 2010, the mining difficulty saw a significant fourfold increase following a feature on the cryptocurrency by Slashdot, a favored site among tech aficionados.
Today, these infrequent moves from ancient wallets serve as a nostalgic reminder of the bygone CPU mining era to the Bitcoin community.
