A movement of 1,005 bitcoins caught the attention of the community last Monday (14). The coins, now valued at BRL 145 million, have been dormant since 2010.
At that time, Satoshi Nakamoto was still taking part in the development of Bitcoin, which is why such coins are considered to be of the highest order. “It was Satoshi”. However, nothing indicates that they belong to the creator of Bitcoin.
The owner of the Bitcoin wallet was a miner
According to on-chain data, everything points to the owner of the wallet being a Bitcoin miner. Back then, in 2010, each block generated 50 bitcoins as a reward and mining could be done with video cards.
While the industry wasn’t that competitive, the rewards weren’t that attractive either. According to the excerpt of a 2010 transaction, in which the miner pooled his money, each BTC had a value between $0.15 and $0.36.
Therefore, each block, with 50 BTC, generated the equivalent of US$7.50 to US$18, excluding electricity costs.
The coins haven’t moved since November 9, 2010, nearly 13 years ago, but that all changed on Monday (14).
By moving his 1,005 bitcoins to a new address, we can calculate that the miner has profited 9,031,635% during that period. After all, his coins jumped from just $325 to a whopping $29.4 million. Another detail is the transaction fee, only US$1.17.
Finally, it’s hard to know if the miner forgot his wallet or just didn’t need the money in the past decade.
In any case, everything indicates that he has not sold his bitcoins. The coins were sent to a SegWit-type address, which is considered more modern, and for the time being they will remain there, where they can remain for another 13 years.
Bitcoin halving is coming
While the miner received above Mined 50 bitcoins per block in 2010rewards have dropped to 25 BTC in 2012, 12.25 BTC in 2016 It is, as of 2020 they are only 6.25 BTC per block.
Mid April 2024will we get another reduction in this reward, which will be 3,125 bitcoins per block. In other words, the so-called “halving” process halves the reward every 210,000 blocks (~4 years) until the 21 million bitcoins are mined.
From there, miners will have to survive on transaction fees alone.
Therefore, many expect Bitcoin to appreciate due to its mathematically based scarcity. At the moment, more than 90% of the total Bitcoin supply is already in circulation and few units are left on the market.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
