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An early Bitcoin address has become active again, moving nearly 21 bitcoins (worth $1.56 million) to Coinbase.
The recent surge in Bitcoin prices has stirred excitement among investors. Interestingly, after recovering to previous all-time highs, dormant Bitcoin addresses from the early days have sprung back to life.
In the latest development, a Bitcoin address that first engaged in transactions in April 2010 has become active again after nearly 14 years. On-chain data shows that this wallet received a transaction of 50 bitcoins as a block reward in April 2010 and has held onto these coins ever since.
However, in a transaction that occurred in the hours leading up to this article's writing, the address moved 2099 BTC ($1.56 million) to the popular cryptocurrency exchange Coinbase. This leaves its balance at 29 BTC, which remains unchanged at the time of writing.
Speculation within the Bitcoin community on X suggests that this recent unlocking may be an old user finally regaining access to their private keys after several years.
Nevertheless, the reactivation of old Bitcoin wallet addresses serves as a reminder of Bitcoin's potential as a store of value, especially over the long term.
While miners were earning 50 BTC per block back then, the network has since undergone three halvings, reducing the number of new BTC issued per block to around 6.25 BTC.
After the next Bitcoin halving on April 20, 2024, the cryptocurrency's inflation rate will decrease further, with each block releasing 3.125 bitcoins.
Bitcoin's price has risen by 87% in the charts so far this year. The most popular predictions suggest that Bitcoin will reach $100,000 by the end of the year, with the cryptocurrency now less than 30% away from this historic milestone. |
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Post time 24-3-2024 07:27:46