An unknown person or entity who received 2,000 bitcoins as a mining reward in 2010 collected all the rewards into a single wallet.
The complex transaction took place on March 26, as note by developer mononautical on X. It moved 40 sets of mining rewards, each amounting to 50 bitcoins, into a single wallet.
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miners receive rewards for mining blocks on the Bitcoin blockchain. At first, each block would reward the miner with 50 bitcoins. However, every four years the rewards are cut in half through a process called halving. The upcoming bitcoin halving will see block rewards drop from 6.25 BTC to 3.125 BTC. It is currently scheduled to take place on April 20, although this is subject to change.
At the time these blocks were mined by this unknown entity, the bitcoin rewards were worth a total of around $600. These days, that amount of bitcoin is worth nearly $140 million, according to The Block’s Bitcoin Price page.
Mononautical noted: “Imagine standing for 14 years as the value goes from a few hundred dollars to $140 million. »
Ki Young Ju, founder and CEO of CryptoQuant added that the consolidation of funds indicates a “sell-side liquidity crisis waking up old Bitcoin.”
Moving Large Amounts of Bitcoin
Over the weekend, there was also another notable Bitcoin movement. The fifth richest Bitcoin address transferred $6 billion in bitcoin to three new addresses.
Before that, in January, someone sent 26.9 bitcoins (worth $1.2 million at the time) apparently from Binance to the Bitcoin network’s Genesis wallet – which they won’t be able to get back . In November 2023, three Bitcoin whale addresses, inactive since November 2017, transferred 6,500 bitcoins ($230 million at the time) to new addresses.
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