Key Points
- An anonymous party has consolidated 2,000 Bitcoin, mined in 2010, into one wallet.
- A significant Bitcoin transaction of $6 billion was also moved to three new addresses over the weekend.
An unidentified individual or group, who had previously received 2,000 Bitcoin as mining rewards in 2010, has now merged all these rewards into a single wallet. This intricate transaction occurred on March 26, moving 40 sets of mining rewards, each of 50 Bitcoin, into one wallet.
Bitcoin Mining Rewards
Bitcoin miners receive rewards for mining blocks on the Bitcoin blockchain. Initially, each block would reward the miner with 50 Bitcoin. However, every four years, the rewards are halved in an event known as the halving. The upcoming Bitcoin halving will see block rewards decrease from 6.25 BTC to 3.125 BTC. Currently, this event is expected to occur on April 20, but this date may change.
When these blocks were mined by this anonymous entity, the Bitcoin rewards were valued at approximately $600. Today, that quantity of Bitcoin is worth nearly $140 million. A developer noted, “Imagine hodling for 14 years as the value rockets from a few hundred dollars to $140 million.” Ki Young Ju, CryptoQuant founder and CEO, suggested that the consolidation of funds indicates a “sell-side liquidity crisis waking up old Bitcoin.”
Major Bitcoin Movements
Over the weekend, there was another significant Bitcoin transaction. The fifth wealthiest Bitcoin address transferred $6 billion of Bitcoin to three new addresses.
Earlier this year, in January, an individual sent 26.9 Bitcoin (valued at $1.2 million at that time) seemingly from Binance to the Bitcoin network’s Genesis wallet — a transaction that is irreversible. In November 2023, three Bitcoin whale addresses, inactive since November 2017, moved 6,500 bitcoins ($230 million at the time) to new addresses.
