Dormant Bitcoin Miner Wallet Awakens After 14 Years, Moves 50 BTC to Binance

A dormant Bitcoin miner wallet reawakens after 14 years, moving 50 BTC ($3 million) originally mined in July 2010 to Binance.

A miner wallet, inactive for 14 years, has re-entered the crypto scene, moving 50 BTC to Binance. Lookonchain, a smart money on-chain tracker, reported the event, noting that the BTC, valued at approximately $3.05 million, was originally mined on July 14, 2010. 

A miner wallet woke up after being dormant for 14 years and deposited 50 $BTC($3.05M) to #Binance 7 hours ago.

The miner earned 50 $BTC from mining on July 14, 2010.

Address:
1PDTDwpgRPdQaCcp3Th6zaMASgcCcm3Jcm pic.twitter.com/toKmBfbUne

— Lookonchain (@lookonchain) June 27, 2024

The wallet earned 50 BTC from mining block 67,254 on July 14, 2010. At that time, the Bitcoin ecosystem was still in its infancy. The block details include a difficulty of 45.38682234 and a transaction volume of 1,085.85 BTC across four transactions. 

The miner received a block reward of 50 BTC for successfully mining the block. This activity occurred when the network was far less congested, and the difficulty level was relatively low compared to today’s standards.

Recent Activity

After being dormant for over a decade, the miner’s wallet has moved the 50 BTC to Binance. Such movements of old BTC often draw attention due to potential implications for market dynamics. The sudden reactivation of this dormant wallet raises questions among the community on X.

One commenter questions if the miner had “diamond hands” or if they just found their seed phrase. Another remarks that the awakening of a 14-year dormant miner wallet reminds the community of Bitcoin’s infancy and its current legendary status, speculating that more early adopters might resurface.

Notably, the current price of Bitcoin is $60,697, with a 24-hour trading volume of $22,030,541,570.58. This represents a 1.55% price decline in the last 24 hours and a 7.17% decline in the past seven days. Bitcoin’s market cap stands at approximately $19.7 billion. 

Previous Whale Activity

In January, The Crypto Basic reported the reactivation of several whale addresses. These addresses moved about $2 billion on-chain. Arkham Intelligence, a renowned crypto analytics firm, first spotted this activity. 

They reported that five different wallets consolidated almost 50,000 BTC into four distinct wallet addresses. The reawakening of these addresses coincided with the crypto ecosystem preparing for a significant liquidity shift due to the emergence of spot Bitcoin Exchange Traded Fund (ETF) products.

Additionally, in May, a Bitcoin whale dormant for nearly nine years became active. This wallet, holding 1,000 BTC worth around $30.39 million, saw its value increase from $468,643 eight and a half years ago, representing a 6,301.46% increase.