Bitcoin entity combines $140 million of BTC mined in 2010 into a single wallet
Quick Take
- An unknown individual or entity consolidated 2,000 bitcoin that they received as mining rewards in 2010.
- While this amount of bitcoin was worth $600 when it was mined, it would fetch just shy of $140 million at current prices.
An unknown individual or entity who received 2,000 bitcoin in mining rewards in 2010 have brought all of the rewards together in a single wallet.
The complex transaction took place on March 26, as noted by developer mononautical on X. It moved 40 sets of mining rewards, each amounting to 50 bitcoin, into one wallet.
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miners receive rewards for mining blocks on the Bitcoin blockchain. Early on, each block would reward the miner with 50 bitcoin. However, every four years, the rewards are cut in half in a process known as the halving. The next bitcoin halving will see block rewards drop from 6.25 BTC to 3.125 BTC. It is currently expected to take place on April 20, although that is subject to change.
At the time that these blocks were mined by this unknown entity, the bitcoin rewards were worth a total of $600 or so. These days, that amount of bitcoin is worth nearly $140 million, according to The Block's Bitcoin Price Page.
Mononautical noted, "Imagine hodling for 14 years as the value rockets from a few hundred dollars to $140 million."
CryptoQuant founder and CEO Ki Young Ju 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 moved $6 billion of bitcoin to three new addresses.
Prior to that, in January, someone sent 26.9 bitcoin (worth $1.2 million at the time) seemingly 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, dormant since November 2017, transferred 6,500 bitcoins ($230 million at the time) to new addresses.
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