An early Bitcoin miner from 2011 has reactivated a dormant wallet after 12 years, transferring 1,005 BTC (worth ~$29.68 million at current prices) to a new address. These coins were mined over just two weeks in 2010, now yielding a staggering 22,560% return on the original mining cost.
The Story of a Bitcoin Pioneer
- Genesis Context: Bitcoin's first block was mined by Satoshi Nakamoto on January 3, 2009, with a 50 BTC reward.
- Early Mining Era: This miner began operations in October 2010, accumulating 1,000 BTC by November 9—equivalent to 20 blocks at 50 BTC each.
- Historic Holding: Despite Bitcoin's 2011 bull run (from $0.06 to $36), the miner held through multiple cycles.
Key Details of the Transaction
- Transfer Timing: Executed on August 14, 2023, to a
bc1qaddress (potentially for exchange withdrawal). Original Cost Basis:
- First 1,000 BTC averaged $0.225/coin.
- Final 5 BTC raised the average to $1.31/coin.
- Current Value: 2,256,000% growth from initial investment.
👉 How Bitcoin halvings impact long-term holders
Technical Evolution Observed
The miner demonstrated advanced understanding of Bitcoin's early ecosystem:
- Wallet Consolidation: Merged 20 P2PK (Pay-to-Public-Key) wallets into a P2PKH (Pay-to-Public-Key-Hash) format in November 2011.
- Address Adaptation: Transitioned before P2PK became obsolete in 2012, aligning with Satoshi's recommended standards.
Bitcoin's Upcoming Halving (2024)
- Current Block Reward: 6.25 BTC (~$180,000).
- Post-Halving (April-May 2024): Drops to 3.125 BTC (~$90,000).
- Historical Impact: Previous halvings triggered major price rallies.
👉 Why Bitcoin's scarcity model matters
FAQ Section
Q: How rare are 1,000+ BTC wallets from 2010?
A: Extremely rare—only ~700 such wallets exist, with most inactive for years.
Q: Why would a miner hold this long?
A: Likely reflects deep conviction in Bitcoin's long-term value proposition.
Q: What’s the significance of P2PKH adoption?
A: It became Bitcoin's standard address format, improving security and usability.
Q: Could this transfer signal a market top?
A: Not necessarily—early movers often redistribute assets without market timing.
Conclusion
This event highlights Bitcoin's remarkable growth trajectory and the patience of its earliest adopters. With the 2024 halving approaching, such long-dormant movements warrant attention from both historians and investors alike.
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