As a seasoned crypto investor who has been through the ups and downs of this rollercoaster ride since its early days, I can’t help but feel a sense of both awe and nostalgia when I hear about these ancient Bitcoin whales resurfacing after years in slumber. The story of the “1PNRpMZ” address, last active in 2013 and now holding a fortune worth over a million dollars, is a stark reminder of the life-changing potential that cryptocurrencies possess.
Over the last several months, there’s been a surprising resurgence of long-dormant Bitcoin (BTC) giants reappearing on the scene. This fresh week in the crypto market witnesses another such behemoth stirring from its slumber within the digital realm.
Thanks to a report from Whale Alert, the previously inactive Bitcoin address “1PNRpMZ,” which held 18 BTC, has been reactivated following an absence of around 11 years. The initial Bitcoin investor, who was last seen active in November 2013, moved a portion of their coins to two newly created addresses, identified as “3EgCi” and “15UaJb.
As a researcher, I’ve noticed an intriguing pattern in some transactions that appear to be tests. Instead of the standard “bc1” Bitcoin address type for transfers, this specific investor opted for types 3 and 1. This choice warrants further investigation to understand if there are any unique characteristics or advantages associated with these less commonly used address types.
⏳ An inactive bitcoin wallet holding approximately 18 bitcoins (equivalent to about $1,132,682 today) has suddenly become active again after being dormant for nearly 11 years (worth around $10,883 back in 2013)!
— Whale Alert (@whale_alert) October 13, 2024
What’s happening?
For those who do not know, Bitcoin addresses come in three main types: Legacy, Pay-to-Script hash and Bech32.
In summary: Legacy addresses initiate with ‘1’ in their original structure, providing fundamental functions but less efficiency. P2SH addresses kick off with ‘3’, enabling advanced transactions like multi-signature wallets. The newest format, Bech32 addresses, starting with ‘bc1’, are optimized for Segregated Witness (SegWit) transactions, offering reduced fees, enhanced scalability, and improved network efficiency.
Initially, our early backer chose the traditional Bitcoin address format for their investment. Now, that wallet, valued at approximately $1.15 million, is stored in the “1PNRp” address. To put it into perspective, this investor, whose identity remains unknown, spent just $10,883 in 2013 to obtain 18 Bitcoins. Today, they are looking at a staggering 10,408% return on their investment.
On average, that is a 946.2% return on investment for every year held.
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2024-10-14 11:48