As the countdown to Bitcoin‘s halving reaches its final four days, previously inactive Bitcoin miners have sprung back to life. An intriguing update emerges with an old dormant Bitcoin wallet, last used nearly 14 years ago, showing signs of recent activity. There are indications that miners may be preparing for a sell-off following the upcoming halving event.
Bitcoin Miner Transfers 50 BTC to Coinbase
It’s astonishing to note that a cryptocurrency wallet, which had been inactive for over 13 years after earning 50 Bitcoins from mining on April 23, 2010, has suddenly become active again. The dormant wallet transferred its entire balance, equivalent to roughly $3.28 million, to the popular cryptocurrency exchange, Coinbase.
Discovering that the miner had been holding onto Bitcoins acquired a decade ago and only recently decided to move them, has piqued the curiosity of the crypto world. The wallet’s address, 15sxzZ4QSaoiMo5KYH9ab4xQj34yeJmKgb, is now under scrutiny as experts and fans debate the reasons behind this unexpected transaction.
Fifteen years of inactivity passed for a cryptocurrency miner’s wallet before it recently transferred 50 Bitcoin, equivalent to approximately $3.28 million, to Coinbase just five minutes ago.
The miner earned 50 $BTC from mining on Apr 23, 2010, and has been holding it to this day.
Address:15sxzZ4QSaoiMo5KYH9ab4xQj34yeJmKgb
— Lookonchain (@lookonchain) April 15, 2024
Last week in a research report, Markus Thielen, the CEO of 10x Research, shared that Bitcoin miners are preparing to sell approximately $5 billion in Bitcoin following the upcoming halving event.
After a Bitcoin halving, miners may need to sell some of their Bitcoins because the mining process becomes more challenging and costlier.
Based on 10x Research’s predictions, a standstill lasting six months may follow Bitcoin’s halving in April. This stage might bring difficulties to the cryptocurrency market as “Bitcoin miners prepare to sell off large amounts of their Bitcoin holdings.”
Thielen proposes that the buildup of Bitcoin inventories among market participants during the current bullish market trend disturbs the normal market workings. Historically, prior to the anticipated Bitcoin halving, around April 20, miners accumulate large amounts of Bitcoin for themselves. This hoarding creates a disproportionate supply-demand ratio, leading to increased demand and subsequently higher Bitcoin prices.
Bitcoin Halving: Sell The News Event?
Some market experts predict that the approaching Bitcoin halving may lead to selling pressure due to miner offloading, potentially totaling $10 billion in losses for the Bitcoin mining sector according to recent studies.
In simple terms, the upcoming Bitcoin halving will decrease the payout for miners from 6.25 Bitcoins currently, to 3.125 Bitcoins after the event. At the same time, mining costs for Bitcoin are projected to go up. It’s intriguing to observe if the anticipated price increase of Bitcoin covers these mining losses.
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2024-04-15 11:53