As an analyst with extensive experience in the cryptocurrency market and a deep understanding of Bitcoin’s history, I find Ki Young Ju’s revelation about early Bitcoin miners’ substantial profits this year to be both fascinating and validating.
Ki Young Ju, the CEO of CryptoQuant, has disclosed that early Bitcoin miners amassed a substantial profit of around $550 million in 2021. This impressive earnings came mainly from the Bitcoin price range between $62,000 and $70,000, emphasizing the lucrative potential of impeccable market timing.
Based on Ki Young Ju’s findings, the initial Bitcoin miners who confirmed and processed transactions on the Bitcoin network back in 2024 have experienced substantial returns on their investment this year. The data reveals that these miners cashed in on the steep increase in Bitcoin’s value while earning considerable profits by securing the network.
Early #Bitcoin miners realized a profit of about $550M this year in the $62K to $70K price range.
— Ki Young Ju (@ki_young_ju) June 18, 2024
As a researcher studying the early history of Bitcoin, I’ve come across an intriguing development. Bitcoins stored in wallets that were active during Satoshi Nakamoto’s period of public engagement from late 2009 to 2011, often referred to as the “Satoshi era,” have been reactivated since early 2024.
In May, a Bitcoin wallet that hadn’t been active for over a decade, containing approximately 2,000 Bitcoins, became suddenly operational. It is highly probable that these coins ended up with an Over-the-Counter (OTC) desk or custodian, as they were swiftly sent to numerous new addresses almost instantaneously after the transfer.
Mining Bitcoin between $62,000 and $70,000 brought significant profits for these early miners. This price range correlates with a time when Bitcoin approached its present record-high values, enabling miners to cash out their Bitcoins at elevated prices.
As a researcher studying the cryptocurrency market, I’ve observed an impressive price increase for Bitcoin since the beginning of 2023, with it reaching a new all-time high of $73,798 in March. This significant growth can be attributed to heightened demand for specialized U.S. exchange-traded funds (ETFs). However, more recently, we’ve seen a decrease in the Bitcoin price surge and a slower pace of ETF inflows.
On Tuesday, Bitcoin experienced a significant drop, reaching a low of $64,010, as part of a broader downturn in the cryptocurrency market. This decline came against the backdrop of international economic worries and reduced summer trading activity.
Currently, the cost of a Bitcoin unit is decreasing by 0.52%, amounting to $64,998 based on information from CoinMarketCap. This represents the first dip below $65,000 since May 16.
Read More
- SOL PREDICTION. SOL cryptocurrency
- USD ZAR PREDICTION
- BTC PREDICTION. BTC cryptocurrency
- EUR ILS PREDICTION
- USD COP PREDICTION
- CKB PREDICTION. CKB cryptocurrency
- TAO PREDICTION. TAO cryptocurrency
- SEILOR PREDICTION. SEILOR cryptocurrency
- HUDI PREDICTION. HUDI cryptocurrency
- OOKI PREDICTION. OOKI cryptocurrency
2024-06-19 19:04