Satoshi-Era Whale Transfers 2,000 BTC After 14 Years of Dormancy

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As someone who has witnessed the rise and evolution of cryptocurrencies from their humble beginnings, I find this recent news about the Satoshi-era Bitcoin miner moving 2,000 BTC after 14 years of inactivity absolutely fascinating. When I first heard about Bitcoin back in 2010, it was a mere blip on the radar, with its market cap barely touching $1 million and a single coin worth less than a pizza. Fast forward to today, and we’re talking about a market cap of over $1.7 trillion and a single coin worth nearly $100,000.

As reported by the cryptocurrency analysis platform Lookonchain, an early miner of Bitcoin from the Satoshi era has moved approximately 2,000 Bitcoins (equivalent to around $180 million) following a 14-year period of no activity.

As noted by Lookonchain, the Bitcoin fortune was mined all the way back in 2010.  

2010 marked the beginning of Bitcoin’s existence as it held the top spot in market capitalization. The inaugural Bitcoin trading platform, known as Bitcoin Market, went live in February 2010. A few months on, miner Laszlo Hanyecz made history by spending a significant amount of Bitcoin (equivalent to approximately $896 million at current prices) to buy two pizzas, which became the first ever Bitcoin transaction.

Although the coins were minted during the time when Satoshi Nakamoto was an active member of the community, it’s highly unlikely that the wallet is connected to the creator of Bitcoin.

Approximately 3.39 million Bitcoins were mined by Bitcoin miners as early as 2010. During this period, CPU mining was extremely popular, allowing individuals to mine blocks using a standard home computer.

The challenge of creating new Bitcoin blocks first surpassed the 10,000 mark in December 2010. This measure recently climbed above 100 trillion on November 5, after the latest positive adjustment, indicating a significant increase in mining difficulty.

For the first time ever, in November 2010, Bitcoin reached a market value of $1 million for the very first time. Currently, as of November 15th, the original cryptocurrency is valued at an astounding $1.787 trillion. According to U.Today’s reports, Bitcoin surpassed silver after experiencing its largest single-day price increase on record earlier this November.

At the moment, the most popular digital currency is being exchanged for approximately $90,372, as per information from CoinGecko.

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2024-11-15 22:58