A Bitcoin wallet from the time of Satoshi, dating back to 2010, has come back to life after 14 years and transferred 50 Bitcoin to the Binance crypto exchange.
The era of Satoshi refers to the period between 2009 and 2011, when Bitcoin’s mysterious creator, Satoshi Nakamoto, was active on online forums.
According to data from the onchain analytics firm Lookonchain, the Bitcoin (BTC) wallet is associated with a BTC miner who earned 50 BTC as mining rewards in July 2010. These are among the earliest mined Bitcoins, when the mining reward per block was 50 BTC. The current block reward is only 3.125 BTC.
The Bitcoin miner received the 50 BTC block reward when BTC was trading at around $0.05 and was just a year old. At that time, the value of the BTC holdings was only $25.
The transaction history of the Bitcoin wallet shows that the miner was able to mine a single block, a rare achievement in today’s world where Bitcoin network hash rates are reaching new all-time highs.
The movement of cryptocurrency to centralized exchanges is often viewed as a bearish sign, as it is typically associated with selling assets.
At the time of writing, Bitcoin is trading just above $61,000, but it has experienced several drops below the support level in recent days. BTC is currently down 17% from its all-time high above $73,750.
Over the past year, many dormant Bitcoin wallets, some from the time of Satoshi, have woken up to either transfer their BTC to a new wallet or to sell it on exchanges.
Nakamoto, the pseudonymous creator of Bitcoin, intended to allow the public to mine Bitcoin on their local home computers. However, as BTC prices reached new highs and provided significant returns with each halving cycle, Bitcoin mining expanded to include profitable, industrial-scale operations.
Numerous companies have established hundreds of state-of-the-art mining machines to maximize their Bitcoin mining operations in recent years, with several going public.
The competition to mine Bitcoin has significantly increased the mining difficulty, so even mining machines worth thousands of dollars cannot independently guarantee the successful mining of a single block.