A Satoshi-era wallet has awakened after 14 years of inactivity to deposit $3 million in Bitcoin (CRYPTO:BTC) presso l’exchange di criptovalute Binanceperhaps to sell them.
What happened
According to Lookonchain data, the wallet belonged to a miner who had earned 50 Bitcoin in 2010.
At the time, one Bitcoin was valued at $0.058, making the total stash worth $2.9 million.
The miner “HODLed” his Bitcoin through the ebbs and flows of the market until transferring it to Binance on Thursday.
At today’s price, one Bitcoin is worth $61,589, bringing the total value of the transfer to $3.07 million. This means that the trader will get a staggering profit of 1231780x if he decides to sell his assets.
Typically, coin transfers to exchanges are seen as signals of an impending sale.
Note that the “Satoshi Era” refers to the period between 2009 and 2011, during which the pseudonymous creator of Bitcoin, Satoshi Nakamotohas been active in the development and promotion of the flagship cryptocurrency.
Because it is important
The miner obtained the Bitcoins during a time when block rewards were very high, at 50 per block.
These rewards have gradually decreased over time due to repeated halvings, with one block receiving only 3,125 Bitcoin today.
The above transfer highlighted the importance of believing in the long-term potential of Bitcoin while ignoring short-term fluctuations.
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