As Bitcoin prices approach history, old wallets that had long been dormant are beginning to come back to life again.
Wake up after 15 years: $30 million transfer from an old Bitcoin wallet
Today, about 15. Five old mine wallets, which had been inactive for three years, moved a total of 250 BTC (approximately $29.6 million) to their new address.
According to blockchain analytics platform Arkham, each of these wallets received 50 BTC as block rewards in April 2010 during Bitcoin’s early mining era.
The original wallet address started with “1”, but the transferred BTC was transferred to two new wallets in the “BC1Q” format, introduced in the SEGWIT update, providing more advanced transactional functionality. The move was shared on the X platform by Onchain analysts LookonChain and SpotonChain.
Value and mining costs of 50 BTC in 2010
In 2010, the market value of 50 BTC was around 15 cents. At the time, Bitcoinmarket.com’s BTC price was around $0.003. The block reward at the time was 50 btc, and this reward was valid until the first half of 2012.
In 2010, home computers could only process dozens of megahash per second, consuming about 95 watts of energy. The average cost of electricity in the US was 11.5 cents per kilowatt-hour. According to the data, the electricity costs for mining blocks ranged from a few cents to less than a dollar. The real cost was due to hardware and luck.
This month, the long-term wallet revival is worth noting. Long-term investors either change their holdings or are aware of profits. Analysts believe that while the market has absorbed these previous supply fluctuations, demand for Ethereum is also increasing.
Meanwhile, in recent weeks, thousands of BTC have been transferred from other 10-year-old wallets. As systemic demand increases, Bitcoin price rose above 27% to $118,480, just 4% of its all-time high of $122,838.
*This is not investment advice.
