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Bitcoin Miner Cashes out $3M in BTC, Worth Only $2.5 in 2010

The crypto miner would have made just $2.5 if he had sold the 50 BTC mined back in 2010.

A Satoshi-era Bitcoin miner awakened on Wednesday after being inactive for 14 years. The miner moved 50 BTC from its dormant wallet to the leading exchange, Binance.

One interesting fact about this diamond holder was that he mined these bitcoins when the asset sold for $0.05. The miner transferred the 50 BTC, now worth $3.054 million, to Binance. If the miner had sold when he mined on July 14, 2010, he would have earned just $2.5.

Bitcoin’s price has grown significantly since coming to the limelight in 2009. The asset has increased by over 83,000% from its price since the miner mined 50 BTC in 2010. Bitcoin has also been tipped to continue going parabolic, with pro-activists like Michael Saylor stating that the largest cryptocurrency would trade at $10 million at some point.

Early Adopters Awakening

Several Satoshi-era crypto adopters have awakened since the start of Bitcoin’s price uptick in 2023. The Satoshi era is a term used to connote the period between 2009 and 2011, during which Bitcoin’s anonymous founder, Satoshi Nakamoto, was active on an online forum.

Another crypto miner who mined Bitcoin in April 2010 also moved the same amount of bitcoins to Coinbase in April, cashing out $3 million. However, the April miner sold at a higher price when Bitcoin traded above $64,000.

In December, another 2010 crypto miner moved over 1,000 BTC to trading desks and custodian services. Also, a wallet that has been dormant for over five years recently moved 8,000 bitcoins ($535 million) to Binance after buying when the asset was trading at $3,810.

Bitcoin’s price has failed to impress in the past few weeks, with the asset capitulating to $58,600 on Monday. Despite positive flows from US ETFs on June 25 and 26, Bitcoin is still struggling to trade above $61,000. At press time, Bitcoin was trading at $60,704.

Elendu Benedict

Elendu Benedict is a professional writer with sheer competence in crypto-related journalism. With a background in Engineering, Benedict specialises on news related to ETFs, market analysis, and macroeconomic policies that affects the crypto market.