Bitcoin Miner Wallets Reactivated After Over 15 Years

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Jimmy Aki

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Jimmy Aki

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Jimmy has nearly 10 years of experience as a journalist and writer in the blockchain industry. He has worked with well-known publications such as Bitcoin Magazine, CCN, and Blockonomi, covering news...

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September 20, 2024

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The reactivation of Bitcoin miner wallets from as far back as 2009 has generated considerable interest within the cryptocurrency sector on Friday.

The wallets, inactive for 15 years, contain 250 BTC, representing a present-day value of approximately $15.9 million.

Bitcoin Miner Wallets from 2009 Reactivated

According to on-chain data from Lookonchain, five wallets from 2009, each containing 50 BTC, reactivated within an hour.

The crypto funds from these Bitcoin miner wallets were mined shortly after the Bitcoin blockchain’s launch on January 3, 2009.

Blockchain analytics show that one wallet received its mining reward on January 29, 2009, while three others were rewarded on January 31, and the final wallet earned its reward on February 2, 2009 – all before the first Bitcoin halving in 2012.

Back then, the reward for mining a block was 50 BTC, substantially higher than the current reward of 3.125 BTC.

When these coins were mined, they held little to no value. However, Bitcoin’s dramatic price increase over the past decade has turned them into a substantial fortune.

The reactivation of these wallets has drawn attention due to their long dormancy and potential links to Bitcoin’s early adopters.

As news of the reactivation spread, the crypto community began speculating about the wallets’ owners.

Some suggested that these wallets might belong to Bitcoin’s pseudonymous creator, Satoshi Nakamoto, or to early contributors like Hal Finney, who received the first Bitcoin transaction from Nakamoto on January 12, 2009.

Others proposed more casual explanations, hypothesizing that someone had simply rediscovered an old hard drive and stumbled upon a hidden fortune.

Similar Dormant Satoshi-era Wallet Reactivation And Bitcoin’s Price Reaction

This isn’t the first time dormant wallets from Bitcoin’s early days have become active. In June, a Satoshi-era wallet transferred 50 BTC, valued at $3.05 million, to Binance after being dormant for 14 years.

Similarly, last year, three Bitcoin Whales moved 6,500 BTC, worth around $230 million, after nearly six years of inactivity, causing concern within the trading community.

While the reactivation of these Bitcoin miner wallets didn’t immediately impact the price of Bitcoin, the cryptocurrency has seen impressive growth this week.

Bitcoin gained more than 11%, rising from $57,600 to $64,000 in the last seven days, although it slightly retreated to $63,435 at the time of writing.

The rally is largely attributed to the U.S. Federal Reserve’s decision to cut interest rates by 50 basis points – the first such reduction in four years, signaling a potential shift in monetary policy.