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The old Bitcoin miner sends coins from the early years to crypto exchanges

Stokoude bitcoin miner stuurt coins uit beginjaren naar crypto exchanges

Bitcoin (BTC) is only 15 years old, but few people are still alive in the network’s early years. However, there are still wallet addresses that date back to that time and are still active. One of those addresses became active again on Monday and may have sent coins to an exchange.

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Former Bitcoin miner active again

Blockchain analysis company CryptoQuant stated this in a research report. Last Monday received the address 35BRV3y2tEJNCHbmVtAe3kXNckYgu8X7av from different addresses 999.99 BTC, after which the wallet sent it via a detour to 1CzBL1pEudgqeTtoyPLtrVQHo7nYAZxmKZ. This address has 1,028 BTC at the time of writing.

The coins are said to come from the time when the pseudonymous Bitcoin inventor Satoshi Nakamoto was still active in internet forums. Previously, they were postponed between August and November 2010, when Bitcoin was just beginning to exist.

Back then, the coins were not simply obtained, but mined. Back then, there were only a few crypto exchanges where you could buy Bitcoin. Nowadays, competitive mining of Bitcoins is only possible with energy-guzzling ASIC mining hardware – previously a laptop was enough.

CryptoQuant assumes that the miner has transferred them to an OTC (over-the-counter) exchange or a custodian. This is most likely because the recipient address is involved in many more transactions.

Bitcoin whales are moving Crypto

Over the past year, several old Bitcoin whales have become active again after years of hibernation. Because they simply kept their coins for a long time, the amounts sent were often worth tens of millions. Last week it happened again: a major investor moved more than $130 million worth of BTC after years of inactivity.

The reason is open to speculation, but one of the reasons could be that these investors’ wallets are made with older encryption. This would make it relatively easy to hack the wallets. It could be that some moves are actually hacks or that the owners are trying to prevent hacks.

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