Summary
TLDR: Just days before Bitcoin’s halving event, an old wallet holding 50 BTC from 2010 moved its stash for the first time in 14 years, now worth $3.2 million. The miner who minted the coins back in 2010 has made dramatic gains since then, with Bitcoin’s price increasing by 87,000,000%. The halving event will cut miner rewards in half, leading to greater scarcity in the market. Bitcoin’s price currently stands at $64,648 after a weekend drop.
Key Points
1. A wallet holding a chunk of Bitcoin mined in the early days of the cryptocurrency finally moved its stash after 14 years, transferring 50 BTC worth $3.2 million to a Coinbase address.
2. The miner who received the 50 BTC as a block reward in 2010 made a significant gain as Bitcoin’s price has appreciated by about 87,000,000% since then.
3. The upcoming Bitcoin halving event, expected to occur on Saturday, will reduce miner rewards from 6.25 BTC to 3.125 BTC per block, leading to greater scarcity in the market and requiring more efficient mining operations to sustain the network.