Early Bitcoin Miner Wakes up With Enormous 8,692% Profit

U.Today - A new shockwave hit the cryptocurrency market when, as became known thanks to a report from Whale Alert, an unknown ancient Bitcoin (BTC) miner woke up after more than 10 years of hibernation.

The address "14CZ9" transferred 19 BTC, worth more than $1 million at current prices to the address "bc1qw6." These coins did not go anywhere else, though, and are still stored at the new address.

The first transactions of this ancient Bitcoiner were made 11 years ago, on Nov. 28, 2013. At that time, the price of the cryptocurrency was just over $1,000.

However, the price per BTC continued to fall, but the unknown investor continued to accumulate. By June 2014, they had accumulated 19 BTC, which by those standards was just over $12,500.

Years later, this volume of cryptocurrency is estimated at more than a million dollars, and the total profit can be estimated at 8.692%. This means that our unknown miner achieved an average return of 870% per year of ownership.

The fact that this is a miner is indicated by the way the funds were partially transferred to the unknown investor's wallet, as well as the fact that he received part of his Bitcoin from a CoinJoin address - a protocol that combines multiple transactions from different sources and senders into one.

Such awakenings are rarely met with applause in the crypto community, where the consensus view among market participants is that ancient Bitcoin addresses are waking up mainly to lock in profits on their coins, which often run into the thousands of percent.

If we take "the glass is half full" mantra into consideration, then perhaps this investor has woken up to transfer their BTC to a new "bc1" address, which is considered more advanced and secure.

Source: Investing.com