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Ancient Bitcoin Address Awakens by Suddenly Moving 1,110 Bitcoin

Tue, 08/02/2022 - 12:22
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Arman Shirinyan
8-year-old Bitcoin address awakens, moves massive amount of coins to weird addresses
Ancient Bitcoin Address Awakens by Suddenly Moving 1,110 Bitcoin
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A big and retired Bitcoin miner moved a massive amount of 1,100 BTC from his wallet that has been dormant for the past eight years. Luckily, those funds had only a little effect on the market, but the reasoning behind this transaction is more interesting.

The wallet received initial funds from nine wallets and became dormant for the last eight years, returning to the industry only today, sending 518 BTC and 587 BTC to addresses ending with "zvsd" and "r6YT," respectively.

The large transaction reflection was also noticed on the Spent Output Age Bands that reflect the age of coins spent on-chain. According to on-chain data, the coins were not sent to an exchange address, so no selling pressure was provided by the miner, which explains the lack of volatility on the market.

On-chain analysts expect almost half of these funds to move to a custodial service as one of the addresses that received BTC can be used by multiple digital signatures, which is a function we usually see on wallets related to custodial services.

Bitcoin miners are closing their operations

The suddenly increasing activity of Bitcoin miners could be tied to the fact that a large portion of BTC miners started to close their operations and left the market until the price of the first cryptocurrency returns to the level that makes mining more profitable.

Crypto Investors Actively Sign Petition to Remove Gary Gensler as Chairman of SEC

Mining Bitcoin at a price below $28,000 makes almost any mining rig unprofitable, considering the significant increase in electricity costs around the world. Luckily, Bitcoin mining difficulty is already decreasing, which might attract more hash power in the foreseeable future.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.

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