In 2010, the miner received 50 bitcoins as a reward for validating a block on the blockchain. He had not touched his portfolio which has since appreciated significantly.
Another great story in the world of cryptocurrencies. On Monday, April 15, one of the very first miners in history moved 50 bitcoins acquired during the Satoshi era to the crypto exchange Coinbase. “This period is known as the Satoshi era, in reference to the months during which the creator of bitcoin, Satoshi Nakamoto, was active on online forums from late 2009 to 2011,” emphasizes CoinDesk.
A portfolio of 3.3 million dollars
The individual acquired these 50 bitcoins in April 2010 as a reward for validating (mining) one of the very first blocks on the blockchain. At that time, bitcoin was only a year old, worth only a few cents. Since then, the individual had not touched his wallet… Before this Monday, a few days before the bitcoin halving. His crypto portfolio grew from pennies in 2010 to over $3.3 million.
As a reminder, during the validation of a block which takes place approximately every 10 minutes, bitcoins are given as a reward to miners. Over the last 3 halvings, the number of bitcoins distributed to each miner has been halved, from 50 to 25 bitcoins in 2012, then from 25 to 12.5 bitcoins in 2016 and finally from 12.5 to 6.25 bitcoins in 2020. This Saturday, April 20, this reward will increase from 6.25 to 3.125 bitcoins per validated block.
The awakening of “old” wallets
The case of this individual – whose identity remains secret – is not isolated. As recalled CoinDeskother very old crypto wallets have been reactivated in recent months, like an account holding more than 1,000 bitcoins which woke up in December, after more than 13 years of inactivity.
Source: https://www.bfmtv.com/crypto/bitcoin/l-un-des-premiers-mineurs-de-l-histoire-deplace-50-bitcoins-de-l-ere-satoshi_AV-202404170660.html
