Bitcoin Miner Moved 50 BTC After 14 Years, Are Miners Preparing to Sell?
With just four days left until the Bitcoin halving, Bitcoin miners have become active once again. In the latest development, a dormant Bitcoin miner wallet has become active after nearly 14 years. Reports indicate that BTC miners may be preparing for sell-offs after the halving event.
Bitcoin Miner Transferred 50 BTC to Coinbase
In a surprising development, a long-dormant miner wallet has resurfaced after nearly 14 years of inactivity. The wallet, which earned 50 BTC from mining on April 23, 2010, recently deposited all of its assets (equivalent to approximately $3.28 million) to the cryptocurrency exchange Coinbase.
This statement attracted the attention of the crypto community, as the miner has so far held BTC, which he acquired more than a decade ago. While analysts and enthusiasts speculated about the reasons behind this sudden movement of funds, the address of the wallet, 15sxzZ4QSaoiMo5KYH9ab4xQj34yeJmKgb, attracted attention.
In a research report last week, 10x Research CEO Markus Thielen stated that Bitcoin miners are preparing to sell $5 billion worth of Bitcoin assets after the upcoming halving event.
Following the Bitcoin halving event, miners are likely to start selling some of their assets due to increased mining difficulty and financial requirements.
According to predictions by 10x Research, a six-month period of stagnation is expected after the Bitcoin halving in April. This phase could pose significant challenges for the crypto market as “Bitcoin miners prepare to cash out significant portions of their BTC reserves.”
Thielen argues that the buildup of inventory during bullish market sentiment in recent months has disrupted market dynamics. Traditionally, miners tend to accumulate BTC assets ahead of the Bitcoin halving event, which is expected around April 20, causing a supply-demand imbalance and subsequent upward pressure on Bitcoin prices.
Bitcoin Halving: Selling News Event?
Some market analysts believe that the upcoming Bitcoin halving event could be a news selling event, especially due to the dump of Bitcoin miners. Additionally, recent research reports indicate that the Bitcoin mining industry may face losses of $10 billion following the halving event.
The upcoming Bitcoin halving will reduce miner rewards from 6.25 BTC currently to 3,125 BTC after the halving. On the other hand, mining costs for Bitcoin miners will also increase significantly. It will be interesting to see whether the expected increase in Bitcoin price will offset mining losses.
✓ Share:
Bhushan is a FinTech enthusiast and has a good ability to understand financial markets. His interest in economics and finance draws his attention to the emerging Blockchain Technology and Cryptocurrency markets. He is in a constant learning process and motivates himself by sharing the knowledge he has acquired. In her spare time, she reads thriller novels and sometimes explores her culinary skills.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
#Bitcoin #Miner #Moved #BTC #Years #Miners #Preparing #Sell