8-year-old Bitcoin address awakens, moves massive amount of coins to weird addresses
A Big and Retired Bitcoin Miner Moved a Huge Amount of 1,100 BTC From Him purse Which has been dormant for the last eight years. Fortunately, those funds had little effect on the market, but the logic 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.
Large transaction reflection was also observed on the spent output age band which reflects 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 given by the miners, which explains the lack of volatility in 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 sudden increase in the activity of bitcoin miners can be linked to the fact that a large proportion of BTC miners began to shut down their operations and leave the market until the price of the first cryptocurrency returned to a level that allowed mining further. makes it more profitable.
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.
