Patient miner reaps massive rewards for holding Bitcoin for over a decade after shifting the assets to new addresses two days ago.
Typical market users have a philosophy of buying low and selling high. Considering Bitcoin’s cyclical history, they buy during the bear market and sell the presumed top.
Meanwhile, holding Bitcoin through cycles has proven rewarding, especially considering its history of surpassing previous highs in subsequent bull runs. Interestingly, in the most recent development, a market participant held through three bull and bear cycles, keeping his stash when it was worth almost nothing to when Bitcoin crossed six figures.
15-Years Bitcoin Miner Reawakens to Multi-Millions
Pete Rizzo, Bitcoin Magazine’s editor-in-chief, pointed the crypto community to an individual who held Bitcoin through thick and thin. The unknown user mined 50 BTC 15 years ago when the asset traded at less than $0.1, and he held onto them until Sunday.
Further insight from Mempool shows that the user mined 50 BTC at block height 79743 on September 14, 2010. Notably, at that time, the block reward for confirming a block on the Bitcoin network was 50 BTC, 16 times what it is now.
During this period, the reward was worth $3.08, culminating in an average cost of $0.0616. Impressively, the staunch Bitcoin believer held through 2013’s peak at $1,242, 2017’s $19,804, and 2021’s $68,997 until the pioneering crypto asset hit $100,000.
Two days ago, precisely at 17:46 (UTC), the miner shifted 50 BTC, worth $3.08 at the time, to two new addresses at a valuation of about $5 million. This marked a jaw-dropping 162,337,562% growth from what the diamond-handed miner would have sold it for during the time he mined the tokens.
At press time, the two new addresses, “bc1qew” and “bc1qgj,” still held the 20 BTC and 29.9 BTC the miner address transferred to them.
Community Reactions
Meanwhile, the crypto community has applauded the unknown holder’s ardent disposition towards his Bitcoin stash. Specifically, a few comments buttressed three evident qualities: discipline, commitment, and patience.
Nonetheless, there have been similar cases of such insane patience. For instance, The Crypto Basic reported that another miner who held his 50 BTC block reward for 14 years sold his stash last year on Binance for $3.05 million.
Latest Cryptocurrency News – The Crypto Basic – Read More