One of first bitcoin miners is quietly cashing out

28 September, 2018

As of Thursday, Sept. 25, the bitcoin price has climbed about 3 percent, briefly crossing the $6,700 leveland extending toward $6,750 at one point in the early evening.

While this movement has made plenty of cryptocurrency  traders and investors happy in the short-term, a recent analysis of spending patterns relating to some of the earliest blocks of bitcoin has revealed that a very early miner has been taking advantage of the last several years’ long-term upward trajectory to slowly cash out tens of thousands of coins since Dec. 2016.

A recent tweet from a cryptocurrency expert, Blockchain data analyst Antoine Le Calvez, has revealed that a mysterious bitcoin miner has managed to send approximately 30,000 BTC cryptocurrency exchanges between Dec. 2016, and Jan. 2018, potentially cashing them out for a mammoth payday.

According to Le Calvez, the mysterious bitcoin miner has been smart enough to cash in on their youngest blocks of bitcoin to not reveal the full extent of their mining period.

An analysis of the spending patterns of the earliest blocks of Bitcoin seem to indicate that a very early miner sent around 30k BTC to exchanges from Dec 2016 to early Jan 2018.

It would seem that, at the latest, the mining started somewhere around Dec. 2009, back when the value of BTC wasn’t much above $0, still wasn’t anywhere near reaching dollar parity, and the flagship cryptocurrency could be profitably mined with a standard-issue CPU. The first Bitcoin Pizza Day, you will remember, did not occur until 2010.

Furthermore, the researcher believes that the mystery miner had mined for at least seven months. Through this time, he managed to acquire more than 30,000 BTC since block rewards were high and miners were few.

He speculates that the miner could have even commenced mining operations earlier than Dec. 2009 since, recognizing that spending older coins is more likely to attract attention, he desires to conceal his sell-off. For some, this may raise questions, such as whether the mystery wallet owner is not Satoshi Nakamoto himself, although the researcher seems to think otherwise.


Source link   Crypto currency: Bitcoin


Investing Tips For Crypto Bear Markets

Investing in cryptocurrencies can be overwhelming and difficult, especially during periods when a bear market controls the prices. To deal with it, let's discuss...

Block Show Asia 2018 report

Singapore has welcomed guests for another important crypto-event. The exhibition Block Show Asia 2018 brought numerous business contacts for LH-Crypto. The company presented new products...

Bitcoin is 43% More Profitable to Mine

When Craig Wright formed an alliance with CoinGeek founder Calvin Ayre to launch a hostile takeover of the Bitcoin Cash (BCH) network, the two men predicted that their BCH...

FIBO Group increases leverage for cryptos

FIBO Group is glad to announce that the 3rd of December 2018, the leverage for all the tradable cryptocurrencies shall be increased to 1:10. The new leverage shall allow you to...


Second Largest Drop of Bitcoin Mining

The crypto market's prolonged decline has finally begun to manifest in the bitcoin mining industry, which had at times seemed impervious to falling prices but is now...

Long Time to Reach All-Time High Again

Throughout the past eleven months, the Bitcoin price has dropped from $19,500 to $3,000, by nearly 85 percent. The dominant cryptocurrency fell by 85 percent on average...

Bitcoin is a bubble but appropriate for foreign missions

Russian Economic Development Minister Maksim Oreshkin has stated that while bitcoin has deflated like a soap bubble, it has impacted the world...

Crypto Market Loses $6 Billion

More than $6 billion was wiped out of the cryptocurrency market as Bitcoin (BTC), the most dominant cryptocurrency in the market, recorded a loss of 8.6 percent from $4,500 to $4,110. On fiat-to...