Dormant Address Worth $11M Activated After 9.1 Years

Buying Bitcoin during its early days, forgetting about it, and cashing it out after an extreme markup have been the fables of a lot of crypto millionaires. With that, a dormant address worth a whopping $11 million in BTC was activated after 9.1 years.

235 BTC Address Activated After 9.1 Years

As per Whale Alert on Twitter, a dormant address that contained 235 BTC or about $11,114,901 USD (during the time it activated) has come out of its 9.1-year hibernation. As per its hash ID, the transaction took 48 confirmations with a timestamp of 2021, 12, 19 20:41:53 GMT+8.

This meant that during the time of purchase, the price of Bitcoin was at least below $135, as seen on CoinGecko. To add, CoinGecko only backdated to April of 2013, which means that the coin could have been less than the amount indicated depending on when it was bought or minted.

How Much Did the Investor Spend?

Using the data made available today, the investment could have still been quite large (unless it was mined). To expand, at the last price present on CoinGecko, the owner of the recently awoken BTC could have bought the 235 BTC at $31,725 when calculated with the last price available on CoinGecko at $135.

This, however, could have cost the investor and long-time hodler less than the 30 grand as during that time, mining Bitcoin was extremely easy, especially before multiple halvings occurred. As of the moment, Bitcoin has become extremely difficult to mine, with only 10% of the total supply left for miners.

Only 10% of Total BTC Left to Mine

According to an article by Yahoo Finance, only 10% of Bitcoin's massive 21 million supply is left to be mined. Data from Blockchain.com, a blockchain data tracker, revealed that 90% of Bitcoin's total supply has already been minted.

As per the algorithm of Bitcoin, the last coin is expected to be minted in 2140 as the difficulty will continue to increase, bringing down mining rewards by half every four years. With that, to put it into perspective, it has only taken 12 years for 90% of the total supply of BTC to be minted.

Jack Dorsey's Bitcoin Mining Efforts

With more and more mainstream companies like Jack Dorsey's former Square now Block looking into Bitcoin mining, the race to mint the last few Bitcoins have begun. Block is currently planning to launch a mining system to compete with the existing Canaan and Bitmain to enable people to mint Bitcoin.

However, the price of BTC has suffered ever since it's an all-time high in November, peaking at $69K. Despite multiple analysts and enthusiasts saying the price of the cryptocurrency will reach $100K this year, with only a few days left, the price has fallen to around $46.7K during the time of writing.

This article is owned by Tech Times

Written by Urian B.