A 15-Year Dormant Miner Wallet Awakens Amid the Harshest Period in Bitcoin Mining History
In early December, a long-dormant Bitcoin miner pockets from the Satoshi Nakamoto period all of a sudden grew to become lively after greater than 15 years. This occasion occurred as Bitcoin’s value started the month by falling under $90,000.
This motion occurred throughout a very difficult interval in Bitcoin mining historical past for miners.
Satoshi-Era Miner Wallet Activates as Miners Sell Over 300,000 BTC in Two Years
On-chain tracker Lookonchain reported {that a} miner pockets woke up after 15.7 years of inactivity. This early-era pockets transferred 50 BTC, price roughly $4.33 million, to an exterior tackle.
OnchainLens confirmed the switch and described the pockets as belonging to the “Satoshi period.” These cash could also be amongst the oldest Bitcoin to maneuver in 2025. The switch sparked investor hypothesis about hidden developments behind the scenes.
Data from miner reserves confirmed that miners persistently moved funds out of their wallets, probably to promote. According to CryptoQuant, the Bitcoin Miner Reserve has declined steadily over the years. The pattern displays persistent promoting stress.
In early 2024, miners held greater than 1.83 million BTC. They might have offered roughly 300,000 BTC over the previous two years.
What Challenges Are Bitcoin Miners Facing?
Mining difficulty has remained at a historic high of 149.30T. In different phrases, miners have to carry out about 149.30 trillion SHA-256 hashes on common to find a legitimate block.
This situation forces mining machines to compete extra aggressively. It additionally pushes operational prices increased.
The Miner Weekly report (The Miner Mag) indicated that hashrate income dropped from roughly $55 per PH/s in Q3 2025 to $35 per PH/s in November. The decline adopted a sharp correction in Bitcoin’s price.
“Bitcoin mining has entered what’s successfully the harshest margin atmosphere of all time,” Miner Weekly noted.
The report additionally said that present income ranges sit under the common value of main mining firms, which stands at $44 per PH/s. Even with new-generation mining rigs, payback durations now exceed 1,000 days. This interval is effectively past the roughly 850-day countdown to the subsequent halving.
Analyst Ted added that Bitcoin’s present value is simply 19% increased than the value of electrical energy. If the value drops under the common electrical energy value of mining 1 BTC — estimated at $71,087 — miners could also be pressured to capitulate.
However, Ted’s remark additionally instructed a possible help zone for Bitcoin. Historical information reveals that Bitcoin’s value tends to remain above this electricity-cost stage or rebound from it. This sample has held since 2016.
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