Earlier today, on 31st July, five Bitcoin wallets that had sat idle for about 15.3 years sent a total of 250 BTC, worth roughly $29.6 million at current rates, to two new addresses.
The transfers were flagged by Arkham’s blockchain analytics. Each of the old wallets held 50 BTC from block rewards earned in April 2010.
The funds moved into “bc1q” addresses, a format launched with the SegWit upgrade for better error checks and more features which would protect it from a Quantum computing breach.
Origins in Bitcoin’s Early Days
Back in April 2010, Bitcoin was brand new, and miners earned 50 BTC each time they found a block. These five wallets each received exactly that amount, marking them as some of the oldest active accounts on the network.
The reward of 50 BTC stayed in place until the first halving event around late 2012, after which the payout dropped to 25 BTC per block.
Consolidation into SegWit Addresses
The legacy accounts all started with the old “1” prefix that was standard in Bitcoin’s first years. On Thursday, they each moved their holdings into two “bc1q” addresses.
This newer format came with SegWit in 2017 and offers a slimmer address format plus improved protection against certain transaction errors.
Onchain analysts Arkham, Lookonchain and Spotonchain noted the shift on X, highlighting how these early miner coins are now using modern address types.
Value Then and Now
When those blocks were paid out over 15 years ago, Bitcoin’s price sat around $0.003 on exchanges like BitcoinMarket.com. At that rate, a 50 BTC reward was worth about $0.15 in total.
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Today, with Bitcoin floating near its all-time highs, each of those old 50 BTC stakes is worth close to $5.9 million. This dramatic change shows how a small early investment in mining has grown over time.
Mining Costs in 2010
Mining in 2010 was far cheaper in electricity terms. Typical consumer CPUs could hash tens of megahashes per second while drawing roughly 95 watts. In that year, average U.S. residential power cost about 11.5 cents per kilowatt-hour.
Even if a miner ran constantly for hours to solve a block, the electricity bill would only be a few cents to under one dollar. The real challenge then was lucky timing, not power costs.
Recurring Revival of Dormant Coins
This event is part of a trend in which long-forgotten wallets come back to life as Bitcoin climbs. In recent weeks, other early-era holders have moved coins or reshuffled assets, often to realise gains or shift custody.
Onchain analysts say the network has absorbed these large supply moves without major price swings, suggesting the market is now more mature and liquid than in the past.
Other Decade-Old Wallets Stirring Activity
Beyond these five accounts, other wallets from Bitcoin’s first years have stirred, too. Some have moved thousands of BTC this summer, possibly tied to institutional buyers or sellers.
As Bitcoin nears new peaks, both old-time holders and newer players seem ready to adjust their positions, keeping the network lively even after more than a decade.