The battle to defend Bitcoin’s 60,000 yuan! Miners profited more than 1 million times from selling BTC in 2014

After briefly falling below US$59,000 on the 25th, Bitcoin rebounded to hit US$624.87 million yesterday (26th). However, the rally failed to continue, and 3,940 BTC were sent to Coinbase Prime from the US government’s wallet. (valued at US$240 million), Bitcoin fell below US$61,000 again, reaching a minimum of approximately US$60,700.

Bitcoin was temporarily trading at $61,010.12 before the deadline, down 1.42% in the past 24 hours.

Miner who has been sleeping for 14 years sells BTC

At the same time, Lookonchain monitored the address on the chain earlier today and found that the wallet of a miner who had been sleeping for 14 years woke up at 2 a.m. today and transferred 50 Bitcoins at a price of US$61,083. Enter Binance, this is the Bitcoin mined by this miner on July 14, 2010.

At that time, the price of Bitcoin was only about US$0.058. After 14 years of silence, the value of these Bitcoin assets increased by more than 1,053,154 times, and brought the miner more than US$3.05 million in profits.

Miners’ selling may be one of the reasons why BTC prices are restricted

Miners’ selling of Bitcoins is generally regarded as one of the reasons for the recent restrictions on Bitcoin prices. QCP Capital stated on the 22nd that in view of the higher breakeven price after the halving, miners are facing huge selling pressure, and its total BTC reserves have decreased by 50,000 from the beginning of the year. On the 14th, QCP stated that Bitcoin miners were experiencing "capitulation" after the halving, thus limiting price increases.

In addition, Bitfinex wrote in a report on the 17th that miners’ reserves continued to decline after the halving, indicating that miners are working hard to maintain operating efficiency and continue to sell assets to maintain profitability and invest in upgrading equipment. Miners' reserves are currently near their lowest levels in four years, but conversely, selling pressure from this group may have reached critical lows.

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