Satoshi-era Bitcoin worth millions of dollars has just been moved after 14 years of inactivity.

Old-school Bitcoin holders are at it again. Just days ahead of the long-awaited Bitcoin halving event, a wallet containing chunks of cryptocurrency mined from the days of pseudonymous creator Satoshi Nakamoto has emerged. I finally moved my storage unit for the first time in 14 years.

On-chain data show The wallet moved 50 BTC, which is now worth $3.2 million. A significant portion of it went to Coinbase addresses.

Blockchain Detective on twitter (aka X) said the address was a miner who minted new coins on April 22, 2010. Since then, BTC has been sitting in my wallet unmoving until today.

On-chain data shows that 50 BTC arrived in wallets as a block reward when Bitcoin was trading for just a penny or less. That means miners have only made dramatic profits since then.

Miners receive rewards by minting new coins. This particular address would have received 50 new coins when Bitcoin was initially launched. Bitcoin traded below $0.10 per coin for most of 2010, but peaked at $0.30 by the end of the year, according to data from Investing.com.

Meanwhile, early data from CoinMarketCap shows prices above $0.07 in July 2010. Although the value was likely lower in April of that year, the wallet’s holdings would have increased by about 87,000,000% even as of July.

Bitcoin halving is scheduled to occur on Saturday. The quadrennial event sees Bitcoin miner rewards halved from 6.25 BTC to 3.125 BTC per block processed. It is currently scheduled to take place on April 20th.

This is expected to further increase the scarcity of coins circulating in the market. Miners will also have to work harder, meaning that only the strongest and most efficient operations in the industry will be involved in maintaining the network.

price of bitcoin It’s currently at $64,648 after taking a big hit over the weekend, according to CoinGecko. Currently, this is well below the all-time high of about $74,000 per coin in March.

Editor: Andrew Hayward