One of the first crypto miners transferred 50 BTC worth more than $3 million after 14 years of inactivity, with part of the transfer made on the Coinbase crypto exchange.

The assets in question were mined in April 2010, just a few months after the Bitcoin network first went live, during a period known as the “Satoshi era.”

The term refers to the time when Bitcoin's pseudonymous creator Satoshi Nakamoto was active on online forums from late 2009 to 2011. At that time, the value of one Bitcoin was only a few dollars.

This transaction is not an isolated incident, as it joins several other instances of "Satoshi era" Bitcoin movements in recent years. In 2023 alone, several significant transfers occurred, including a wallet that had been dormant for 11 years transferred $30 million worth of Bitcoin, and another wallet transferred 1,005 BTC to a new address after 13 years of dormancy.

The recent movement of these early miners has led to speculation about potential motives for such movements. Some analysts have speculated that Bitcoin miners may be preparing for a sell-off in anticipation of the upcoming Bitcoin halving, which is expected to occur around April 20, 2024.

The Bitcoin halving is an important event in the life cycle of a cryptocurrency as it halves the block reward for miners. This reduction in rewards could cause miners' income to fall, prompting them to liquidate some of their Bitcoin holdings to cover operating costs and maintain profitability.

According to 10x Research, the Bitcoin mining industry could lose up to $10 billion after the halving. CEO Markus Thielen suggests that a six-month period of stagnation is expected after the halving, which could create serious problems for the cryptocurrency market as miners prepare to liquidate a significant portion of their BTC reserves.

A potential sell-off from large miners could disrupt market dynamics as stockpiling during the recent bullish market sentiment has created an imbalance in supply and demand. Traditionally, miners tend to accumulate their BTC holdings ahead of a halving event, which causes Bitcoin prices to rise.