Early Bitcoin miners made $550 million in 2024

From Investing.com: 2024-06-19 16:30:22

Early Bitcoin miners have reaped immense profits of around $550 million this year within the $62,000 to $70,000 price range, showcasing the potential gains from strategic market timing.

Bitcoin miners who were early adopters have seen significant returns this year, leveraging the cryptocurrency’s surge to secure substantial profits in 2024.

Bitcoin wallets from the “Satoshi era” have been reactivated, with one dormant for 14 years transferring 2,000 BTC to multiple fresh addresses earlier this year.

The $62,000 to $70,000 price range has been highly profitable for ancient Bitcoin miners, enabling them to sell their coins at premium prices during peak periods.

Bitcoin’s price quadrupled in 2023, hitting an all-time high of $73,798 in March, driven by demand for specialized U.S. exchange-traded funds.

Bitcoin, along with the crypto market, dropped on Tuesday to $64,010 amid global economic concerns and reduced summer liquidity.

At $64,998, Bitcoin fell below $65,000 for the first time since May 16, with a 0.52% decline according to CoinMarketCap data.

Read more at Investing.com: Satoshi-Era Bitcoin Miners Netted $550 Million Gains in BTC’s Yearly Surge By U.Today