Bitcoin Address Inactive for Eight Years Moved More Than 1000 BTC

A Bitcoin address that hasn't made any transactions for the past eight years has made more than 1000 BTC transfers.

The Bicoin wallet sent 518 BTC and 587 BTC to Bitcoin addresses ending in “zvsd” and “r6YT” respectively.

According to on-chain data, these addresses are not linked to any cryptocurrency exchange. For this reason, it did not cause any sales pressure.

On-chain analysts expect half of the funds to be moved to a custodian, as one of the BTC sent addresses can use multiple digital signatures. This feature is often found in wallets associated with custody services.

Bitcoin Miners Suspend Operations

A large number of Bitcoin miners began to cease their operations. One of the most important factors in this is that mining does not bring as much profit as before.

Especially since Bitcoin's value dropped below the $28,000 level, mining operations have become almost unprofitable given the worldwide electricity costs.

However, the decrease in Bitcoin mining difficulty may also cause an increase in the hash rate in the coming period.

Bitcoin is trading at $22,280 at the time of writing, according to CoinMarketCap data.