Reserve

Bitcoin

David

Note

<div class="watcher-guru"> 
 <p>Bitcoin has time and again proven to be a lucrative long-term investment vehicle. From its low value of $0.04865 in 2010, BTC is up 60,664,430%. Early investors and <a rel="noopener noreferrer nofollow" title="miners" href="https://thebittimes.com/tag/miners.html">miners</a> have been the biggest beneficiaries of this exponential increment.</p> 
 <p>Ki Young Ju, the Co-Founder, and CEO of CryptoQuant, recently took to Twitter to share how a miner earned significant profits by holding BTC for more than a decade. According to on-chain data, the miner mined 150 BTC valued at $0.13. After holding the coins for 13 years, the miner sold them for $6.5 million. Consequentially, he earned a profit of more than 5 billion percent. </p> 
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    <p lang="en" dir="ltr">Fun Fact: This person mined 150 #Bitcoin valued at $0.13, held for 13 years, then sold for $6.5 million, yielding a 5,019,590,600% profit. pic.twitter.com/y1SJGAG6Yj</p> 
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    </div> — Ki Young Ju (@ki_young_ju) August 9, 2023 
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 <p><strong>Also Read: Bitcoin Isn’t Going Away Soon: David Rubenstein</strong></p> 
 <h3 class="wp-block-heading" id="h-bitcoin-miner-reserve-rises">Bitcoin Miner Reserve Rises</h3> 
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 <p>For the most part of 2023, <a rel="noopener noreferrer nofollow" title="miners" href="https://thebittimes.com/tag/miners.html">miners</a> had been selling Bitcoin. As a result, the miner reserve kept diminishing. Only three uptrends have been registered so far this year. One in January, the other in May-June. The third one is currently in play. From June 20’s lows, the aggregate Bitcoin miner balance has risen by 4463.59 BTC. At press time, the <a rel="noopener noreferrer nofollow" title="miners" href="https://thebittimes.com/tag/miners.html">miners</a> had a collective balance of 1.842 million BTC. </p> 
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  <img decoding="async" width="1024" height="487" src="https://cdn.thebittimes.com/images/2023/08/10/1f4caed126432d5c7dd6c112d16f5deb.webp" alt="" class="wp-image-106352" srcset="https://cdn.thebittimes.com/images/2023/08/10/1f4caed126432d5c7dd6c112d16f5deb.webp 1024w, https://cdn.thebittimes.com/images/2023/08/10/1f4caed126432d5c7dd6c112d16f5deb.webp 300w, https://cdn.thebittimes.com/images/2023/08/10/1f4caed126432d5c7dd6c112d16f5deb.webp 768w, https://cdn.thebittimes.com/images/2023/08/10/1f4caed126432d5c7dd6c112d16f5deb.webp 380w, https://cdn.thebittimes.com/images/2023/08/10/1f4caed126432d5c7dd6c112d16f5deb.webp 550w, https://cdn.thebittimes.com/images/2023/08/10/1f4caed126432d5c7dd6c112d16f5deb.webp 800w, https://cdn.thebittimes.com/images/2023/08/10/1f4caed126432d5c7dd6c112d16f5deb.webp 1160w, https://cdn.thebittimes.com/images/2023/08/10/1f4caed126432d5c7dd6c112d16f5deb.webp 1503w" sizes="(max-width: 1024px) 100vw, 1024px"> 
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    Source: CryptoQuant 
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 <p><strong>Also Read: U.S. Credit Card Debt Surpasses $1 Trillion</strong></p> 
 <h3 class="wp-block-heading" id="h-top-mining-companies-note-growth">Top Mining Companies Note Growth</h3> 
 <p>Top mining companies have slowly been able to narrow down their financial losses lately. Riot Platforms cut down its losses by $27.7 million in Q2 2023. The company reported a total profit of $76.7 million, up 5.2% from last year. Jason Les, CEO of Riot revealed that the company was successful in bringing down the average cost to mine to $8,389 per BTC in Q2. Even Marathon Digital increased its revenue by 228% when compared to Q2 2022. As a result, the mining company’s H1 2023 revenue stood at $132.8 million,&nbsp;up 73.3% from H1 2022’s figure.</p> 
 <p><strong>Also Read:&nbsp;</strong><strong>Bitcoin Must Surpass $98,000 for Miner’s Sustainability in 2024</strong></p> 
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<div class="cs-entry__tags"> 
 <ul> 
  <li>bitcoin</li> 
  <li>btc</li> 
  <li>miners</li> 
 </ul> 
</div>

Bitcoin Miner Earns 5019590600% Profit After Holding 150 BTC for 13 Years

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TheBitTimes

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