A former Bitcoin miner sent his BTC to the Binance exchange for sale after 14 years. These 50 BTC, which were mined on July 14, 2010 and worth $3 million, had not moved since then.

So, why are they transferring it years later?

There are several reasons why former miners make such transfers. One of them is that old wallets can often create security issues… As new technology wallets emerge, Bitcoin investors may prefer to move their coins to more secure locations.

The fact that the Bitcoin price has increased significantly in recent years after staying at certain levels for many years is also seen among some of the reasons for sales. The Bitcoin price, which reached these levels in 2021, reached over $60,000 twice, but could not hold on to it for too long. The price, which stayed at these levels for longer this time, combined with the declines in recent weeks, may have led investors to sell. Investors can also sell profits to reduce risk due to uncertainty in the world economy and geopolitical tensions. On the other hand, personal financial needs and circumstances can also cause miners to sell.

Increased tax regulations…

One of the most important reasons for the sell-off could be tax regulations. With Bitcoin now more accessible in the US through ETFs and many countries introducing new taxes on cryptocurrencies, investors may be selling before (or while) these laws are fully in place.

At the time this miner acquired his Bitcoins, the price of the largest cryptocurrency was about $0.05.