A 15-Year Dormant Miner Wallet Awakens Amid the Harshest Period in Bitcoin Mining History

In early December, a long-dormant Bitcoin miner wallet from the Satoshi Nakamoto era suddenly became active after more than 15 years. This event happened as Bitcoin’s price began the month by falling below $90,000.

This movement occurred during a particularly challenging period in Bitcoin mining history for miners.

Satoshi-Era Miner Wallet Activates as Miners Sell Over 300,000 BTC in Two Years

On-chain tracker Lookonchain reported that a miner wallet awakened after 15.7 years of inactivity. This early-era wallet transferred 50 BTC, worth approximately $4.33 million, to an external address.

OnchainLens confirmed the transfer and described the wallet as belonging to the “Satoshi era.” These coins may be among the oldest Bitcoin to move in 2025. The transfer sparked investor speculation about hidden developments behind the scenes.

Data from miner reserves showed that miners consistently moved funds out of their wallets, most likely to sell. According to CryptoQuant, the Bitcoin Miner Reserve has declined steadily over the years. The trend reflects persistent selling pressure.

Bitcoin Miner Reserve. Source: CryptoQuant.

In early 2024, miners held more than 1.83 million BTC. They may have sold roughly 300,000 BTC over the past two years.

What Challenges Are Bitcoin Miners Facing?

Mining difficulty has remained at a historic high of 149.30T. In other words, miners need to perform about 149.30 trillion SHA-256 hashes on average to discover a valid block.

This condition forces mining machines to compete more aggressively. It also pushes operational costs higher.

The Miner Weekly report (The Miner Mag) indicated that hashrate revenue dropped from approximately $55 per PH/s in Q3 2025 to $35 per PH/s in November. The decline followed a sharp correction in Bitcoin’s price.

“Bitcoin mining has entered what is effectively the harshest margin environment of all time,” Miner Weekly noted.

The report also stated that current revenue levels sit below the average cost of major mining companies, which stands at $44 per PH/s. Even with new-generation mining rigs, payback periods now exceed 1,000 days. This period is well beyond the roughly 850-day countdown to the next halving.

Analyst Ted added that Bitcoin’s current price is only 19% higher than the cost of electricity. If the price drops below the average electricity cost of mining 1 BTC — estimated at $71,087 — miners may be forced to capitulate.

Bitcoin Price vs BTC Electrical Cost. Source: Ted

However, Ted’s observation also suggested a potential support zone for Bitcoin. Historical data shows that Bitcoin’s price tends to stay above this electricity-cost level or rebound from it. This pattern has held since 2016.