Since October 1 2012, address 1MMXRA held 412.12 BTC accumulated across four transactions, altogether worth just $8 at the time

An old BTC address that has not transacted in more than a decade came back to life on Wednesday—and the profits are something to contemplate.

Since October 1 2012, address 1MMXRA held 412.12 BTC collected across four transactions, altogether worth merely $8 during the time. No coins went in or out of that wallet until February 8, when all but a sliver was cleared from the wallet at $23,000 per coin.

According to current prices, the moved coins reflect $9.6 million in value–a 120,000,000 per cent profit.

While significant Bitcoin trades take place daily, it is not often that coins that are old see the light of day again. As per on-chain analytics provider Glassnode, dormant coins become ‘increasingly unlikely to be spent’ after a 155-day holding period, and are thus regarded a less liquid portion of the supply.

When old coins are being spent more often, it may indicate a change in conviction to hold the asset—often caused by periods of market volatility. However, according to Glassnode’s newsletter last month, the number of coins being held long-term is rising at a rate of 100,000 per month, in spite of short-term holders taking the opportunity to profit from the asset’s recent rally.

In March last year, an even older wallet holding 489 Bitcoins dumped holdings dating back to October 2010, when the price of Bitcoin was just $0.19. That was many months before Bitcoin’s pseudonymous creator Satoshi Nakamoto had left the project. Satoshi is suspected of holding as much as 5 per cent of total Bitcoin supply due to mining in the early days of the network, but many do not believe those coins will ever move again.