Of all the ways to use $8 million in Bitcoin, why burn it?

As ridiculous as it may sound, someone did just that with a treasure trove of digital gold on May 25.

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Data on Bitcoin’s public ledger shows five transactions where one entity transferred 107 BTC to the well-known “burn address” 1111111111111111111114oLvT2 (1).

In crypto, “burning” means locking your digital assets and tossing away the key. Even though you can see where the coins are on the blockchain, burn addresses don’t have the credentials a user needs to access crypto once they’re sent there.

The Bitcoin burn address has been active since 2010 and has accumulated hundreds of BTC over the years. With the recent 107 BTC deposit,…