Cryptocurrency News

Bitcoin Inactive Since 2010 Shifts – Does This Belong To Satoshi Nakamoto?

A miner has cracked open its 2010 holdings of Bitcoin [BTC], with cryptocurrency analysts spotting 100 BTC being transferred from two wallets that were inactive for more than a decade.

Prior to today’s transaction, the addresses had not seen any activity since receiving a 50 BTC Coinbase reward each nearly 11 years ago, apart from two incoming transactions worth just 0.00000547 BTC each that were sent to the wallets within the past 6 months.

The 25th Feb. transaction combined the 2 mining address outputs, indicating both addresses belong to the same owner. The 2 blocks were mined solely a few hours apart on 10th June 2010.

Bitcoin is presently trading at a price above $50k, giving the coins a combined value of nearly $5Mln. With BTC trading for $0.08 USD when the coins were mined, the whale’s holdings have increased in value by 622,500x times.

Bitcoin Inactive Since 2010 Shifts - Does This Belong To Satoshi Nakamoto?

About half the coins were moved to a wallet belonging to German p2p exchange, which has been operational since 2011. For now, the remaining coins are sitting within a newly created legacy address.

Forked altcoins like Bitcoin Cash [BCH] and Bitcoin SV (BSV) haven’t yet been peeled from the BTC.

The coins, mined in blocks 60365 & 60385, are unlikely to belong to Satoshi Nakamoto, who is usually recommended to possess mined a min of 1.1 Mln BTC.

The movement of 2010 era coins is an uncommon occurrence, with researchers identifying just 18 transactions involving Bitcoin with inputs from July 2010 or prior to 2021 thus far.

Earlier in May last year, 50 Bitcoin were shifted from a 2009 mining address, triggering excited speculation this portion of BTC might belong to Satoshi.

Leave a Comment

Your email address will not be published. Required fields are marked *