Home Early Bitcoin miner moves 50 BTC after years of inactivity

Early Bitcoin miner moves 50 BTC after years of inactivity

An early Bitcoin (BTC) miner has moved a significant amount of Bitcoin after years of inactivity. Data shows that the miner transferred 50 BTC, worth over $3 million as of Monday, to two wallets during Asian morning hours. Some of these Bitcoin were subsequently sent to the cryptocurrency exchange Coinbase, according to analysis from the crypto analytics firm Lookonchain.

50 Bitcoin from the ‘Satoshi era’

The miner received the 50 Bitcoin as a reward in April 2010, just months after the Bitcoin network went live. At that time, the value of the token was only a few dollars. This period, when Bitcoin’s pseudonymous creator Satoshi Nakamoto was active on online forums, is commonly referred to as the “Satoshi era.”

The movement of Bitcoin from wallets associated with this early era is relatively rare. However, several such wallets have shown activity since the start of 2023. In July, a wallet that had been dormant for 11 years transferred $30 million worth of Bitcoin to other wallets.

Similarly, in August, another wallet transferred 1,005 BTC to a new address. In December, over 1,000 Bitcoins from an early miner were also moved to trading desks and custodian services after a 13-year dormancy.

The reactivation of these long-dormant wallets associated with the Satoshi era has drawn attention within the cryptocurrency community, as such movements can provide insights into the behavior and holdings of Bitcoin’s earliest users. The transfer of 50 Bitcoin from an early miner’s wallet, dormant for over 14 years, is a significant event in the history of the cryptocurrency.

These “Satoshi era” Bitcoins, mined shortly after the launch of the Bitcoin network when the token was worth only a few dollars, are considered to be among the oldest and most valuable holdings in the Bitcoin ecosystem. The reactivation of such long-dormant wallets associated with Bitcoin’s earliest days is closely watched, as it can provide insights into the behavior and investment strategies of the cryptocurrency’s pioneering users.

The report follows Chinese fund managers recently seeking Bitcoin and Ethereum spot exchange-traded fund (ETF) approval in Hong Kong. In the United States, the local regulators approved the Bitcoin spot ETF back in January after a prolonged fight by proponents. Those ETFs saw major outflows following a recent market setback after previously reporting over $1 billion of inflows in a single day back in mid-March.

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Radek Zielinski
Tech Journalist

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

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