One of Bitcoin’s earliest miners has just transferred 50 bitcoins – a stash that’s been dormant for 14 years – and is currently valued at over $3 million. This recent transaction is significant as it adds to the short list of movements among the so-called “Satoshi era” bitcoins – a term referring to the early days when Bitcoin’s inventor, Satoshi Nakamoto, was actively involved in online forums.
The early miner was rewarded with these 50 bitcoins in the pioneering months of Bitcoin in April 2010, at a time when a single Bitcoin was valued only at a few cents. The holdings have now been shifted to two wallets during the early hours in Asia, with some subsequently arriving at the crypto exchange, Coinbase.
These early bitcoins have occasionally sprung into action since the start of 2023. In July, an anonymous user dusted off a wallet idle for 11 years and distributed $30 million worth of bitcoins. Similarly, another wallet moved 1,005 bitcoins to a new address in August. Additionally, in December, 1,000 bitcoins dormant for 13 years were directed towards trading desks and custodial services. These increasingly frequent movements have been intriguing Bitcoin enthusiasts and the larger crypto community because of their link to the nascent days of Bitcoin and the mystery surrounding its enigmatic creator.