Bitcoin From Early Mining Era Moved After 14 Years: Rare Transfer

An early crypto miner has made a significant move in the world of cryptocurrency today, transferring 50 bitcoin (BTC) after 14 years of leaving the holdings untouched. This action joins the rare instances where bitcoin from the “Satoshi era” have been transferred.

Unearthed Treasure: Bitcoin Unmoved Since Satoshi Era

In a surprising development, an early crypto miner decided to unlock the vault, moving 50 bitcoin (BTC) that had been dormant for over 14 years. The value of these holdings, estimated to be over $3 million as of Monday, underwent a seismic shift as they were transferred to two wallets during the Asian morning hours. Analyzing the data, Lookonchain, an analysis tool, revealed that part of these transfers ultimately found their way to the crypto exchange Coinbase (COIN).

A Journey Back to Bitcoin’s Birth

This movement of bitcoin harkens back to a pivotal moment in the cryptocurrency’s history: the “Satoshi era.” This period, colloquially named after bitcoin’s mysterious creator, Satoshi Nakamoto, refers to the time when Nakamoto was active on online forums, shaping the early narrative of the digital currency. The miner in question received the 50 bitcoin as a reward in April 2010, mere months after the network’s inception, when the token's value was nominal, just a few dollars.

Resurfacing Relics: Dormant Wallets Come Alive

This isn’t the first time that wallets from the Satoshi era have stirred from their slumber. Since the start of 2023, several wallets from this era have sprung to life. In July, a wallet dormant for 11 years made waves by transferring $30 million worth of the asset to other wallets. August witnessed another significant movement, with a wallet transferring 1,005 BTC to a new address. In a similar fashion, December saw over 1,000 bitcoins from an early miner being relocated to trading desks and custodian services after a 13-year dormancy.