Bitcoin mined during the early days of the network has moved after more than 16 years of inactivity, drawing fresh attention from the crypto community.
A total of 600 Bitcoin (BTC), currently worth roughly $48 million, was transferred from 12 long-dormant addresses on Saturday. The coins originally came from Bitcoin mining rewards earned in March 2010.
Blockchain tracking platform Whale Alert investigated the transfers and said it found no evidence linking the coins to Bitcoin creator Satoshi Nakamoto.
600 BTC From Early Bitcoin Mining Rewards Moves
According to Whale Alert, the 600 BTC came from mining rewards associated with 12 separate Bitcoin blocks.
Each block produced a reward of 50 BTC at the time. Bitcoin’s mining reward was significantly higher in 2010 because the network had not yet experienced any of its scheduled halvings.
Since then, Bitcoin has gone through four halving events. The latest occurred in April 2024, reducing the mining reward from 6.25 BTC to the current 3.125 BTC per block.
The recent transfers therefore represent coins accumulated during one of the earliest periods in Bitcoin’s history.
Whale Alert Finds No Link to Satoshi Nakamoto
The movement of such old Bitcoin immediately triggered speculation that the wallets could have belonged to Satoshi Nakamoto.
However, Whale Alert’s analysis suggests otherwise.
The blockchain tracking platform examined the blocks connected with all 12 mining rewards and concluded that none could be attributed to Nakamoto based on its research.
The latest findings also expanded on an earlier investigation involving seven of the addresses. Whale Alert previously said those coins originated from blocks it did not believe were mined by Bitcoin’s mysterious creator.
Dormant Bitcoin Wallets Become Active After 16 Years
Onchain analytics platform Lookonchain had initially detected seven miner wallets moving a combined 350 BTC after approximately 16.5 years of inactivity.
Those wallets had also earned their Bitcoin through mining activity in March 2010.
Further analysis eventually identified 12 addresses holding a combined 600 BTC.
The transactions attracted significant attention because Bitcoin from this period is rarely moved. Coins mined in 2010 are often described as Satoshi-era Bitcoin because they were created while Nakamoto was still actively involved with the project.
Satoshi-Era Bitcoin Does Not Necessarily Belong to Satoshi
The term “Satoshi era” can sometimes cause confusion among investors.
It generally refers to Bitcoin mined or acquired during the period when Nakamoto was still involved with the network. However, it does not mean that the coins were personally owned or mined by Satoshi.
Nakamoto continued participating in Bitcoin’s development and communicating with other developers throughout much of 2010.
The Bitcoin creator later began withdrawing from the project, with the last widely known communication attributed to Nakamoto dating to April 2011.
Therefore, many miners other than Satoshi were already participating in the Bitcoin network when these 600 BTC were created.
One Bitcoin Transfer May Have Been a Test Transaction
Whale Alert also noticed an interesting pattern in the movement of the dormant Bitcoin.
One of the mining rewards was transferred several blocks before most of the remaining coins moved.
According to the blockchain tracker, this behavior could indicate that the owner first made a test transaction before transferring the rest of the holdings.
One of the identified addresses originally received a 50 BTC mining reward on March 5, 2010. Those coins remained untouched for more than 16 years before moving to a new Bitcoin address on September 5, 2026.
The activity shows that some of Bitcoin’s earliest mined coins continue to reappear onchain, even after remaining untouched for more than a decade.
For now, the identity of the owner behind the 600 BTC remains unknown. However, available blockchain analysis does not indicate that the coins belong to Satoshi Nakamoto.
