Bitcoin Treasure from 2010 Moves! What’s Behind the 14-Year Slumber?

Last Updated on April 15, 2024

Victor Headshot
Written by

Key Takeaways:

  • In a rare event, 50 BTC mined in April 2010, valued at over $3 million today, were recently transferred after remaining untouched for 14 years, indicating notable activity among “Satoshi era” coins.
  • The moved bitcoins were split between two wallets and part of them was sent to the cryptocurrency exchange Coinbase, suggesting potential liquidity or trading intentions by the original holder.
  • This transaction is part of a series of movements involving early mined bitcoins throughout 2023, highlighting their significant value and continued relevance in the cryptocurrency market.

In April 2010, only a short while after Bitcoin’s network was launched, a miner successfully mined 50 BTC.

These bitcoins, amassed during the nascent stages of Bitcoin’s existence, have remained untouched for an impressive 14 years.

Today, these long-held assets, now valued at over $3 million, found their way into new transactions, marking a rare activity for bitcoins from this period.

Satoshi Nakamoto, the enigmatic creator of Bitcoin, introduced the cryptocurrency to the world through a white paper released on Halloween Day, 2008.

The years following Nakamoto’s active participation in online forums—from late 2009 to 2011—are often referred to as the “Satoshi era,” a time when Bitcoin’s foundation was being firmly established.

The recent movement involved transferring the 50 BTC to two separate wallets during early morning hours in Asia.

Subsequently, a portion of these funds was sent to the cryptocurrency exchange Coinbase.

This insight was highlighted by Lookonchain, a prominent analysis tool, in a post on their X platform.

Blockchain data corroborates that the miner received these 50 BTC as a reward back in April 2010, a period when Bitcoin’s value was merely a few dollars.

The miner’s decision to move the bitcoins now adds to the intriguing narrative of significant transactions involving “Satoshi era” coins that have occurred since the start of 2023.

For example, in July, a wallet that had been inactive for 11 years saw $30 million worth of BTC transferred to various other wallets.

This was followed by an August transaction where another wallet moved 1,005 BTC to a new address.

Furthermore, in December, over 1,000 bitcoins were relocated from an early miner’s wallet to trading desks and custodian services after a 13-year period of inactivity.

These movements are not only notable due to the amount of time the bitcoins were held but also highlight the ongoing relevance and value of early mined bitcoins within today’s cryptocurrency landscape.

About The Author

Victor Headshot
Written by

News Reporter

Victor Fawole, a seasoned Web3 content creator and social media influencer, excels in bringing the pulse of the crypto world to our readers.

With a keen eye for emerging trends and a talent for engaging storytelling, Victor’s articles offer a fresh perspective on the ever-evolving digital currency landscape.

Check Victor out on: