Movements from old Bitcoin wallets are always an exciting development. That said, it wasn’t Satoshi who moved these ones.
Over 100 Bitcoin just moved from an old wallet, on-chain data showed. The coins have been lying in the wallet since 2010 when they were worth a few dollars in all (BTC traded at $0.08 at the time).
This is a rare occurrence. To date, only 18 such transactions/wallet movements have been observed from Bitcoin mined in 2010 or earlier.
The stash is worth over $4.8 million at current prices and was last touched in May 2010, or a few months after the launch of Bitcoin. This suggests it was an early Bitcoin developer, user, or enthusiast who knew about the asset and mined it at the time.
On-chain researchers, meanwhile, said that the coins were unlikely to belong to Bitcoin creator Satoshi Nakamoto. “It is very rare to see pre-GPU-era bitcoins move, it only happened dozens of times in the past few years. And no, it’s probably not Satoshi,” said Antoine Le Calvez, a data engineer at crypto tool CoinMetrics.
The relevant transaction address of the BTC shows they were “rewards” from a block mined in 2010. The user mined two blocks, receiving over 100 BTC in turn (block rewards were over 50 BTC each back then; they are only 6.25 BTC now).
For the uninitiated, Bitcoin runs on a proof of work mechanism where “miners” utilize their computing resources to maintain and validate the Bitcoin network and receive “rewards” in return. The 100 BTC stash was gained as a result of this.
Meanwhile, the crypto industry remains neutral on the wallet movement. The last time this happened: traders reacted by selling their BTC and rumors of Satoshi Nakamoto resurfacing did the rounds. But this time was different.
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