1,000 Satoshi-Era Bitcoins Have Been Moved For The First Time In 10 Years


1,000 "Satoshi-era" Bitcoins have been moved for the first time in 10 years.

While the owner of the coins is unknown, the best bet would be that the person would either be the creator of Bitcoin Satoshi Nakamoto himself, or others who were early miners and members of the earliest cryptocurrency community.

The Bitcoins were moved into one address, as first reported by Kirill K., a professional cryptocurrency trader, on LinkedIn.

The Bitcoins were mined back in September 2010. Back then, the cryptocurrency was virtually unheard of and very cheap to mine. At the time the coins were mined, Bitcoin was were less than two years old and worth less than 10 cents each.

The 1,000 Bitcoins were worth less than $100 in 2010.

But at the time they were moved for the first time in a decade, on October 11th, 2020, the coins are worth more than $11 million.

"Satoshi-era" Bitcoins refer to coins mined when Bitcoin’s pseudonymous creator, Satoshi Nakamoto, was still communicating with the cryptocurrency world, taking part in Bitcoin’s development.

The Bitcoins were mined using blocks in the 3,000-to-4,000 range. These blocks came almost immediately after the cluster of blocks Nakamoto is known to have mined in January 2009.

This fact makes these Bitcoins some of the oldest Bitcoins to have ever come to existence.

Owners of "Satoshi-era" Bitcoins are most likely old miners.

Despite billions of dollars worth of Bitcoins trade hands or shuffle around wallets each day, old miners tend to be more careful about how and where they move their coins so as to not spook or disturb the market.

The last time Nakamoto was heard, was back in 2010. Since that time, the identity of Nakamoto remains a complete mystery.

Just recently before this, someone moved 50 Satoshi-era Bitcoins, also for the first time in 10 years.