Historic Bitcoin Investor Shifts Multimillion-Dollar Bitcoin Hoard Following 12-Year Dormancy
In the world of cryptocurrency, the early birds often catch the worm, and this couldn't be truer for Bitcoin. Since the wallet was first funded, Bitcoin's price has soared an astounding 152,300%, a testament to the digital currency's meteoric rise.
However, it's important to note that the Bitcoin in these early wallets didn't come from mining. The earliest Bitcoin miner was none other than Satoshi Nakamoto, the pseudonymous creator of Bitcoin, who began mining at the network's genesis. While Satoshi's mining activity has been partially reconstructed, not all early mined bitcoins in dormant addresses can be definitively linked to Satoshi.
Satoshi is believed to have mined roughly 1 million BTC in the earliest blocks between 2009 and early 2010. Today, this sum is worth a staggering $125 billion at current prices. Other early miners, unidentified users active during the same period, hold substantial Bitcoin quantities from the era. Some of these early miners have wallets revealing massive returns, reflecting Bitcoin's extreme appreciation since its inception.
These early miners collectively hold a significant portion of the supply mined in Bitcoin’s early years. Research indicates that addresses dormant since 2010 may contain several hundred thousand BTC. While the identities of most early miners remain unknown, their activity and BTC amounts can be inferred from blockchain analytics.
Recently, there have been some interesting transactions involving these early-mined Bitcoins. For instance, an ancient Bitcoin wallet holding more than 300 Bitcoin was emptied, and another wallet moved $4.7 billion to crypto exchange Galaxy Digital two weeks ago. These Bitcoins, obtained in 2010 when Bitcoin cost around $0.10, are now worth a fortune.
Another notable transaction involved the use of CoinJoin addresses, which enhances the privacy of the Bitcoin transaction. The wallet's holder is up massively on paper, with the Bitcoin yielding a $34.8 million sum. It's worth noting that the Bitcoin moved on Friday was not headed to an exchange.
However, the market isn't immune to selling pressure. CryptoQuant warned that Bitcoin could be caught up in a months-long correction phase due to major selling from whales. This isn't the first time such selling pressure has been observed. The market has absorbed major selling from whales three times since 2024, the third instance being the recent transaction.
Experts consider early Bitcoin miners as potential targets for quantum computers, given the vast amounts of Bitcoin they hold. As we continue to navigate the evolving landscape of cryptocurrency, the story of these early miners and their Bitcoins serves as a fascinating reminder of the digital gold rush that kick-started the crypto revolution.
References:
[1] Wilk, S. (2021). Who owns the most Bitcoin? A look at the early miners. Cointelegraph. [2] Pagliarini, F. (2021). The mystery of the Bitcoin whales. CoinDesk.
- The crypto market has witnessed significant returns for early Bitcoin miners, with one ancient wallet containing over 300 BTC fetching a fortune at today's prices.
- Satsoshi Nakamoto, Bitcoin's pseudonymous creator, is believed to have mined approximately 1 million BTC in the first few years of the network's operation, worth a staggering $125 billion today.
- Some early miners hold substantial Bitcoin quantities obtained between 2009 and early 2010, while research suggests that addresses dormant since 2010 may contain hundreds of thousands of BTC.
- Larger transactions involving early-mined Bitcoins have recently been observed, such as a wallet transferring $4.7 billion to crypto exchange Galaxy Digital.
- The crypto market is not exempt from selling pressure, as indicated by CryptoQuant, which predicted a potential months-long correction phase due to major selling from whales.
- In the evolving world of cryptocurrency finance and technology, the story of early Bitcoin miners and their Bitcoins represents a captivating reminder of the digital gold rush that sparked the crypto revolution.
