Satoshi-era Bitcoin wakes after 16 years of dormancy as 600 BTC moves

Bitcoin mined in 2010 moved from long-dormant addresses after more than 16 years, reigniting speculation over a possible link to Satoshi Nakamoto.

Twelve addresses holding a combined 600 Bitcoin (BTC), worth about $48 million, moved the coins on Saturday after more than 16 years of dormancy, according to onchain data reviewed by Cointelegraph.

Whale , a blockchain transaction tracking platform, said the 600 BTC came from rewards mined across 12 Bitcoin blocks and that its research found no connection to Nakamoto.

“None of the blocks can be connected to Satoshi based on our research,” a spokesperson for Whale told Cointelegraph, tempering speculation around the origins of coins mined while Bitcoin’s pseudonymous creator was still active.

Whale traces all 12 mining block rewards

Whale traced all 12 rewards to Bitcoin blocks mined in March 2010, when each block paid a 50 BTC block subsidy. The subsidy has since been cut in half four times, most recently in April 2024, when it fell from 6.25 BTC to the current 3.125 BTC per block.

The findings expand on Whale ’s earlier analysis of seven of the rewards.

The mining blocks and addresses for the 12 dormant Bitcoin rewards. Source: Whale

Satoshi-era doesn’t mean Satoshi’s Bitcoin

The movement attracted attention partly because the coins date to a period when Nakamoto was still actively involved with Bitcoin.

Nakamoto remained involved in Bitcoin development and communications through 2010 before gradually withdrawing from the project, with their last known communication dating to April 2011.

One of the 12 addresses received a 50 BTC mining reward on March 5, 2010, and moved the coins to a new address on Sept. 5, 2026.

Whale noted that one reward moved several blocks before most of the others, saying the pattern was consistent with a test transaction before the remaining transfers.

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