Satoshi-Era Bitcoin Moves After 16 Years: 600 BTC Worth $48M Wakes

Twelve Bitcoin addresses holding a combined 600 BTC (approximately $48 million) moved their coins on September 5 after more than 16 years of dormancy, according to onchain data reviewed by blockchain tracking platform Whale Alert. The coins originated from mining rewards earned in March 2010, when each Bitcoin block paid a 50 BTC subsidy and Bitcoin's pseudonymous creator Satoshi Nakamoto was still actively involved in the project. Whale Alert traced all 12 rewards to specific blocks mined that month, confirming that the addresses had not transacted since the coins were first received.

Whale Alert moved quickly to temper speculation that the funds belonged to Nakamoto himself. "None of the blocks can be connected to Satoshi based on our research," a spokesperson told Cointelegraph, noting that the firm had completed an earlier analysis covering seven of the rewards and posted its findings on X on Sunday. Onchain analytics platform Lookonchain had initially flagged seven miner wallets transferring 350 BTC following 16.5 years of inactivity, drawing significant attention across crypto communities given the era in which the coins were mined.

The movement is notable for its historical timing rather than its ownership. Nakamoto remained active in Bitcoin development and public communications through 2010 before gradually withdrawing, with their last known message dated April 2011. Whale Alert observed that one of the 12 rewards was transferred several blocks before the others, a pattern consistent with a test transaction preceding the remaining transfers. One address received its 50 BTC reward on March 5, 2010, and sent the funds to a new address on September 5, 2026, per Blockchain.com records. The Bitcoin block subsidy has since been halved four times, most recently in April 2024, falling from 6.25 BTC to the current 3.125 BTC per block.