Bitcoin mining in 2010 was moved from the long-dormant address more than 16 years later, reviving speculation about a possible link to Satoshi Nakamoto.
According to onchain data reviewed by Cointelegraph, a dozen addresses holding a combined 600 bitcoins (BTC), worth about $48 million, removed the coins on Saturday after more than 16 years of dormancy.
Whale Alert, 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, the pseudonymous Bitcoin creator.
“Based on our research none of the blocks can be linked to Satoshi,” a Whale Alert spokesperson told Cointelegraph, sparking speculation about the origin of coins mined while the pseudonymous creator of Bitcoin was still active.
Whale Alert finds all 12 mining block rewards
Whale Alert identified all 12 Bitcoin block rewards mined in March 2010, when each block provided a 50 BTC block subsidy. The subsidy has since been cut in half four times, most recently in April 2024, when it dropped from 6.25 BTC per block to the current 3.125 BTC.
The findings expand on a previous analysis of seven awards of whale watching. it is said An X post on Sunday determined that the seven blocks that originated from it were not mined by Nakamoto.
Mining blocks and addresses for 12 latent bitcoin rewards. Source: Whale Alert
Lookonchain, an onchain analytics platform, was initially identified Seven miner wallets that transferred 350 BTC after 16.5 years of inactivity, say the wallets acquired the coin through mining in March 2010.
Satoshi-era does not mean Satoshi’s Bitcoin
The movement attracted attention in part because the coins date to a period when Nakamoto was still actively involved with Bitcoin.
Nakamoto remained involved in Bitcoin development and communication through 2010, and their last known contact was in April 2011, before gradually withdrawing from the project.
One of the 12 addresses received a 50 BTC mining reward on March 2010 and moved the coins to a new address on September 5, 2026. Source: blockchain.com
While Alert noted that one award removed several blocks before most others, the pattern was consistent with a test transaction prior to the remaining transfers.
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