Satoshi-Era Bitcoins Worth $11 Million Moved After a Decade

October 14, 2020 3:22 PM UTC
Quickswap

A professional cryptocurrency trader Kirill K mentioned on Linkedin that almost $11 billion worth of BTCs, mined in 2010, has been transferred by an anonymous holder.

According to the report, the transferred BTCs belonged to the Satoshi era and were held idle in the wallet for more than a decade. Initially, the 1000 Bitcoins were deposited in a single wallet, and after less than 40 minutes, those BTCs were divided into 80 different crypto wallets.

While commenting on Kirill k post, Head of quant strategy at crypto firm Ikigai Asset Management, Hans Hauge wrote “old miners have to be careful about how they move so as to not spook the market.” Hans further added, while billions of Bitcoins are transferring between crypto wallets every day, $11 million worth of BTCs wouldn’t truly “move the needle much in either direction.”

Bitcoin Hash Rate Hit ATH 170 exahash

Although things are not clear why the mysterious holder has transferred the BTCs, analysis shows that these assets would have been valued less than $100, as mining in 2010 was very cheap. 

Recently, the Bitcoin hash rate achieved a new ATH and reached 170 exahash for the first time in history on the hourly chart. That is a jump of over 40% since the Bitcoin halving in May, essentially combining to the security of the network. At the time of reporting, the bitcoin price is almost $11,500, as per CoinMarketCap.

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