Satoshi Nakamoto, the globally-renowned creator of the world’s first crypto-asset to reach mass adoption: Bitcoin may have moved some of his assets for the first time ever.
First-Era of Mining
Back in 2009 when Bitcoin was first created, mining was simple to the point of individuals being able to do so on standard home laptops/computers. Additionally, the block reward was 50 BTCs which meant miners at the time, had the opportunity to mine 50BTCs every 10 minutes when there was no one else doing it yet. At the time the block reward was worth very little, today however these are worth close to $400,000.
In an unexpected event, a Bitcoin address which has been dormant since February 2009 (one month after Bitcoin’s coming to existence) has just moved the coins. Given the timestamp, whomever owns this address is either Satoshi themself or someone extremely close who knew enough about the project a month after its creation to mine these.
The news was broken to the crypto-community by “Whale Alert” which monitors large address movements occurring on the blockchain.
ℹ️ The coins in this transaction were mined in the first month of Bitcoin’s existence.
— Whale Alert (@whale_alert) May 20, 2020
The news also coincided on the same day a large market sell order hit Bitstamp which caused a flash crash to $9,100. The movement caught up across all venues causing Bitcoin to reject the psychological $10,000 level and quickly reach $9,400.
Is this an organic and usual market retracement or is in reaction to investors worrying about Satoshi or early miners unloading BTCs? That’s the question on many people’s minds.