Two Bitcoin addresses dormant for 16 years move 100 BTC, worth just $6 at the time
Two Bitcoin addresses that had remained untouched since mining rewards were received in September 2010 each transferred 50 BTC around midday on November 13, for a total of 100 BTC. Blockchain tracking firm Whale Alert estimated that the bitcoins were worth only about $6 in 2010, while their market value at the time of the transfers had risen to about $6.89 million. Blockchain data shows that the two amounts were combined into a single transaction about 40 minutes later. The owner’s identity remains a mystery.
Blockchain records show that the first transaction was added to a block at 12:08 p.m. Beijing time on the 13th, with the second following about two minutes later. The bitcoins were block rewards mined on September 8 and September 19, 2010, respectively (at the time, the reward for mining each block was 50 BTC).
The two addresses had been dormant for about 16.2 years. Based on Whale Alert’s estimate, the paper value of the 100 BTC had increased by more than a millionfold. At Binance’s quote of $67,634 on the morning of the 14th, their total value was about $6.76 million.
The two amounts were combined into a single transaction about 40 minutes later
The transaction fees for both transfers were 1,110 satoshis (worth less than $1). After being transferred, the funds were first split among several new addresses. Then, at 12:48, about 20 BTC and 39 BTC from the two amounts, respectively (about 59 BTC in total), were combined into a single transaction.
Under blockchain rules, a transaction that spends funds from multiple addresses must include signatures made with the private keys for all those addresses. Blockchain analytics firms commonly infer from this that the two early mining addresses from 2010 very likely belong to the same owner. However, no public information has confirmed the owner’s identity.
As of the morning of the 14th, about 30 BTC, 10 BTC, and 1 BTC remained in separate new addresses to which the funds had been transferred. The approximately 59 BTC that had been combined were transferred again at around 2 a.m. on the 14th. The owner has not publicly explained the reason for the transfers.
The public keys of early-mined coins are directly exposed on the blockchain
The two early mining rewards used the P2PK (Pay-to-Public-Key) format, common in Bitcoin’s early days, in which the public key is recorded directly on the blockchain. These addresses are generally considered to be at higher risk from quantum computing attacks, since potential attackers can obtain the public keys directly from the blockchain without waiting for the owner to initiate a transfer. Following these transfers, all of the bitcoins were moved to newer SegWit addresses beginning with bc1q.
A similar case occurred last month. According to Crypto Briefing, Galaxy Research detected on October 7 that an address had transferred 100.02 BTC. These coins were also early mining rewards from July 2010 and were worth about $8.5 million at the time of the transfer.
Two Bitcoin addresses that had remained untouched since mining rewards were received in September 2010 each transferred 50 BTC around midday on November 13, for a total of 100 BTC. Blockchain tracking firm Whale Alert estimated that the bitcoins were worth only about $6 in 2010, while their market value at the time of the transfers had risen to about $6.89 million. Blockchain data shows that the two amounts were combined into a single transaction about 40 minutes later. The owner’s identity remains a mystery.
Blockchain records show that the first transaction was added to a block at 12:08 p.m. Beijing time on the 13th, with the second following about two minutes later. The bitcoins were block rewards mined on September 8 and September 19, 2010, respectively (at the time, the reward for mining each block was 50 BTC).
The two addresses had been dormant for about 16.2 years. Based on Whale Alert’s estimate, the paper value of the 100 BTC had increased by more than a millionfold. At Binance’s quote of $67,634 on the morning of the 14th, their total value was about $6.76 million.
The two amounts were combined into a single transaction about 40 minutes later
The transaction fees for both transfers were 1,110 satoshis (worth less than $1). After being transferred, the funds were first split among several new addresses. Then, at 12:48, about 20 BTC and 39 BTC from the two amounts, respectively (about 59 BTC in total), were combined into a single transaction.
Under blockchain rules, a transaction that spends funds from multiple addresses must include signatures made with the private keys for all those addresses. Blockchain analytics firms commonly infer from this that the two early mining addresses from 2010 very likely belong to the same owner. However, no public information has confirmed the owner’s identity.
As of the morning of the 14th, about 30 BTC, 10 BTC, and 1 BTC remained in separate new addresses to which the funds had been transferred. The approximately 59 BTC that had been combined were transferred again at around 2 a.m. on the 14th. The owner has not publicly explained the reason for the transfers.
The public keys of early-mined coins are directly exposed on the blockchain
The two early mining rewards used the P2PK (Pay-to-Public-Key) format, common in Bitcoin’s early days, in which the public key is recorded directly on the blockchain. These addresses are generally considered to be at higher risk from quantum computing attacks, since potential attackers can obtain the public keys directly from the blockchain without waiting for the owner to initiate a transfer. Following these transfers, all of the bitcoins were moved to newer SegWit addresses beginning with bc1q.
A similar case occurred last month. According to Crypto Briefing, Galaxy Research detected on October 7 that an address had transferred 100.02 BTC. These coins were also early mining rewards from July 2010 and were worth about $8.5 million at the time of the transfer.