Bitcoin Price Falls as BTC Mined in Early 2009 Moves for the First Time

Some of the first Bitcoin

50 Bitcoin Move for the First Time in 11 Years

The news was pointed out by veteran Bitcoin industry observer WhalePanda (@WhalePanda) via Twitter. Writing that such an event “does not happen often,” WhalePanda added that it doesn’t look like the wallet is related to Bitcoin’s anonymous creator:

Just for the record: this is not a known Satoshi address or anything.

Looking at the Bitcoin blockchain itself confirms the movement and the age of the coins. The unknown early Bitcoiner was clearly one of the network’s first miners. The wallet has only three transactions — the first of which is from the Bitcoin coinbase (not to be confused with the cryptocurrency exchange of the same name) and is dated Feb. 9, 2009.

The wallet has only ever contained this single early block reward. The second and third transactions from it occurred earlier on Wednesday at 14:48 GMT. One was for around 40 BTC and the other almost 10 BTC.

As mentioned, the owners of any of these wallets are for now a mystery. However, analyst I am Nomad (@IamNomad) believes the smaller transaction made it to exchanges:

Looks like a second hop from the 9.o split was sent on to Coinbase.

The only other thing known for definite about the miner was that they were among the very first — the coins are from just over a month after the Bitcoin network went live.

WhalePanda and others have dismissed the notion that the coins are linked to Satoshi Nakamoto, but there is no shortage of speculation to the contrary. However, such theories seem based on nothing but speculation.

Given the ease with which miners could guess hashes to these early Bitcoin blocks, the cost of mining these 50 BTC was likely a less than few cents. In those days, mining Bitcoin did not require the powerful computer systems it does today.

Early miners would run the code on a laptop and generate the then-valueless digital currency with no clue to its future value. Today, those 50 BTC are worth more than $482,000.

If the theory above is true and the 9.99 coins did make it to exchanges, this early Bitcoin miner appears to be very much part of the bullish camp. Their transactions suggest that they’ve taken more than $96,000 in profits and are continuing to hold the rest — at least for now.

Bitcoin Market Instantly Spooked

Apparently Bitcoin investors are less convinced that the early coins are nothing to do with Satoshi. The market has greeted the news with a sudden selloff.

If the coins were belonging to Bitcoin’s creator, the fact that they are suddenly selling could be cause for concern for BTC investors. Having mined more than 1 million BTC, Nakamoto would certainly have the resources to crash the market.

Source: Twitter

As pointed out by trader and industry observer Luke Martin, the one minute chart shows a clear plunge in price from the time that WhalePanda first reported the moving coins.


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Images courtesy of Shutterstock, Trading View and Twitter.

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As a leading organization in blockchain and fintech news, BeInCrypto always makes every effort to adhere to a strict set of editorial policies and practice the highest level of journalistic standards. That being said, we always encourage and urge readers to conduct their own research in relation to any claims made in this article.
This article is intended as news or presented for informational purposes only. The topic of the article and information provided could potentially impact the value of a digital asset or cryptocurrency but is never intended to do so. Likewise, the content of the article and information provided within is not intended to, and does not, present sufficient information for the purposes of making a financial decision or investment. This article is explicitly not intended to be financial advice, is not financial advice, and should not be construed as financial advice. The content and information provided in this article were not prepared by a certified financial professional. All readers should always conduct their own due diligence with a certified financial professional before making any investment decisions.
The author of this article may, at the time of its writing, hold any amount of Bitcoin, cryptocurrency, other digital currency, or financial instruments — including but not limited to any that appear in the contents of this article.

Jenny
Molly Jane is a Russian Literature major from California with a background in writing. She joins CurrencyTimes after working as a freelance journalist and blogger.

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