Crypto data analyst Antoine Le Calvez posted a tweet in recent days stating that an unknown bitcoin miner managed to offload approximately 30,000 BTC. According to Le Calvez, who is the founder of p2sh.info and forks.network, the sale unfolded between December 2016 and January 2018.
An analysis of the spending patterns of the earliest blocks of Bitcoin seem to indicate that a very early miner sent around 30k BTC to exchanges from Dec 2016 to early Jan 2018. pic.twitter.com/8SB89o80h3
— Antoine Le Calvez (@khannib) September 26, 2018
Le Calvez, however, doesn’t believe it was Satoshi Nakamoto, the creator of bitcoin. Overall, the mysterious miner during the aforementioned period sent around 30,000 bitcoins to various cryptocurrency exchanges, most likely to sell them.
According to Le Calvez’s findings, the miner was also smart enough to use his most recent Bitcoin blocks so as not to reveal the exact dates of the movement period.
Presumably, the individual started mining bitcoin no later than December 2009, when the Bitcoin network was still struggling to maintain constant computing power, considering there were only very few miners in addition to Satoshi. A large number of the first miners were not active for very long but wanted to participate in the then still young project simply for curiosity’s sake.
The value of BTC was then not worth very much at that time. Meanwhile, Bitcoin Pizza Day in May 2010 when Laszlo Hanyec bought two pizzas on for 10,000 BTC was also a few months away at this time.
Le Calvez believes the mysterious miner actively mined for at least seven months. During this time, he was said to have managed to mine more than 30,000 BTC considering the block reward was still very high and, as explained, there were only a few miners.
Early Bitcoin Miner
In general, only the identity of a few miners during the first months are known. When Satoshi released Bitcoin’s version 0.1 in a mailing list on Jan. 9, 2009, his concept was slow to catch on. Only during the course of 2010 did bitcoin attract some new followers after it spread through the grapevine.
Although Satoshi has undoubtedly the largest number of bitcoin, as he was pretty much the only consistent miner in the first few months, many miners who joined in 2010 by today’s standards should have large sums of bitcoin. Many have mined thousands of BTC and have used pseudonyms to remain anonymous. Therefore, it seems almost impossible to unmask the mysterious miner or determine if it was possibly Satoshi himself.
As for the motives behind the sale, one can only speculate. Perhaps the stranger wanted to liquidate only part of their BTC to live on it. On the other hand, it would also be conceivable that the miner sold because they did not agree with the development of and departure from the basic idea of bitcoin.