In a stunning on-chain event, a long-dormant Bitcoin mining entity reemerged on November 10, 2021, moving 1,000 BTC mined over a decade ago—worth approximately $68 million at the time. This mysterious whale transferred 20 consecutive block rewards originally mined in 2010, marking the latest chapter in a series of highly scrutinized movements that have captivated the crypto community since 2020.
The Return of the Sleeping Bitcoin Giant
Back on March 12, 2020—infamously known as "Black Thursday"—a massive holder of early Bitcoin began activating decade-old block rewards. Since then, this enigmatic entity has repeatedly surfaced, spending strings of 20 consecutive block rewards mined during Bitcoin’s infancy. The pattern is unmistakable: each transaction involves precisely 1,000 BTC from blocks dated between August and October 2010.
The most recent movement occurred at block height 709,029 on November 10, 2021—exactly five months after the whale’s prior activity on June 9, 2021. The transfer took place just after 1:30 a.m. ET and was detected using Btcparser.com, a blockchain analysis tool specializing in uncovering dormant coin movements. The transaction followed the same structural signature as previous ones: consolidation into a single address followed by distribution into smaller wallets.
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This consistency strongly suggests the actions are deliberate and executed by the same individual or organization—a true relic from the Satoshi era.
Parallel Movement Across Forked Chains
Adding further intrigue, the whale didn’t just move BTC. Approximately one hour after the Bitcoin transfer, an equivalent amount of Bitcoin Cash (BCH)—1,000 BCH—was spent at block height 713,430. This mirrors past behavior: every time BTC from these old addresses moves, the corresponding BCH follows suit shortly after.
However, Bitcoin SV (BSV) linked to these addresses remains untouched. This selective activation across forked chains indicates a strategic approach—likely leveraging tools that allow control over private keys tied to pre-fork balances. It also reinforces the theory that whoever controls these funds possesses deep technical knowledge and access to original wallets from 2010.
These coordinated cross-chain transactions suggest more than mere liquidation—they point toward a structured redistribution or custodial process.
Consolidation and Distribution: A Familiar Pattern
After transferring the 1,000 BTC, the whale consolidated the funds into a Pay-to-Script-Hash (P2SH) address before splitting them into multiple wallets containing 10 BTC each. Similarly, the 1,000 BCH was divided into batches of 50 BCH per wallet.
This pattern has repeated with near-perfect consistency across all prior movements. According to the creator of Btcparser.com, the P2SH address used bears hallmarks of an escrow mechanism:
“That P2SH address looks like an escrow account. When bitcoins are received, the previous owner gets paid and later the new owner begins his distribution among many 10 BTC wallets.”
Such behavior raises compelling questions: Are these coins being sold through intermediaries? Or are they being prepared for institutional clients who value provenance and transaction history?
Could These Be “Virgin Bitcoins” for VIP Clients?
One of the most fascinating theories is that these coins are being treated as “virgin bitcoins”—a term used to describe coins that have never been spent or associated with any prior transactions. Because they carry no transactional baggage, virgin bitcoins are believed by some in the crypto elite to hold premium value, potentially fetching over 20% above market price.
Crypto exchanges may reserve such pristine coins for high-net-worth clients seeking clean balances—free from links to scams, darknet markets, or other tainted activities. The idea isn't far-fetched; there have been longstanding rumors within the industry that certain platforms maintain special inventories of "freshly minted" or historically significant coins for VIP withdrawal pools.
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Given that these 2010 coins were untouched for over 11 years, they represent some of the purest forms of Bitcoin available—making them ideal candidates for such premium treatment.
Who Is Behind This Whale?
Despite years of investigation, the identity of this mining entity remains unknown. What is clear is that they were active during Bitcoin’s earliest days—mining at a time when difficulty was low and adoption nearly nonexistent.
With over 20 strings of 1,000 BTC already moved since 2020, this whale has demonstrated both patience and precision. Their actions suggest neither panic nor haste but rather a calculated rollout—possibly tied to legal settlements, inheritance processes, or long-term financial planning.
Notably, the term “spent” does not necessarily mean “sold.” These coins may still belong to the original owner and could simply be undergoing internal restructuring—perhaps migrating to cold storage solutions or being allocated across trust vehicles.
Market Impact and Community Reaction
At the time of the November 2021 transfer, 1,000 BTC was valued at $68.4 million**, while the corresponding BCH transaction represented **$712,070. While large, these movements haven’t triggered market crashes—likely because distributions occur gradually and without sudden sell-offs on exchanges.
Still, every reappearance stirs speculation. Some fear a dump; others see it as proof of long-term holder confidence. Either way, these events offer rare glimpses into Bitcoin’s hidden history and remind us how much early wealth remains dormant.
Core Keywords:
- Bitcoin whale
- Sleeping bitcoins
- Virgin bitcoins
- Decade-old BTC
- Blockchain analysis
- Early Bitcoin mining
- On-chain activity
- Block rewards
Frequently Asked Questions (FAQ)
Q: What are “sleeping bitcoins”?
A: Sleeping bitcoins refer to BTC that have remained unspent for many years—often since mining or purchase—signaling long-term holding or forgotten ownership.
Q: Why is this whale moving coins now?
A: The exact reason is unknown. Possible explanations include estate planning, asset liquidation, exchange onboarding, or redistribution via escrow.
Q: Does moving these coins mean they’re being sold?
A: Not necessarily. “Spent” means transferred—not sold. The coins could be redistributed internally or held in reserve without hitting public markets.
Q: What makes “virgin bitcoins” valuable?
A: Virgin bitcoins have no transaction history, making them desirable for privacy-conscious users or institutions wanting clean balance sheets free from association with illicit activity.
Q: Could this be Satoshi Nakamoto?
A: While possible, there's no evidence linking these coins to Satoshi. Many early miners held large quantities; this whale is likely one of them—but not necessarily the creator.
Q: How do analysts track these movements?
A: Tools like Btcparser.com and blockchain explorers monitor UTXOs (unspent transaction outputs), especially those tied to early block rewards and forked chains.
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The saga of the 2010 mining whale continues to unfold—one precise transaction at a time. As more dormant coins awaken, they don’t just shift balances—they reshape narratives about trust, value, and the enduring legacy of Bitcoin’s pioneers.