Is That You, Satoshi? Over $23,000,000 in Bitcoin Suddenly Moves After Lying Dormant Since 2011

Crypto tracker Whale Alert is revealing that a Bitcoin (BTC) wallet just moved more than $23 million worth of the flagship cryptocurrency after lying dormant for over a decade.

According to Whale Alert, the sleeping giant moved 500 BTC to an unknown wallet. The 500 Bitcoin has appreciated by approximately 280,200% since July of 2011.

“A dormant address containing 500 BTC (23,665,502 USD) has just been activated after 10.5 years (worth 8,425 USD in 2011)!”

Bitcoin is trading at $46,903 at time of writing.

Long-dormant wallets generate interest once they suddenly become active due to the possibility that they could be owned by the pseudonymous creator of Bitcoin, Satoshi Nakamoto.

The last known publicly-verifiable online sighting of Satoshi was in December of 2010 when the client software for the Bitcoin network was in version 0.3.19. Currently, Bitcoin is in version 22.0.

In his last message, Satoshi indicated that he was “venturing into more complex ideas” after releasing an upgrade meant to assist the Bitcoin network’s client software to withstand denial-of-service (DoS) attacks. However, Satoshi expressed worries that Bitcoin was still vulnerable to DoS attacks despite the updates.

While the dormant wallet is only coming alive after approximately 10 years and five months of inactivity, it has received trace amounts of Bitcoin over the years. The trace amounts of Bitcoin could suggest that dusting attacks have taken place during the dormancy period.

Dusting attacks are carried out by cybercriminals, blockchain researchers, tax and other law enforcement agencies, or other entities who send out small amounts of crypto to wallet addresses hoping to unmask the owner.

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Only 10% of Bitcoin supply left to mine

Total circulating Bitcoin (BTC) hit a significant milestone on Monday morning, one and a half years after the last Bitcoin halving, as 90% of the maximum total supply has been mined.

Current data from shows Bitcoin in circulation hit 18.899 million as of Dec. 13, meaning only 10% of the total supply is left to mine. While the first 90% of BTC took about 12 years to mine, the rest will take a little longer.

Bitcoin has a hard cap of 21 million coins set by its anonymous creator Satoshi Nakamoto. This limitation is written in Bitcoin’s source code and enforced by network nodes. The hard cap on Bitcoin is critical to its value proposition as a currency and an investment tool.

Bitcoin circulating supply. Source:

As detailed by Cointelegraph, it would take 119 years from now to complete the Bitcoin mining process due to the rate of producing new Bitcoin being cut by half every four years in a pre-determined protocol execution, also known as the Bitcoin halving.

Related: The history of Bitcoin: When did Bitcoin start?

Since the Bitcoin blockchain only creates new BTC as a reward for miners verifying new blocks, the halving ensures less Bitcoin is produced as the total circulating supply increases. Since May 2020, miners have earned 6.25 Bitcoin for every new block verified. This rate would decrease to 3.125 BTC per block in the next halving in 2024.

By 2040, the block reward will have reduced to less than 0.2 BTC and only 80,000 Bitcoin out of 21 million will be left up for grabs. The last Bitcoin would take close to 40 years to mine.

The Bitcoin price started the week with a fresh rejection of $50,000 as the end-of-year close is fast approaching. It is almost 30% down from its all-time high of $68,789 reached on Nov. 10 at the time of publishing.