Bitcoin mined for pennies in 2010 moves after 16 years, now worth $8.5 million

There is precedent for much larger holdings reaching the market. Galaxy confirmed in July 2025 that it sold more than 80,000 BTC for an early investor as part of an estate-planning strategy. Wednesday’s transfer is far smaller, and its records do not establish a sale.

Old coins, active address

The alert prompted questions online because the address had spent other bitcoin between 2011 and 2018.

Bitcoin records incoming payments separately, allowing a wallet to spend one payment while leaving another untouched. Those unspent payments are called UTXOs. An address can therefore remain active while some of its coins sit still for years, as happened here.

The address spent 200 BTC across two transactions in August 2015, another 100 BTC in December 2017 and 249 BTC in March 2018. The separate 100.02 BTC payment from July 2010 remained unspent throughout.

“This address has been somewhat active in the past, but these specific coins have not moved since 2010. We track the coins,” Galaxy Research said on X.

CoinDesk traced that payment directly to two mining rewards created in July 2010, one worth 50 BTC and the other 50.02 BTC, including fees. Miners, the computers competing to add transactions to Bitcoin, received 50 newly created coins per block at the time.