Galaxy Research: 1.096M BTC in 50 BTC early coinbase rewards tied to "Patoshi" miner linked to Satoshi
AI Market Summary
Galaxy Research's attribution of ~1.096M BTC in unspent early 50 BTC coinbase outputs to the Patoshi miner (often linked to Satoshi) refocuses attention on concentrated legacy supply and its potential overhang. Separately, a few long-dormant 50 BTC wallets reactivating after 16.5 years and a spike to 893,391 daily transactions highlight heightened network activity and can elevate near-term volatility around perceived sell-risk narratives.
Impact level
● Medium
Affected assets
BTC/USDT-0.21%
AI Insight · BTC/USDTAI Insight
● Neutral
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Galaxy Research says it has identified 21,922 unspent 50 BTC coinbase outputs—about 1.096 million BTC—as belonging to the "Patoshi" miner, a mining pattern widely attributed to Satoshi Nakamoto. The estimate represents 64.5% of the roughly 1.699 million BTC that remains unspent from Bitcoin's early 50 BTC block rewards.
Separately, Whale Alert reported that seven long-dormant 50 BTC wallets became active on Sept. 5 after 16.5 years of inactivity. The same day, Bitcoin processed 893,391 transactions, marking its fourth-highest daily total.
The Patoshi mining pattern is believed to have stopped in May 2010, and the remaining associated BTC has not been spent, according to the report.
