Researchers estimate that approximately 1.1 million BTC are linked to an early mining operation, often attributed to Bitcoin creator Satoshi Nakamoto. However, forensic analysis suggests this figure is based on a mining pattern rather than direct identification of an individual. Estimates for this stash vary by over 200,000 BTC depending on the strictness of the applied fingerprint test.
In September 2026, 600 BTC mined in 2010 were moved after 16 years of inactivity. Onchain tracker Whale Alert found no link between these coins and the creator's stash. Analysis by Bitquery confirmed that these blocks did not match the distinctive 'Patoshi' mining pattern. The transactions utilized modern wallet software, indicating the keys were transferred to a new system.
The 'Patoshi' pattern was first identified by researcher Sergio Demian Lerner in 2013. He estimated that one miner amassed around 1.1 million BTC using specialized software. Bitquery recently analyzed 54,316 early blocks, confirming the pattern with 99.2% accuracy. Their findings suggest the stash size ranges between 0.9 million and 1.17 million BTC based on the criteria used.
Bitquery also identified a previously unreported transaction from May 17, 2010, where 600 BTC from 2009 mining rewards were moved in two separate transactions. This event provides evidence that blocks from throughout 2009 were held in a single wallet. Despite this, experts note that blockchain data only confirms access to private keys, which could be inherited, sold, or recovered.
