Bitcoin fans have now sent nearly $1 million worth of Bitcoin to Satoshi Nakamoto since they disappeared in 2010.
Satoshi’s genesis address contains about 68.4 BTC ($3.5 million), but it should really hold just 50 BTC ($2.6 million)
Satoshi used the address to receive Bitcoin’s first ever block reward (50 BTC), which means Bitcoin users themselves have donated an additional 18.4 BTC ($950,000) over the past decade.
Tiny deposits make up an overwhelming majority of Satoshi’s surplus Bitcoin, and most of it was worth far less when it was donated.
In fact, almost every donation over 1 BTC ($52,000) was made in Bitcoin’s first four years, during which time BTC was worth around $100 at best.
One of those donations reportedly came by way of one of Mt. Gox’s main wallets, one for 1.23 BTC then worth about $6 but over $63,000 today.
But people are still donating Bitcoin to Satoshi
Curiously, Satoshi received one particularly large donation more recently. On July 2, 2019, someone sent 1 BTC ($10,800) — the biggest raw Bitcoin amount in six years and the largest ever by US dollar value.
- The genesis address netted 7 BTC ($366,000) in both 2012 and 2013.
- 2019 has the third highest donation count with 1.22 BTC ($63,700).
- Satoshi has garnered 0.0196 BTC ($1,000) in 2021 so far.
As for why Satoshi’s genesis wallet attracts Bitcoin, it’s difficult to say. Bitcoin News posited Bitcoin fans simply like to tip its creator for building the cryptocurrency, which certainly makes sense.
But to tip a whole Bitcoin in 2019 — when they were worth $10,000 each? That’s a generous tip for someone who simply has no use for it and will likely never claim it.
After all, this particular address is just one of many Satoshi used. At current prices, Satoshi’s entire stash is thought to be worth over $33 billion.
You can probably stop tipping them.