On Bitcoin's 12th Anniversary 1,000 Decade-Old Dormant Bitcoins Were Moved
It is important to watch the movement of cryptocurrency. Especially today as it is the 12th anniversary of the founding of bitcoin. So, what is in store for you?
What Is Happening In The Cryptocurrency?
After revealing the cryptocurrency concept via the white paper a few months prior, 12 years ago, bitcoin’s inventor Satoshi Nakamoto launched the network. Since then, over 664,000 bitcoin blocks have been mined as at approximately 18:15:05 UTC, the network launched its first block. A large string of 2010 block rewards started moving after more than ten years of sitting idle moreover on the 12th anniversary of the network coming to life.
Celebrating The 12th Anniversary of the Bitcoin Blockchain
To solve the Byzantine Fault dilemma created by the pseudonymous inventor Satoshi Nakamoto, cryptocurrency proponents are celebrating the invocation of the first computational network. It was found when as the last 12 years had the crypto asset that has become extremely valuable thereby reaching a high today on January 3, at $34,800 per unit as the birth of the bitcoin network is quite special.
A little more than three months later he launched the hardcoded block reward otherwise known as block zero or the genesis block after Satoshi shared his cryptocurrency concept to a few interested individuals online on Halloween 2008.
These particular bitcoins can never be spent as block zero or the genesis block has the usual 50 bitcoin reward. Which was a common characteristic for early blocks back then, the genesis block has two leading hex zeroes as well. That can be found in the block’s Coinbase parameter, furthermore, the infamous block zero also contained a message.
Saying the following was this first blockchain message etched into Satoshi’s hardcoded bitcoin block:
On the brink of a second bailout for banks is the Times 03/Jan/2009 Chancellor.
Also, people have sent small fractions of bitcoin to the address ever since it was launched as the genesis block today not only has the 50-bitcoin block reward that cannot be spent. There’s now a cumulative total of 68.35 BTC sitting idle as the genesis block address has seen approximately 2,722 transactions.
Every 10 minutes or so by miners these days, bitcoin blocks are quite predictable and are processed. Until seven days later, but the block (1) that followed the hardcoded genesis block did not occur. Taking place in block 9 or three whole days after block 1 was mined, was the first transaction with the software programmer Hal Finney.
Well Deserved Bitcoin Stash From Satoshi Nakamoto
All the way until December 2010, now Satoshi Nakamoto also spent with the community. During the months he spent curating the network with the community, it is well known that the inventor also mined the crypto asset.
That Nakamoto had mined anywhere between 700,000 to 1.1 million BTC during his tenure kickstarting the network, interestingly it is assumed by various academic papers. Allegedly with the single Windows-based personal computer, the inventor did this. His stash of a million bitcoin has sat idle since they were issued as it is also assumed that Nakamoto has not spent any coins since they were initially mined.
They have sat dormant for well over ten years as quite a lot of old coins that stem from Coinbase rewards. That it is known 1.78 million bitcoins have never left their miner address, for example, the onchain researchers from Glassnode tweeting on December 18, 2020.
Who spent a consecutive number of 2010 block rewards in strings, interestingly last year in 2020, it was discovered an old-school miner or miners. These coins never moved once since the day they were issued as every string spent last year has been around 20 to 21 block rewards from 2010.
In Block 664,263, 20 Decade-Old Block Rewards From 2010 Move on January 3, 2021
From the Satoshi-era today on the 12th anniversary of the bitcoin network launch, surprisingly the mystery miner or miners have spent another large string of sleeping bitcoins. Precisely 20 block rewards from 2010 were spent at block height 664,263 on January 3, 2021. To a BTC address that started with “35grPirp” the old school miner from 2010 sent the 1000 bitcoins worth over $339 million.
Following the exact same patterns discovered with all the other 2010 block strings, after the initial consolidation, the 1000 BTC was split up into fractions. A visual perspective of the string of 2010 blocks spent on theholyroger.com’s Satoshi Bags Tracker as today’s 20 blocks spend was caught by Btcparser.com.
Thereafter when making the tally as 21 block rewards spent, it is usually this miner in case it is one single entity that will then spend one more 2020 block as little later on in the day. They have been picking up steam since 2020 as decade-old block rewards spend from the Satoshi era are quite rare.
Whereas it is not the bitcoinsv rewards, as it comes worth noting that the old school miner then always spends the corresponding bitcoin cash block rewards also. The day before the infamous Black Thursday, the only time the miner spent block rewards on all three chains was the 21 block rewards from 2010 spent on March 11, 2020.
While the crypto asset touched another all-time price high as well, today’s block spends from 2010 are quite special seeing how they were transferred on bitcoin’s birthday.
If these coins were sold or plan to be sold on the open market, we really don’t know. It doesn’t necessarily mean the coins like bitcoin are being sold on exchanges as the technical term spent simply means the coins left the original address they stemmed from. As the term simply means the inventor was around during this time period, moreover the term Satoshi-era also doesn’t mean the coins derived from Nakamoto either.