Twelve years ago, Bitcoin inventor Satoshi Nakamoto launched the network after revealing the cryptocurrency concept via white paper a few months earlier. Around 18:15:05 UTC, the network launched its first block and since then, more than 664,000 bitcoin blocks have been mined. On top of that, on the 12th anniversary of the delivery of the network, a huge range of 2010 rewards began to move after more than ten years of idleness.
The 12th Anniversary of the Bitcoin Blockchain
Proponents of cryptocurrency celebrate the call of the first computer network to solve the Byzantine error dilemma created by the pseudonym inventor Satoshi Nakamoto. The birth of the Bitcoin (BTC) network is quite special and over the past 12 years the crypto asset has become extremely valuable and reached a peak today on January 3 with $ 34,800 per unit.
After Satoshi shared his cryptocurrency concept online with some interested individuals online on Halloween 2008, a little over three months later, he introduced the hard-coded block reward, also known as ‘block zero’ or the ‘genesis block’.
Block zero or the genesis block has the usual 50 bitcoin reward, but these particular bitcoins can never be spent. The genesis block also has two leading witch zeros, which was a common feature for early blocks at the time. Furthermore, the infamous block zero also contains a message that can be found in the block’s currency base parameter.
This first blockchain message etched into Satoshi’s hard – coded bitcoin block says:
The Times 03 / Jan / 2009 Chancellor on the brink of second bailout for banks.
The genesis block today not only has the 50 bitcoin reward that cannot be spent, but also people have been sending small fractions of bitcoin to the address since it was introduced. The genesis block address has had about 2,722 transactions and there is now a cumulative total of 68.35 BTC sitting idle.
Nowadays, bitcoin blocks are quite predictable and are processed by miners every ten minutes. But the block (1) that followed the hard-coded genesis block only occurred seven days later. The first transaction with the software programmer, Hal Finney, took place in block 9 or three full days after block 1 was mined.
The well-deserved Bitcoin Stash by Satoshi Nakamoto
Now Satoshi Nakamoto also spent time with the community until December 2010. It is known that the inventor also exploited the crypto asset during those months that he credited the network with the community.
Interestingly, various academic papers assume that Nakamoto started between 700,000 and 1.1 million BTC during his tenure on the network. The inventor allegedly did this with a single Windows-based personal computer. It is also assumed that Nakamoto has not issued any coins since they were initially mined, and that its stock has been a million bitcoin empty since it was issued.
Many old coins resulting from coin-based rewards have not been spent and have been sitting still for more than ten years. For example, the onchain researchers from Glassnode tweeted on December 18, 2020 that “1.78 million bitcoins never left their miners’ address.”
Interestingly, in 2020, News.Bitcoin.com discovered in 2020 an old-school miner or miners who spent a consecutive number of 2010 rewards in strings. Each string spent last year was about 20 to 21 block rewards from 2010, and these coins have never moved once since the day they were issued.
20 decade-old block rewards from 2010 Move on January 3, 2021 to block 664 263
Surprisingly, the mystery miner or miners today still spent a large series of ‘sleeping bitcoins’ from the Satoshi era on the 12th anniversary of the launch of the Bitcoin network. On January 3, 2021, exactly 20 block rewards were spent from 2010 on block height 664 263. The old school miner of 2010 sent the 1000 bitcoins worth more than $ 339 million to a BTC address that started with ’35grPirp’.
After the initial consolidation, the 1000 BTC was divided into fractions according to exactly the same news. Bitcoin.com discovered with all the other 2010 blockchains. Btcparser.com’s current 20 spend has been captured and a visual perspective of the series of 2010 blocks spent on theholyroger.com “Satoshi Bags Tracker”.
Usually, this miner, if it is a single entity, will spend another 2010 block a little later in the day to spend the 21 block rewards. Decade-old block rewards from the ‘Satoshi era’ are pretty rare, but they have been taking up steam since 2020.
It is also noteworthy that the old school miner always issues the corresponding bitcoin cash (BCH) rewards, but not the bitcoinsv (BSV) rewards. The only time the miner spent block rewards on all three chains was the 21 block rewards from 2010 spent on March 11, 2020, a day before the infamous ‘Black Thursday’.
The current spending of 2010 from 2010 is quite special, as they were transferred on Bitcoin’s birthday, while the crypto asset also hit another everyday price high.
We really do not know if these coins were sold or planned on the open market. The technical term ‘spent’ simply means that the coins left behind the original address from which they originated, and this does not necessarily mean that the coins are sold on wallets. Moreover, the term “Satoshi era” also does not mean the coins that came from Nakamoto, because the term simply means that the inventor was during this period.
What do you think of the 12th anniversary of the Bitcoin blockchain? Let us know what you think of this topic in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Btcparser.com, Bitcoin.com, Holyroger.com,
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