Site icon Advertisement Shout

$1.4 million in Bitcoin is still idle-a strange case of block rewards in 2009 37 days a year ago-Bitcoin Featured News

About 378 days ago, before the Bitcoin bull market began to heat up, a unique block was spent due to the coinbase reward created 37 days after the Bitcoin network was launched. It seems that about 10 tokens from block rewards were sold to an exchange, but at today’s exchange rate, 40 bitcoins worth 1.4 million USD have not been used.

Since the last block reward in 2009 was spent on May 20, 2020, there are about 40 bitcoins that have not been spent

At this time last year, a strange block was used, causing a lot of speculation. On May 20, 2020, an entity spent the coinbase reward minted on February 9, 2009. It is generally believed that it may be related to Satoshi Nakamoto, but this hypothesis has never been confirmed. What we know is that it was a block reward of 3,654, and later 627,404 blocks were spent at block height 631,058.

We also know that the only transaction related to the mining of 3,654 blocks is the coinbase reward. The transfer that occurred more than a year ago saw the owner of block 3,654 transfer 10 BTC to one address and 40 BTC to another address. Today 10 BTC worth 372,000 US dollars seems to be sent to an exchange because data from the block explorer oxt.me shows notes from the Binance cluster. 40 BTC worth 1.4 million USD is still in the wallet today and has not been moved since the first move in May last year.

The $1.4 million in Bitcoin is still idle-a strange case of the 37-day block reward in 2009 that was spent a year ago

Of course, since it was discovered last year, users have tried to send messages to addresses and send wallet dust. About 22 transactions have been made at this address, but since the 40 BTC was added, the owner has not sent a satoshi. Observers can also see that the owners of the infamous 2009 coinbase rewards did not spend the corresponding Bitcoin Cash (BCH) or reward-related bitcoinsv (BSV). When 50 BTC moved on May 20, 2020, the legal value of the Bitcoin (BTC) market suddenly dropped by 7% that day.

It is not common to spend 2009 blocks, and when they are spent, people will guess Satoshi Nakamoto’s theory. Even the block reward transfers in 2010 and 2011 are very interesting, especially since these bitcoins were idle for more than a decade before they were moved. In 2020 and 2021, Bitcoin.com News reported on the fascinating mining whale in 2010, and he has spent 10,000 BTC since that year. In fact, the whales in 2010 spent these coins in the form of 1,000 BTC per string or 20 block rewards at a time.

The most recent 2009 block reward expenditure before the transfer in May 2020

The oldest block transferred after the 2009 block processed on May 20, 2020 was mined on April 6, 2010, and transferred on January 3, 2021 (the anniversary of Bitcoin issuance). The last 2009 block reward spent before the 3,654th block was transferred in January 2018, which is the 29th,953th block. In fact, a continuous number (at least 2-4) of 2009 blocks were processed on January 5, 2018. In addition, several block rewards mined in December 2009 were transferred the next day.

The two-day coin special consumption boom of 2009 in January 2018 was a small transfer. This string was previously another string of transfers related to block rewards in 2009, and these transfers were transferred in November 2017. At that time, the blocks mined on December 17, 18, 24, and 27, 2009 were conducted during the 2017 Bitcoin bull market. The most recent spending in 2009 is more interesting because it is young.

On August 7, 2017, the coinbase reward mined on the same day as the reward on February 9, 2009 was used, but the block height was 3,607. Prior to this, several blocks mined in the same week in 2009 had been transferred in September 2015.

From 2009 to 2011, more than 1 million unused BTC were in idle coinbase rewards, many of which are considered to be Satoshi Nakamoto’s hideout. This is why when the February 2009 block was transferred in May of last year, the price of crypto dropped by 7% due to fears that the creator would move the coin. No matter who moved these bitcoins, they decided that they don’t need 40 BTC worth 1.4 million dollars today.

What do you think of the old “sleeping” Bitcoin rewarded by coinbase from 2009 to 2011? Please tell us your thoughts on this topic in the comments section below.

Tags in this story

2009, 2009 block reward, 2009 coinbase reward, 2009 reward, 2010, 2011, 37 days, analysis, BCH, Bitcoin (BTC), Bitcoin release, block reward, Blockchair, BSV, coinbase analysis, Onchain analysis, Output, oxt.me, Satoshi Nakamoto, cost, transfer, one year later

Image Source: Shutterstock, Pixabay, Wikimedia Commons

Disclaimer: This article is for reference only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. The company or the author shall not bear direct or indirect responsibility for any damage or loss caused or claimed to be caused by using or relying on any content, goods or services mentioned in this article.

Exit mobile version