On Monday, January 25, 2021 (Eastern Standard Time) at approximately 2 AM, this notorious old-school miner has spent 1,050 Bitcoins for 21 consecutive years starting in 2010 to reward blocks. This may be the same mining entity that our news desk has been tracking for several months. The 2010 Bitcoin moved out today follows the exact same pattern as all the block reward strings our team has discovered in the past 10 months.
It has been a while now and news.Bitcoin.com has been monitoring the so-called “sleeping bitcoins”, which started to wake up ten years later. In 2020, our news desk noticed that since 2010, a large number of old-style Bitcoin spending has been transferred in a string of 20 to 21 block rewards, all of which have been confirmed in one block.
At 2 o’clock in the morning on Monday, it was about the same time that other currency reward strings were used in the past, and 21 block rewards have been transferred. Our news desk captured this action with the help of Btcparser.com’s blockchain parser and the visual perspective of theholyroger.com website portal. All these 10-year-old Bitcoin block rewards each hold approximately 50 BTC, and 999.99 BTC ($33.6 million) are combined into one address.
As usual, the 999 BTC is again divided into multiple parts and moved in the same way as the previous string. Russian blockchain researcher Issak Shvarts told our news station that this is the latest time news.Bitcoin.com has reported a large amount of block reward spending since 2010, “These bitcoins are now owned by cryptocurrency exchange Coinbase.”
All coins worth more than $35 million spent on January 25, 2021 were confirmed at block height 667,558. In addition, the corresponding Bitcoin Cash (BCH) block rewards were also moved on Monday. Similar to all other expenditures in the past, with the exception of the transfer on March 11, 2020, the corresponding Bitcoin (BSV) has not yet been touched.
What is interesting now is that this model all originated from the 2010 blocks mined in August, September and October. This is the same as all the “Satoshi Nakamoto era” Bitcoin transfer strings captured in the past. However, as mentioned above, the BTC block height of 667,558 has received 21 block rewards since 2010, and the first payment did not follow the 999 BTC that may be transferred to the exchange.
49.49 BTC is transferred to one address, and half of the bitcoin is sent to another address that is still idle. In addition, just before 21 ten-year old blocks were spent out of 667,558 blocks, two inconsistent blocks were spent on block heights 667,534 and 667,538 in 2010. The first payout is unique because the coin bank reward was created on December 12, 2010.
December 12, 2010 was special because it was the last day Satoshi Nakamoto sent a public letter to the entire Bitcoin community on the forum bitcointalk.org. The overall spending in 2010 starting from December did not see the corresponding BCH or BSV spending. 19.9 BTC and 30 BTC are sent to two addresses, and then divided into multiple parts, which may be sent to the exchange.
Currently, based on our collective research, we believe that the people who have transferred a large number of strings since 2010 are likely to be the same entity. It is always roughly the same as the number of coin-based rewards in 2010. All rewards are mined in the same month and are used at the same time around the early morning (EST) ten years later. Entities always follow the exact same pattern in methods and seem to care less about privacy.
Another possible theory related to the miner may indicate that the individual or individuals mined a lot of Bitcoin in 2010. For example, if this person is the same entity, they have spent more than 7,000 BTC since 2010, valued at more than $236 million, at today’s exchange rate.
Of course, if entities use these tokens immediately, on the day when the large rewards are transferred, they will earn far less than $236 million for each transferred spot price. In addition, after recording all 2010 block rewards spent in blocks 667,534, 667,538 and 667,558, a single 50 BTC block reward ($1.5 million) mined on November 5, 2010 was spent at block height 667,629 .
What do you think of the 1,000 bitcoin payout received from the 2010 block reward today? Let us know your thoughts on this topic in the comments section below.
Picture Credits: Shutterstock, PNG, Wiki Commons, Btcparser.com, Bitcoin.com, Holyroger.com,
Disclaimer: This article is for reference only. It is not a direct offer or solicitation of an offer, 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 is not directly or indirectly responsible for any damage or loss caused or allegedly caused by the use or reliance on any content, goods or services mentioned in this article or related thereto.