Another block reward from 2010 was spent on Wednesday morning (ET) to supplement the many “Satoshi Era” or so-called “sleeping Bitcoins” waking up in 2020. The block reward with 50 bitcoins was created on November 11, 2010 and transferred in 652,669 blocks ten years later.
In the past few weeks, news.Bitcoin.com has been using a variety of tools to crawl the BTC blockchain to study the large number of old coins that have been transferred this year. The term “Satoshi Nakamoto Era” refers to the period when Satoshi Nakamoto, the inventor of Bitcoin, was still participating in the community until he/she/or they left in December 2010.
A large number of block rewards from this era have been dormant for more than ten years, and blockchain researchers also refer to these coins as “zombies” or “sleeping” bitcoins. It is estimated that anywhere between 1.5 to 1.8 million bitcoins ($20B) is considered the “sleeping” bitcoin of the Satoshi Nakamoto era. However, by 2020, many of these coins have moved randomly, and some of them fluctuate.
Our news desk spotted the first wave of 21 yuan rewards on March 11, the day before the infamous “Black Thursday”. March 12, 2020, also known as “Black Thursday”, refers to the global market; stocks, oil, bonds, and safe-haven assets including gold and digital currency markets lost considerable value. In the 2010 block reward operation in March, 1,050 BTC were transferred, as well as the corresponding BCH and BSV. Exactly 151 days later, on October 11, 21 block rewards were moved and the corresponding BCH was also spent.
Three days later, another 2010 block reward created on November 11, 2010 was transferred on Wednesday morning. After spending one block in October 2016, Btcparser.com caught the action. Statistics from Blockchair show that the owner only moved Bitcoin (BTC), while BCH and BSV remained.
The cash transferred was the original coinbase reward in 2010, which was about 50 BTC or ($570k + at today’s exchange rate) and was used in 652,669 yuan. Blockchair’s Privacy-o-Meter stated that privacy rights are high, and the site gave the transaction a score of 85 out of 100. For example, Hash ID means that there is no output and rare fingerprint of the same type as the input.
In 2010, the 50 BTC block reward was divided into three wallets, and one wallet still showed 7.348 BTC unused. Since 2010, 21 group rewards were spent on October 11th, which also shows that privacy was considered at that time. This person can not only simply transfer 21 coins worth of coins, because these transactions are collected on one P2SH address, and then split into multiple BECH32 addresses. It was also discovered that 9.999 BTC ($112,000+) was sent to the Free Software Foundation (FSF) in Boston. Another 9.999 BTC (above $112,000) from this spending wave in 2010 was also sent to the American Institute of Economic Research (AIER).
We don’t know why the so-called “sleeping bitcoins” began to emerge in large numbers this year since 2010, but historical expenditures in 2019 and 2020 are more than in 2018. The price change may be related to it, because the price in 2018 is much lower than in 2017 and the last two years. Before the spending of 21 blocks on March 11, only two other historical block rewards were spent, except for the famous February 2009 reward that moved with a block height of 627,404 on May 20, 2020.
Before the large-scale move in March, the last continuous use of the 2010 block reward time was November 24, 2019. At this time, miners spent a lot of 2010 block rewards on the height of 605,182 blocks, and these rewards were mined in the same way over the time span. In fact, all three consecutive series of expenditures in 2010 were mined in the same time frame.
The time span is from July 2010 to November 2010, with zero blocks starting from December 2010 of the month Satoshi left. Starting from December 2010, the last spending of Coinbase rewards was one month before the consecutive 2019 spending in November.With (non-)Satoshi’s Bags Tracker, all expenditures can be seen visually
Starting from November 11, 2010, spending a large amount of rewards on October 14, 2020, plus the continuous expenditure in 2010 three days ago, the expenditure in mid-March and the expenditure in November 2019 are regarded as the same miner . People may lazily think that these coins came from Satoshi Nakamoto, but everyone knows that from July 2010 to before he left, there were quite a few Bitcoin miners.
During this time, Jed McCaleb called Mt Gox and introduced the first public OpenCL miner. Most of the 2010 coins spent in recent days were born before the infamous 74,638 bugs. More importantly, by the same period in 2010, many miners were mining Bitcoin, which was the initial creation of the first mining pool named “Slush Pool” in November.
What do you think of the recent block reward spending in 2010? Tell us what you think in the comments section below.
Picture Credits: Shutterstock, Pixabay, Wiki Commons, theholyroger.com, Btcparser.com, Blockchair,
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