12 years ago, Satoshi Nakamoto, the inventor of Bitcoin, launched the network after revealing the concept of cryptocurrency through a white paper a few months ago. At approximately 18:15:05 UTC, the network launched its first block. Since then, more than 664,000 Bitcoin blocks have been mined. In addition, on the 12th anniversary of the birth of the network, after more than ten years of inactivity, a large number of block rewards in 2010 began.
12th Anniversary of Bitcoin Blockchain
Cryptocurrency supporters are celebrating the call of the first computing network to solve the Byzantine failure problem created by the pseudonymous inventor Satoshi Nakamoto. The birth of the Bitcoin (BTC) network is very special. In the past 12 years, encrypted assets have become extremely valuable. It reached today’s high on January 3 at a price of $34,800 per unit.
Before Halloween in 2008, after Satoshi shared his cryptocurrency concept with some interested people on the Internet, more than three months later, he released a hard-coded block reward, which is the “Zero Zone”. Block” or “Genesis Block”.
Zero block or genesis block usually has 50 bitcoin rewards, but these specific bitcoins will never be spent. The genesis block also has two leading hexadecimal zeros, which was a common feature of the early blocks at that time. In addition, the infamous block zero also contains a message, which can be found in the coinbase parameter of the block.
The first blockchain message etched into Satoshi’s hardcoded Bitcoin block says:
“The Times” / January 3, 2009, the prime minister is in the second round of bailout of banks.
Today’s Genesis block not only has an unusable 50 Bitcoin block reward, but since its launch, people have sent a small amount of Bitcoin to this address. About 2,722 transactions have occurred in the genesis block address, and the total amount of idle is now 68.35 BTC.
Today, Bitcoin blocks are predictable, and miners process them every 10 minutes or so. But the block (1) after the hard-coded genesis block is closely followed until 7 days later. The first transaction with software programmer Hal Finney occurred in the 9th block after the first block was mined, or three full days.
Satoshi Nakamoto’s well-deserved Bitcoin stash
Satoshi Nakamoto has been spending time in the community now, until December 2010. As we all know, during the months he was planning the network with the community, the inventor also mined crypto assets.
Interestingly, various academic papers believe that Satoshi Nakamoto started the network during his tenure and mined 700,000 to 1.1 million BTC. Allegedly, the inventor used a Windows-based personal computer to perform this operation. It can also be assumed that Satoshi Nakamoto has not spent any coins since it was first mined, and since its issuance, his hideout of one million bitcoins has been idle.
Many old coins derived from coin-based rewards are not used, they have been dormant for more than ten years.For example, on-chain researchers from Glassnode Tweet On December 18, 2020, “1.78 million Bitcoins never left their miner address”.
Interestingly, in 2020 last year, news.Bitcoin.com discovered one or more old-fashioned miners who spent a lot of block rewards in 2010. Each string of coins spent last year has received 20 to 21 block rewards since 2010. These coins have not been moved since the date of issuance.
20 years of old block rewards from 2010 on January 3, 2021, moved in 664,263 blocks
Surprisingly, today, on the twelfth anniversary of the launch of the Bitcoin network, one or more mysterious miners spent a large sum of “sleeping bitcoins” from Satoshi Nakamoto. On January 3, 2021, starting from 2010, exactly 20 block rewards were spent on the block height of 664,263. This old-school miner started sending 1,000 bitcoins worth more than $339 million to BTC addresses beginning with “35grPirp” in 2010.
After the initial merger, news.Bitcoin.com, along with all other 2010 block strings, divided 1,000 BTC into parts following the exact same pattern. Btcparser.com captured today’s 20 block spending, and saw a series of 2010 block visual effects on theholyroger.com’s “Satoshi Bags Tracker”.
Normally, the miner (if it is a single entity) will spend another 2010 block later in the day so that the spending reward reaches 21 blocks. Block reward spending with a ten-year history in the “Satoshi Era” is rare, but it has been accelerating since 2020.
It is also worth noting that old-school miners also always spend the corresponding Bitcoin Cash (BCH) block rewards instead of Bitcoin v (BSV) rewards. The only time this miner spent block rewards on all three chains was on March 11, 2020, the day before the infamous “Black Thursday”, starting with 21 block rewards in 2010.
Today’s large expenditures in 2010 are very special. I have seen how they were transferred on Bitcoin’s birthday, and encrypted assets have also reached a record high.
We really don’t know if these coins have been sold or plan to be sold on the open market. The technical term “used” only means that the tokens have left their original address, and does not necessarily mean that the tokens are sold on exchanges. In addition, the term “Satoshi Nakamoto” does not refer to coins derived from Satoshi Nakamoto, because the term only means that the inventors existed during this period.
What do you think of the 12th anniversary of the Bitcoin blockchain? Let us know your thoughts on this topic in the comments section below.
Tags in this story
1000 BTC, 12 years, 12 years, 20 blocks, 2010 block rewards, Bitcoin (BTC), Bitcoin 12, Bitcoin network launch, inventor of Bitcoin, Bitcoin, zero block, cryptocurrency, Genesis Block, Hal Finney, Satoshi Nakamoto, Sleeping Bitcoin, White Paper
Picture Credits: Shutterstock, PNG, Wiki Commons, Btcparser.com, Bitcoin.com, Holyroger.com,
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