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12 years ago, Bitcoin inventor Satoshi Nakamoto launched the network after revealing the concept of cryptocurrency via the white paper a few months earlier. At approximately 6:15:05 PM UTC, the network launched its first block and since then over 664,000 blocks of bitcoin have been mined. In addition, on the 12th anniversary of the birth of the network, a large series of block rewards of 2010 began to move after more than ten years of inactivity.
The 12th anniversary of the Bitcoin blockchain
Cryptocurrency proponents celebrate the invocation of the first computer network to solve the Byzantine fault dilemma created by pseudonymous inventor Satoshi Nakamoto. The birth of the Bitcoin Network (BTC) is quite special and over the past 12 years the crypto asset has become extremely valuable to peak today on January 3 at $ 34,800 per unit.
After Satoshi shared his concept of online cryptocurrency to a few interested people online at Halloween 2008, a little over three months later, he launched the hard-coded block reward, also known as ‘block zero’. ‘or “ genesis block’ ‘.
Block zero or genesis block has the usual reward of 50 bitcoins, but those particular bitcoins can never be spent. The genesis block also has two leading hexadecimal zeros, which was a common feature of early blocks at the time. In addition, the infamous block zero also contained a message which can be found in the coinbase parameter of the block.
This first blockchain message etched into Satoshi’s hard-coded bitcoin block says:
The Times 03 / Jan / 2009 Chancellor on the verge of second bank bailout.
Today’s Genesis Block not only has the 50 Bitcoin Block reward that cannot be spent, but also people have sent small fractions of bitcoin to the address since its launch. The genesis block address recorded around 2,722 transactions and there is now a cumulative total of 68.35 BTC inactive.
These days, bitcoin blocks are quite predictable and are processed every 10 minutes or so by miners. But the block (1) that followed the hard-coded genesis block did not occur until seven days later. The first transaction with software programmer Hal Finney took place in block 9 or three full days after mining block 1.
Satoshi Nakamoto’s well-deserved bitcoin stash
Now Satoshi Nakamoto also spent time with the community, until December 2010. It is well known that the inventor also mined the crypto asset during the months he spent managing the network with the community.
Interestingly, it is speculated by various academic papers that Nakamoto mined between 700,000 and 1.1 million BTC during his tenure to launch the network. The inventor allegedly did this with a single Windows personal computer. It is also assumed that Nakamoto has not spent any coins since their initial mining and that his stash of one million bitcoins has been idle since their issuance.
A lot of old coins from coinbase rewards went unspent and lay dormant for over ten years. For example, Glassnode onchain researchers tweeted on December 18, 2020, that “1.78 million bitcoins never left their miner address.”
Interestingly, last year in 2020 news.Bitcoin.com discovered an old school miner or miners who spent a consecutive number of 2010 block rewards on chains. Each chain passed last year has been around 20-21 block awards as of 2010 and these coins have never moved a single time since the day they were issued.
20 Decade Block Awards from 2010 Move January 3, 2021 to Block 664,263
Surprisingly, the mysterious miner (s) spent another large round of Satoshi-era ‘sleeping bitcoins’ today on the 12th anniversary of the launch of the Bitcoin network. On January 3, 2021, exactly 20 block rewards of 2010 were spent at the block height of 664,263. The old school miner of 2010 sent the 1000 bitcoins worth over $ 339 million to a BTC address starting with “35grPirp”.
After the initial consolidation, the 1000 BTC was split into fractions following exactly the same patterns as news.Bitcoin.com discovered with all other blockchains in 2010. Today’s 20 spending blocks were captured by Btcparser .com, and a visual perspective of the 2010 block series spent on theholyroger.com’s “Satoshi Bags Tracker”.
Usually that miner, if it’s a single entity, will spend another 2010 block later today to count the 21 block rewards spent. The decades-old block rewards from the Satoshi era are quite rare, but they’ve been gaining momentum since 2020.
It’s also worth noting that the old school miner still spends the corresponding Bitcoin Cash (BCH) block rewards, but not the bitcoinsv (BSV) rewards. The only time the miner has spent block rewards on all three chains was the 21 block rewards of 2010 passed on March 11, 2020, the day before the infamous “ Black Thursday. ”
Today’s block spending from 2010 is quite special, as it moved on Bitcoin’s anniversary day, while the crypto asset also hit another record high price.
We really don’t know if these parts have been sold or if they are planning to be sold on the open market. The technical term “spent” simply means that the parts have left the original address they came from, and it does not necessarily mean that the parts are sold on exchanges. Moreover, the term “Satoshi era” also does not mean the derivative parts of Nakamoto, as the term simply means that the inventor was there during that time.
What do you think of the 12th anniversary of the Bitcoin blockchain? Let us know what you think of this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, Btcparser.com, Bitcoin.com, Holyroger.com,
Warning: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, nor a recommendation or endorsement of any products, services or businesses. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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