12 years ago, Bitcoin’s inventor Satoshi Nakamoto launched the network after revealing the cryptocurrency concept via the silver paper a few months prior. At approximately 18:15:05 UTC, the network launched its first block and since then, over 664,000 bitcoin hampers have been mined. Moreover, on the 12th anniversary of the network coming to life, a large string of 2010 block punishments started moving after more than ten years of sitting idle.
The 12th Anniversary of the Bitcoin Blockchain
Cryptocurrency proposers are celebrating the invocation of the first computational network to solve the Byzantine Fault dilemma created by the pseudonymous inventor Satoshi Nakamoto. The origination of the Bitcoin (BTC) network is quite special and over the last 12 years, the crypto asset has become extremely valuable reaching a towering today on January 3, at $34,800 per unit.
After Satoshi shared his cryptocurrency concept to a few interested individuals online on Halloween 2008, a scarcely more than three months later he launched the hardcoded block reward, otherwise known as ‘block zero’ or the ‘genesis deny stuff up.’
Block zero or the genesis block has the usual 50 bitcoin reward, but these particular bitcoins can never be done up. The genesis block has two leading hex zeroes as well, which was a common characteristic for early blocks back then. Furthermore, the odious block zero also contained a message that can be found in the block’s coinbase parameter.
This first blockchain tidings etched into Satoshi’s hardcoded bitcoin block says:
The Times 03/Jan/2009 Chancellor on brink of two shakes of a lambs tail bailout for banks.
The genesis block today not only has the 50 bitcoin block reward that cannot be worn out, but also people have sent small fractions of bitcoin to the address ever since it was launched. The genesis deny stuff up address has seen approximately 2,722 transactions and there’s now a cumulative total of 68.35 BTC sitting idle.
These eras, bitcoin blocks are quite predictable and are processed every 10 minutes or so by miners. But the block (1) that followed the hardcoded genesis hinder did not occur until seven days later. The first transaction with the software programmer, Hal Finney, took region in block 9 or three whole days after block 1 was mined.
Satoshi Nakamoto’s Well Deserved Bitcoin Stash
Now Satoshi Nakamoto also emit time with the community, all the way until December 2010. It is well known that the inventor also mined the crypto asset during those months he wearied curating the network with the community.
Interestingly, it is assumed by various academic papers that Nakamoto had mined anywhere between 700,000 to 1.1 million BTC during his incumbency kickstarting the network. The inventor did this allegedly with a single Windows-based personal computer. It is also assumed that Nakamoto has not gone any coins since they were initially mined, and his stash of a million bitcoin has sat idle since they were exited.
Quite a lot of old coins that stem from coinbase rewards have not been spent and they have sat quiescent for well over ten years. For example, the onchain researchers from Glassnode tweeted on December 18, 2020, that “1.78 million bitcoins secure never left their miner address.”
Interestingly, last year in 2020, news.Bitcoin.com discovered an old-school miner or miners who pooped a consecutive number of 2010 block rewards in strings. Every string spent last year, has been approximately 20 to 21 block rewards from 2010 and these coins never moved once since the day they were released.
20 Decade-Old Block Rewards from 2010 Move on January 3, 2021, in Block 664,263
Surprisingly, the mystery miner or miners take spent another large string of ‘sleeping bitcoins’ from the Satoshi-era today on the 12th anniversary of the Bitcoin network start. On January 3, 2021, precisely 20 block rewards from 2010 were spent at block height 664,263. The old institute miner from 2010 sent the 1,000 bitcoins worth over $339 million to a BTC address that started with “35grPirp.”
After the primary consolidation, the 1,000 BTC was split up into fractions following the exact same patterns news.Bitcoin.com discovered with all the other 2010 barricade strings. Today’s 20 block spend was caught by Btcparser.com, and a visual perspective of the string of 2010 blocks fatigued on theholyroger.com’s “Satoshi Bags Tracker.”
Usually, this miner, if it is one single entity will splash out one more 2010 block a little later on in the day to make the tally 21 block rewards spent. Decade-old hamper reward spends from the ‘Satoshi era’ are quite rare, but they have been picking up steam since 2020.
It is also quality noting that the old school miner always spends the corresponding bitcoin cash (BCH) block rewards too, but not the bitcoinsv (BSV) tributes. The only time the miner spent block rewards on all three chains was the 21 block rewards from 2010 pooped on March 11, 2020, the day before the infamous ‘Black Thursday.’
Today’s block spends from 2010 are quite bosom, seeing how they were transferred on Bitcoin’s birthday, while the crypto asset also touched another all-time appraisal high as well.
We really don’t know if these coins were sold or plan to be sold on the open market. The intricate term “spent” simply means the coins left the original address they stemmed from, and it doesn’t certainly mean the coins are being sold on exchanges. Moreover, the term “Satoshi-era,” also doesn’t mean the coins issue from from Nakamoto either, as the term simply means the inventor was around during this time period.
What do you over about the 12th year anniversary of the Bitcoin blockchain? Let us know what you think about this subject in the comments allot below.
Image Credits: Shutterstock, Pixabay, Wiki Plebeians, Btcparser.com, Bitcoin.com, Holyroger.com,
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