12 years ago, Bitcoin inventor Satoshi Nakamoto launched the network after revealing the cryptocurrency concept through the white paper a few months earlier. At approximately 6:15:05 PM UTC, the network launched its first block and more than 664,000 bitcoin blocks have been mined since then. Additionally, on the 12th anniversary of the network’s coming to life, a large series of 2010 block rewards began to kick in after more than a decade of inactivity.
The 12th anniversary of the Bitcoin Blockchain
Cryptocurrency proponents celebrate the invocation of the first computational network to Byzantine error dilemma created by the pseudonymous inventor Satoshi Nakamoto. The birth of the Bitcoin (BTC) network is quite special and over the past 12 years the crypto asset has become extremely valuable, reaching a peak today on January 3 to $ 34,800 each.
After Satoshi shared his cryptocurrency concept online with a few interested individuals on Halloween 2008, just over three months later he launched the hard-coded block reward, also known as ‘block zero’ or the ‘genesis block’.
Block zero or the genesis block has the usual 50 bitcoin reward, but these particular bitcoins can never be spent. The Genesis block also has two leading hex zeros, which was a common characteristic for early blocks at the time. Additionally, the infamous block zero also contained a message found in the block’s coinbase parameter.
This first blockchain message etched into Satoshi’s hard-coded bitcoin block says:
The Times 03 / Jan / 2009 Chancellor on the eve of second bank bailout.
The genesis block not only has the 50 bitcoin block reward that cannot be spent, but people have also sent small fractions of bitcoin to the address since its launch. The genesis block address has seen approximately 2,722 transactions and is now a cumulative total of 68.35 BTC sitting still.
Today bitcoin blocks are quite predictable and are processed by miners every 10 minutes. But the block (1) that followed the hard-coded Genesis block did not appear until seven days later. The first transaction with the software programmer, Hal Finney, occurred in block 9 or three whole days after block 1 was mined.
Satoshi Nakamoto’s Well-Deserved Bitcoin Stash
Now Satoshi Nakamoto also spent time with the community, all the way up to December 2010. It is well known that the inventor also mined the crypto asset in the months he managed the network with the community.
Interestingly enough, it is believed by several academic papers that Nakamoto mined somewhere between 700,000 and 1.1 million BTC kickstart the network during his tenure. The inventor reportedly did this with a single Windows-based personal computer. It is also believed that Nakamoto has not issued any coins since they were initially mined, and that his stock of one million bitcoin has been inactive since they were issued.
Quite a few old coins resulting from coinbase rewards have not been spent and have been inactive for over ten years. For example, the onchain researchers at Glassnode tweeted on December 18, 2020, that “1.78 million bitcoins never left their miner’s 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 in strings. Each string spent last year was about 20 to 21 block rewards as of 2010 and these coins have never moved once since the day they were issued.
20 Decade-old block rewards from 2010 Move into block 664,263 on January 3, 2021
Surprisingly, today on the 12th anniversary of the launch of the Bitcoin network, the mysterious miners or miners released another large series of ‘dormant bitcoins’ from the Satoshi era. On January 3, 2021, exactly 20 block rewards from 2010 were issued at block height 664,263. The old school miner from 2010 sent the 1,000 bitcoins worth more than $ 339 million to one BTC address that started with ’35grPirp’.
After the first consolidation, the 1,000 BTC was split into fractions according to the the exact same patterns news.Bitcoin.com discovered with all other blockstrings from 2010. Today’s spend of 20 blocks was taken Btcparser.com, and a visual perspective of the 2010 series of blocks released on theholyroger.com’s “Satoshi Bags Tracker. “
Usually, if it’s a single entity, this miner will spend another block of 2010 a little later in the day to spend the total of 21 block rewards. Decades-old ‘Satoshi-era’ block rewards spending is quite rare, but they’ve been picking up steam since 2020.
It’s also worth noting that the old school miner always spends the corresponding bitcoin money (BCH) also block rewards, but not the bitcoinsv (BSVrewards. The only time the miner spent block rewards on all three chains was the 21 2010 block rewards issued on March 11, 2020, the day before the infamous ‘Black Thursday’.
Today’s 2010 block releases are very special considering how they were carried over on Bitcoin’s birthday, while crypto assets also hit another all-time price high.
We really don’t know if these coins have been sold or plan to be sold in the open market. The technical term ‘issued’ simply means that the coins have left the original address they came from, and it does not necessarily mean that the coins are being sold on exchanges. In addition, the term “Satoshi era” does not mean the coins derived from Nakamoto either, since the term simply means that the inventor was there during this period.
What do you think of the Bitcoin blockchain’s 12th anniversary? Let us know what you think about this topic in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Btcparser.com, Bitcoin.com, Holyroger.com,
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