At 4:52 pm (Eastern Time) on October 22, the miners who received 50 bitcoins on May 17, 2010 will be idle for 11 years and 5 months. This 2010 miner did not move the 2010 block reward, and the most recent transfer was July 4, 2021. After more than ten years of patient waiting, if the miners who transferred the “sleeping bitcoins” cashed into U.S. dollars today, the percentage gain on Friday would be 76249900%.
Editor’s note: Another block reward in 2010 was created on July 18th, which contained 50 “sleeping bitcoins” and was transferred on October 24, 2021, the day this article was published. The block reward for 2010 was transferred at block height 706,461, and at today’s exchange rate, the value was just over US$3 million.
It has been a while since the block reward of “Sleeping Bitcoin” was transferred in 2010. On Friday, the block reward of that era was transferred after 11 years and 5 months of sleep. Before the 2010 block reward transfer on Friday, the last 2010 block transfer was on July 4, 2021.
With the help of the creators of Bitcoin.com News and the blockchain parser btcparser.com and members of the Telegram channel “Gold Found In Sand”, it has been a while since 2010 and other years to identify these old miners. The block rewards spent on Friday came from the mining rewards obtained on May 17, 2010, and were transferred at block height 706,203.
A visual perspective of the block reward transfer (red dot) from The (Not)’Satoshi Bags’ Tracker of theholyroger.com on May 17, 2010.
On September 28, 2021, an in-depth report on “Sleeping Bitcoin” showed that from 2010 to 2013, old-school miners transferred $1 billion of BTC (using the exchange rate on the date of the research release) or 23,250 BTC .
In 2010, the transfer of block rewards became infrequent. If sold in US dollars, the transfer on Friday will result in a net profit of 76 million%
The 2010 block reward changes on Friday, if converted to fiat currency, the value will exceed 3.1 million US dollars, because Bitcoin (BTC) is trading at 62,237 US dollars per unit at the opening of the market on Friday. It is worth noting that when Bitcoin miners obtained these tokens, they were only worth $4 at the time. The miners decided to wait instead of spending at a price of $0.08 per unit, which is equivalent to the price of a single bitcoin from June to July 2010.
If he or she decides to use these funds to trade fiat currencies on the same day, then the miner will manage to obtain a value increase of up to 76,249,900%. At the same time, as mentioned above, in the past four months, there was very little block reward expenditure in 2010. In 2011, the number of block reward transfers was even greater.
Before the block on Friday in 2010, 13 block rewards from 2011 were transferred to the blockchain in October alone. Using the exchange rate of October 23, if converted into legal tender, the value is 39.5 million U.S. dollars. This is because the term “transfer” in this article does not necessarily mean that Bitcoin is “sold” to a third party, such as a popular cryptocurrency exchange.
The transfer on October 22, 2010, did not see the corresponding Bitcoin Cash (BCH) or Bitcoinsv (BSV) movement. These coins remain idle to this day, because at the time of writing, BCH is worth $31,312 and BSV is worth $8,595. All 2010 block rewards mined in that era tied BCH and BSV to private keys, as well as countless little-known BTC forks.
In addition, the mysterious whale that was captured with the help of Bitcoin.com News and btcparser.com has not returned for mobile bitcoin rewards for more than three months. The last time we caught the infamous 2010 mining whale was on June 9, 2021, at block height 686,865.
This whale is special because it continuously transfers 1,000 BTC or 20 block rewards in 2010 in a block. We cannot say whether the whales who have been spending 20 block rewards since 2010 will not come back. Before transferring 1,000 “dormant bitcoins” (worth $35 million at the time of transfer) on June 9th, the whale waited 78 days to return.
Original: https://news.bitcoin.com/from-4-to-over-3-1-million-miner-transfers-50-sleeping-bitcoin-after-btc-sat-idle-for-11-years/
Author: Jamie Redman
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