On October 22 at 4:52 p.m. (EDT), a miner who purchased 50 bitcoin on May 17, 2010, spent the funds that had been sitting idle for 11 years and five months. A 2010 block reward hasn’t been spent in three months, and the last time a 2010 miner spent their’sleeping bitcoin’ was on July 4, 2021. After more than a decade of waiting, the miner who spent the’sleeping bitcoin’ on Friday saw a percentage gain of 76,249,900 percent if the individual cashed out today in US dollars.
Editor’s Note: On October 24, 2021, the day this post was published, another block reward from 2010 that was created on July 18, with 50’sleeping bitcoin’ was transferred. The 2010 block reward was transferred at block height 706,461 and was worth slightly more than $3 million at today’s exchange rate.
After Bitcoins sat for more than a decade, an old-school miner spends his 2010 block reward.
It’s been a while since a block reward of’sleeping bitcoins’ from 2010 was spent, and on Friday, a block reward from that time period was transferred after sitting for 11 years and five months. Prior to Friday’s 2010 block reward spend, the most recent 2010 block transfer occurred on July 4, 2021.
For quite some time, members of the Telegram channel “Gold Found In Sand,” as well as the creator of the blockchain parser btcparser.com, have been identifying these old school miners from 2010 and other years. The block reward spent on Friday was derived from a mining reward earned on May 17, 2010 and was transferred at block height 706,203.
An in-depth report on’sleeping bitcoins’ published on September 28, 2021, revealed that old school miners from 2010 to 2013 moved $1 billion in BTC (using exchange rates from the day the study was published), or 23,250 BTC transferred.
2010 Block Reward Transfers Have Become Rare; Friday’s Transfer Would Return 76 Million Percentage If Sold For USD.
The 2010 block reward move on Friday, if converted to fiat currency, would be worth more than $3.1 million, as bitcoin (BTC) opened the day at $62,237 per unit. Surprisingly, when the bitcoin miner acquired the coins, the total value was only $4. The miner chose to wait and not spend it at $0.08 per unit, which was the price of a single bitcoin in June-July 2010.
If the miner decided to exchange the funds for fiat that day, he or she would gain a whopping 76,249,900 percent increase in value. Meanwhile, as previously stated, 2010 block reward spends have been scarce in the last four months. However, there have been more 2011 block reward transfers.
Prior to Friday’s 2010 block, 13 2011 block rewards were transferred to the blockchain in October alone. Using October 23rd exchange rates, that equates to $39.5 million in fiat value. This is due to the fact that the terms “spent” or “spend” used in this article do not always imply that the bitcoins were “sold” to a third party, such as a popular cryptocurrency exchange.
The corresponding bitcoin cash (BCH) or bitcoinsv (BSV) were not moved in the 2010 transfer on October 22. Those coins are still sitting idle today, as the BCH stash is worth $31,312 and the BSV stash is worth $8,595 at the time of writing. All 2010 block rewards mined during that time period will include BCH and BSV, as well as a slew of lesser-known BTC forks.
Furthermore, the mystery whale has not returned to move strings of bitcoin rewards in more than three months. On June 9, 2021, at block height 686,865, we caught the infamous 2010 mining whale for the last time.
The whale was unique in that it spent 1,000 BTC or 20 block rewards from 2010 in a single block on a regular basis. We can’t say whether or not the whale who spent 20 block rewards on a regular basis in 2010 will return. The whale waited 78 days to return before spending 1,000’sleeping bitcoin,’ worth $35 million at the time of transfer, on June 9.