After 21 coinbase rewards from 2010 were spent on November 7, another long chain called ‘sleeping bitcoin’ mined a decade ago was moved on Sunday morning. According to onchain data, 20 block rewards from 2010 with 1,000 BTC have been transferred at 4:02 am EST.
One ton of ‘zombie money’ has been moved by 2020, after more than ten years of inactivity. Zombie money or the so-called ‘sleeping bitcoin’ is a large number of old addresses with a block reward that has never been spent. Estimates suggest that there are between 1.5 and 2 million bitcoins dormant in addresses, and those coins never moved. A large portion of the sleeping bitcoins are assumed to be that of Satoshi Nakamoto, as it is believed he / she or they mined around 700,000 to 1.1 million BTC.
It would be unusual for coinbase rewards from 2010 to be used, but in 2020, there’s a lot to see. On Sunday morning around 4:02 am (EST), after news.Bitcoin.com reported on 21 blocks from 2010 being spent on Saturday morning, another 20 rewards were moved. The 20 coinbase rewards were all transferred at block height 655,943 and once again all actions were captured by the researchers from Btcparser.com.
Similar to the Saturday, November 7 spending pattern, the coins spent on Sunday also showed the corresponding amount of bitcoin cash (BCH) being spent. The blockchain explorer data also showed that the corresponding bitcoin (BSV) coinbase reward was not being used.
The move at 4 a.m. on Sunday, was another $ 15.5 million worth of bitcoin block rewards from ten years ago. Back in 2010, the block reward for miners who found the block was about 50 BTC per reward. All proceeds from the 2010 block reward have been sent to an address Sunday morning and news.Bitcoin.com readers can view the address here.
** Update – After the publication of this editorial, on November 8, 2020, around 1:03 pm (EST), the owner split 1,000 bitcoin (BTC) into multiple outputs. **
Blockchain explorer Blockchair shows that unlike 2010’s previous chains spent on Saturday, October 11 and March 11, spending on Sunday had no privacy. Yesterday’s spending on Blockchair’s Privacy-o-Meter had a 100% security score, while Sunday 2010’s spending had zero. Today’s blockchair data shows that all funds are consolidate into a single site and have extensive co-spending and involvement.
Another similarity with Sunday 2010’s spending compared to yesterday’s chain, is that all coinbase rewards originate from August, September, and October 2010.
Speaking to a researcher from Btcparser.com, the analyst noted that “whales are the kind of retail training.” The Btcparser.com analyst says the money may have been sent to an exchange, but is still sitting back and waiting. “So people may not see a clear connection between awakening and price adjustment,” he said.
The analyst added:
People could begin to speculate that 1,000 old bitcoins could cause devaluation… But what could 10,000 bitcoins do?
In addition to the parsed data coming from Btcparser.com and various blockchain explorers, theholyroger.com’s “(Not) ‘Pocket of Satoshi” tracker also shows a visual perspective of coins. Old money is spent this weekend on Saturday and Sunday mornings.
People also often ask how many miners, apart from Satoshi, have mined bitcoin within this time frame. The old social media posts and forums show that at this point in 2010, there are a lot of miners, possibly hundreds and possibly even more than a thousand.
During the summer months of 2010, July specifically, it was a period of transition between bitcoin miners using CPUs and GPUs. For example, pseudonym Artforz appeared on Bitcointalk.org in July 2010, and at certain timeframes he claims to have control over more than a quarter of the total hashes. He was a developer that was frequently seen for a while in Bitcoin’s early days.
Also, Laszlo Hanyecz, the man who traded 10,000 BTC for two pizzas, actually GPU mined bitcoin two months ago Artforz. However, Artforz is known for the first GPU farm called ‘Artfarm.’ Artforz’s farm consisted of 24 Radeon 5970s in the summer of 2010. He also claims to have mined 1,700 BTC in six days. Additionally, in October, it was also claimed that Artforz had about 20-30% of the Bitcoin network’s computing power.
What do you think of 20 blocks from 2010 that were moved on Sunday morning, November 8 after yesterday’s transfer? Let us know what you think of this story in the comments below.
Image credit: Shutterstock, Pixabay, Wiki Commons, Btcparser.com, Bitcoin.com, Holyroger.com,
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