• Fri. Mar 1st, 2024

$8 Million Worth ‘Sleeping’ Bitcoin Rewards from 2010 Moved before Black Thursday



Oct 4, 2020
On October 1st, almost half a million dollars worth of Bitcoin was transferred to Bitfinex and it came from a May 2010 coinbase reward

On October 1st, almost half a million dollars worth of Bitcoin was transferred to Bitfinex and it came from a May 2010 coinbase reward. The old coins were recorded as spent by a parser and since mid of February 2020, almost 33 ‘sleeping Bitcoin addresses’ have been spent from ten years ago. It is interesting to note that 20 of the 33 rewards issued in 2010 had been spent this year only a day before Black Thursday this year. Btcparser, the software program, recorded a 2010 old coinbase reward spent on Thursday, earlier this week. 

The 50 bitcoins had been sitting dormant for over a decade. Btcparser is a browser and Telegram bot that was developed for monitoring the activity of the sleeping bitcoin addresses. Three types of parsed data were shown by Btcparser, which was obtained from the Bitcoin blockchain. The first parser is responsible for scanning the BTC blockchain for any activity concerned with the 64,529 addresses that have been established from 2009 to 2017. The Telegram channel of Btcparsel shows that the alleged dead addresses had been recorded since February 13th this year. Most of the rewards spent in this year on the first list of Btcparser were minted in 2015, 2016, and 2017. 

Even though it is rare for blocks that were minted in 2011, 2012, 2013, and 2014 to be spent, a few of them were recorded this year. A total of 50 BTC coinbase rewards spanning over 33 blocks were moved from mid-February until today, after a full decade. This year, another block reward was spent that could be traced back to 2009. This means 34 block rewards, which are the equivalent of 1,650 BTC that have a value of $17 million, according to today’s exchange rate. The last block of coins from 2010 was moved on October 1st, 2020 and they were allegedly transferred to a hot wallet on Bitfinex. 

Last Thursday, a 2010 block was spent that had been minted on May 24th, 2010 when Bitcoin had been almost worthless. For instance, the block was created a week after 10,000 BTC were traded by Laszlo Hanyecz for two pizzas. The last bitcoin stemming from 2010 that were moved, before the transfer on October 1st, was on September 22nd and September 2nd, this year. These 100 Bitcoins, which are over $1 million in value, had been issued on September 16th and October 6th, 2010. 

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Of the total 33 block-rewards from 2010 that were moved this year, one of the 2009 block rewards had also been transferred on May 20th, 2020. This particular block made a lot of headlines because it had been mined just after a month of the release of the BTC network. But, a story that didn’t make it to the headlines was a transfer of 20 block rewards, equivalent of 50 BTC, which were transferred on March 11, 2020, just a day before the ‘Black Thursday’ market crash when all crypto markets declined significantly and Bitcoin saw a price decrease of 49% as it reached $3,870. 


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