đ¨1000 BITCOINS BURIED SINCE THE ERA OF SATOSHI NAKAMOTO RISE TO THE SURFACE
â Ancient bitcoins are waking up. After the launch of the blockchain network of Bitcoin (BTC) in January 2009, its creator â Satoshi Nakamoto â continued to take care of it until April 2011. But since May 2011 and a final private email addressed to Gavin Andresen (a developer pioneer of BTC): we never heard from him again. So when bitcoins dating from this period suddenly start moving again, the cryptosphere wonders. In this case, it is 1000 BTC mined in 2010 that have just made headlines, suddenly coming out of their deep hibernation.
đ¨13 YEARS OF DEEP SLEEP FOR THESE 1000 BTC DATING FROM 2010
â With the crypto community still watching for a hypothetical return of Satoshi Nakamoto, all bitcoin transactions dating back to his known time of activity are obviously closely scrutinized. And, in fact, a total of 1000 ancient BTCs have just recently come back to life at the beginning of December 2023.
â These bitcoins come from block rewards obtained, hold on, between August and November 2010. The company CryptoQuant, specialized in the analysis of on-chain data, spotted these movements on December 4, 2023, i.e. more than 13 years ago after these BTC are frozen in time.
đ¨IN THE START OF SATOSHI NAKAMOTO, THE BLOCK REWARD WAS 50 BTC
â Characteristic of this era so close to Satoshi Nakamoto that it could potentially even be him, the block rewards for validating (mining) a set of transactions were 50 BTC altogether.
â Indeed, the blockchain network had not yet undergone the slightest halving, a process coded by Satoshi which occurs every 210,000 blocks mined (i.e. approximately 4 years) to halve the block reward.
â So, today in 2023, this reward is already only 6.25 BTC, after 3 halvings. But, the next halving, scheduled for April 2024, will further reduce this issuance of new bitcoins to only 3.125 BTC per mined block.
