• Sat. Jul 20th, 2024

Bitcoin’s 12th Anniversary Sees BTC Mined From Nakamoto’s Era

Jan 6, 2021

It took a few months after the publication of a white paper containing the concept of the first cryptocurrency when Satoshi Nakamoto invented Bitcoin. Since the launching of the network to date, approximately 664,000 blocks for Bitcoins have been mined. A huge chunk of Bitcoin blocks get mined on Bitcoin’s 12th anniversary which were otherwise lying dormant for a long time.

 The entire crypto community had recently celebrated the 12th anniversary of Bitcoin’s birth. During the celebration, it was revealed that dormant Bitcoins, which were laying idle for many years, finally came into action. It was found out that several transactions of Bitcoins took place on the day of Bitcoin’s 12th Anniversary.

It was a few months earlier before 12 years when Satoshi Nakamoto had published a white paper consisting of the concept of cryptocurrency.

Satoshi Nakamoto had been a known pseudonym of the person who had actually invented the first-ever cryptocurrency of the world called Bitcoin. However, till to date, the identity of the inventor had been kept classified and not known to the world. Even though the crypto industry witnessed many claiming to be Nakamoto but the claims fell to the ground because they lacked credibility.

But what was more important than the inventor’s identity was coming into being a network called Bitcoin. It took a very short period of time for Bitcoin to become a valuable asset that was distinct from its traditional counterparts. Today, the value of Bitcoin had gone past US$ 30,000 from US$ 0.08 at the time of its launch some 12 years ago.

After Bitcoins being sent online, Nakamoto developed a hardcoded Bitcoin block called “Zero” or “Genesis” consisting of 50 rewards of Bitcoin. However, these 50 rewards were not meant for spending but instead represented common characteristics for initial blocks only.

Since then the genesis block continued to receive multiple fractions of Bitcoins and consists of 68 BTC as of now. However, the first mineable or spendable block developed after Genesis was Block 1 and since then blocks had been created routinely. It was noted by Glassnode’s researchers that there were some 2 Million unmined Bitcoins which never left addresses of their beneficiaries.

It was discovered at the end of 2020 that Bitcoins were moved by an anonymous holder. It was further pointed out that the said transaction was comprised of blocks that were developed in 2010 i.e. 10 years ago. It was further found out that every string of transactions done in 2020 involving dormant Bitcoinsbelonged to “block 2010”. It was surprising though that Block 10 was there since 2010 but not a single transaction took place for 10 years.

Similar transactions also came under the limelight when Bitcoin Community was celebrating its 12th Anniversary. However, this time the block was number “20” which was from the era of Nakamoto. Transaction took place on 3rd January and about a thousand Bitcoins were moved the first time from the wallet to another address. It was a rare sight when Bitcoin blocks from the times of Nakamoto had been mined and that too in 2020.

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