Technology

The amount of Bitcoin ‘sleeping’ for $ 4 has become $ 3.1 million after 11 years


This amount of Bitcoin when “mined” cost only 4 USD in 2010, before the first halving (reward reduction). Hence, they are called “sleeping Bitcoins”.

On October 22, a miner’s wallet sold 50 Bitcoins (equivalent to 3 million USD). According to the data recorded on the blockchain, this Bitcoin was mined in May 2010, which means it has been dormant in the wallet for more than 11 years.

Follow Bitcoin.com, the value of 50 Bitcoins at the time was only about 4 USD. To date, after 11 years and 5 months, Bitcoin has increased in price by more than 775,000 times.

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Early Bitcoin “miners” could collect 50 Bitcoins every time they completed a block. This number has now dropped to 6.25 Bitcoin. Photo: Reuters.

Just a few days later, on October 24, another 50 Bitcoins were sold. The Bitcoin this time was mined on July 18, 2010, meaning the owner also waited for more than 11 years to sell.

Bitcoins mined more than 10 years ago, before the first reward cut are often called “sleeping Bitcoins”. Since 2010 until now, Bitcoin has experienced many strong price increases, reaching important milestones such as 100 USD, 1,000 USD, and most recently the upper peak 66,000 USD. Therefore, Bitcoins that lie dormant in the wallet for more than 10 years are rare.

The most common case of Bitcoins lying in a wallet, not being transacted is that their owners have lost their stored cryptography. At that time, Bitcoin is considered lost forever. According to Chainalysis statistics at the beginning of 2021, about 20% of Bitcoins have been lost.

A special feature of the “sleeping Bitcoin” coins is that they lie dormant in the owner’s wallet since they are mined, not transacted once. Since all data is recorded on the blockchain, it is possible to find wallets containing slumbering Bitcoins that revert to a recent transaction.

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With the large amount of Bitcoin collected from the early days, these miners became “whales”, owning thousands of Bitcoins. Photo: Telegraph.

Bitcoin.com did a research and found that since the beginning of 2021, there have been a lot of Bitcoins held since 2010 sold on the market. According to statistics, by the end of September there were 7,600 Bitcoins, equivalent to about 300 million USD at that time, mined since 2010 and sold this year.

This research was done after Bitcoin.com discovered a “whale” regularly transacting volume 1,000 BTC, equivalent to the reward of 20 blocks calculated in 2010. At that time, every “solution” If you get a block, the miner will be rewarded with 50 BTC. This number was halved at the end of 2012. This is called the first halving.

The above mysterious “whale” traded his sleeping amount of Bitcoin continuously in January, then gradually decreased in February, March and June. Since June 9, this person has not made any transactions. new.

Follow Bitcoin.com, it is impossible to identify these miners, but they clearly mined a lot of early Bitcoins. The amount of Bitcoin sold is also uncertain to get cash, because it is not possible to determine whether the miner sells Bitcoin on the exchange or not.

Follow Zing/Bitcoin.com

A large amount of Bitcoin is still in the hands of a few “sharks”

Cryptocurrency advocates have long wanted to know about the accounts that hold the most Bitcoin – also known as “shark” investors. However, this is not easy to determine.

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