Ancient Bitcoin Block Rewards See Costs Fall After Record Activity In 2020 & 2021 – Bitcoin News

In 2021, a number of 2010 block rewards were spent after bitcoins had been idle for more than a decade. Additionally, in 2020 and 2021, every early miner since 2010 has spent lines of 20 ancient block rewards. In 2022, a total of 17 block rewards have been spent since 2010. Additionally, on March 10, 2022, an entity transferred 489,091 bitcoins that had been lying dormant in a wallet since 2010. In April 2022, five block rewards from 2009 were also spent, making it the first 2009 block to be spent since 2020.

Note High Spending of Ancient Bitcoin Block Rewards in 2020 and 2021, but Activity Slows in 2022

Statistically, less legacy block rewards were spent in 2022 in terms of block subsidies stemming from 2009-2010 than in the previous two years. In fact, a total of 17 block rewards totaling 850 BTC have been transferred since 2010 after being dormant for over a decade.

The first 2010 block subsidy to be spent in 2022 was transferred on January 22nd at block height 719,822 and came from the “14Bdw” BTC address created on November 22nd, 2010. Three block awards from 2010 were moved to the following month, February. 4, 17 and 18.

On March 10, 2022, a large cache of 489,091 bitcoins, worth more than $16.8 million at the time, was transferred from an address created on October 28, 2010. Zero 2010 block rewards were spent in April, but the month was special because a total of five block rewards from 2009 were transferred.

Editor’s note: The terms “spent” or “spent” in this article do not necessarily mean that bitcoins are “sold” to a third party for fiat or another cryptocurrency. Additionally, the term “coinbase” (lower case) used in this article refers to a newly minted block reward and does not refer to a crypto exchange.

This was the first 2009 coinbase bounty spending since May 20, 2020. At the time, the 250 BTC from the 2009 block subsidies was worth about $10.8 million at the time of the transfer.

The following month, on May 9, 2022, the address “1LNqD”, created on May 24, 2010, spent about 50 BTC at a block height of 735,645. Data from shows that five block rewards of 50 BTC each were spent on June 13 (block height 740,549) and June 24, 2022.

Four of the five block rewards were spent on June 24 at a block height of 742,183. On August 22, 2022, the single block reward was moved to a block height of 750,594. Much later, on November 11, 2022, another 2010 block reward was spent at a block height of 762,711.

Last month, in December 2022, approximately two 2010 block rewards were spent. The first occurred on December 21 at the height of 768,302 blocks, and the second on December 30 at the height of 769,482 blocks.

17 2010 coinbase rewards plus the 489,091 BTC received from that year is a total of 1339,091 BTC, and the total spent with the 2009 blocks in 2009 and 2010 is about 1589,091 BTC. Using current bitcoin exchange rates, the value of the 1,589,091 BTC transferred is $26.30 million in US dollars.

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What do you think about the decrease in block rewards from 2009 and 2010 spent in 2022? Feel free to share your thoughts on this topic in the comments section below.

Jamie Redman

Jamie Redman is Head of News at News and a fintech journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for News about disruptive protocols emerging today.

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