On the twelfth anniversary of Bitcoin, a large number of old dormant bitcoins from 2010 have started to move after sitting idle for over ten years. Satoshi Nakamoto, Bitcoin’s inventor launched this network after explaining the concept of cryptocurrency in a piece of white paper some months prior. At around 18:15 UTC, this network released its first-ever block, and starting from that time, more than 664,000 BTC blocks have already been mined.
Dormant Bitcoins Explained On Bitcoin’s 12th Anniversary
The proponents of cryptocurrency are celebrating the start of the 1st computational network for solving the dilemma of Byzantine Fault created by Satoshi Nakamoto, its pseudonymous inventor. The BTC network’s birth is very special and in the past 12 years, Bitcoin has transformed into an extremely valuable crypto asset reaching $34,800/unit, its new high on 3rd January.
On the Halloween of 2008, after Satoshi explained his concept of cryptocurrency to some individuals online, over 3 months later Satoshi launched the reward of the hardcoded block which is also known as the “genesis block” or “block zero” containing the dormant bitcoins which is decades old. The genesis block or block zero has the same reward of 50 BTC but these dormant bitcoins are not supported to be spent. There were two primary hex zeroes in the genesis block which was the common characteristic of these early bitcoins.
Furthermore, block zero contains the message which can be viewed in the parameter of that block’s coinbase. The genesis block doesn’t only has its usual block reward of 50 BTCs which no one can spend, but many people have transferred small bitcoin fractions to its address for the time it was released. The address of the genesis block has seen around 2,722 transactions. There is a total cumulative figure of around 68.35 bitcoin sitting idle from that time.
