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$1.79 Million, 2010, 2011, 2012, 2013, 92 BTC, Bitcoin, Bitcoin (BTC), Bitcoin Mining, Block Rewards, BTC Blocks, Btcparser.com, Miners, October 25 User, Dormant Bitcoins
‘Sleeping Bitcoin’ Slows Down Significantly in 2022, as 92-Decade-Old BTC Worth $1.79M Wakes Up – Bitcoin News
While the price of bitcoin has remained range bound and running along just above the $19K zone, over 60% of bitcoin in circulation has not moved in a year or more. Also, there have been very few transfers of bitcoins originating from 2010, and it has been more than two months since the last block subsidy transfer in 2010. Meanwhile, block subsidy transactions from 2011 have appeared every now and then, and on October 25, 2022, there were approximately 92, 76 bitcoin worth approximately $1.79 million from 2011 transferred to unknown wallets.
2010, 2011 ‘Sleeping Bitcoin’ Consumption Declines — 92 Bitcoin from 2011 Uploaded on Tuesday
On October 24, bitcoin fans celebrated the number of bitcoin (BTC) that has not moved in a year or more. Bitcoiners shared a chart from Glassnode indicating that more than 60% of the BTC in circulation has not moved in a year or more.
Bitcoin.com News has also noted that the number of so-called “dormant bitcoins” transferred in 2022 has greatly decreased since BTC prices at the end of 2021. For example, data from January 2021 to September 28, 2021, had shown 152 transactions derived from “sleeping bitcoins” from 2010.
The same research had shown from January 2021 to September 2021 that there were 85 transfers of 2011 ‘dormant bitcoins’. Also, as bitcoin (BTC) moved towards its 69K all-time high, hundreds of millions of dollars worth of “dormant bitcoins” were transferred in mid-November 2021.
This year, however, the number of ‘sleeping bitcoins’ from 2010 was only 12, and the number of 2011 transactions was only 30 transfers. Furthermore, approximately 64 days have passed since the last 2010 BTC use which took place on August 22, 2022.
However, there have been a total of ten 2011 transactions since then, with two transfers used on Tuesday, October 25, 2022. On Tuesday, 42.76 BTC was transferred to an unknown address and used at block height 760,212.
It is worth noting that the terms “spent” or “use” in this article do not necessarily mean that bitcoins were “sold” to a third party for fiat or another crypto asset. After the consumption of 42.76 BTC, seven block subsidies later at block height 760,219, approximately 50 BTC was transferred to an unknown address.
Between 42.76 BTC and 50 BTC moved on Tuesday, the holding was worth 1.79 million nominal US dollars using today’s BTC rates. While October isn’t over yet, September and October have seen no 2010 spending at all, but a total of nine 2011 transfers have occurred over the two-month period.
While 2022 has seen much less spending from 2010 and 2011, the year saw some transfer types that hadn’t happened since May 2020. This year, a total of five block subsidies or roughly 250 BTC mined in November 2009 were transferred.
The recent data from Glassnode shows that more than 60% of the BTC in circulation has not moved for a year or more, and the fewer 2010 and 2011 transfers suggest that BTC owners are waiting for the bear market to end before they moving old coins. A large majority of the old “dormant bitcoins” that moved in October have come from coins and block grants from 2012, 2013, 2014, 2015, 2016 and 2017.
What do you think about the declining trend of 2010 and 2011 “dormant bitcoin” usage? Let us know your thoughts on this topic in the comments section below.
Image credit: Shutterstock, Pixabay, Wiki Commons, Btcparser.com,
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