Cryptocurrencies

Over 1.71 million BTC from early block rewards remain unspent

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As of September 2024, over 1.71 million Bitcoin (CRYPTO:BTC) from block rewards mined between 2009 and 2012 remain dormant, with a total value exceeding $100 billion. 

These early Bitcoin rewards, often referred to as ‘sleeping’ coins, represent a significant portion of Bitcoin’s total supply and continue to intrigue the cryptocurrency community. 

Recent activity involving Bitcoin from 2009 caught attention when a batch of five block rewards was moved for the first time in nearly two years. 

This activity was observed through blockchain parsers, which track unspent transaction outputs (UTXOs) on the Bitcoin network. 

UTXOs form the backbone of how Bitcoin transactions are recorded, with each transaction generating new UTXOs as outputs. 

Despite occasional movement from early wallets, a large number of these coins remain untouched. 

Approximately 1.07 million BTC from 2009 block rewards are still unspent, which represents around 5.4% of Bitcoin’s total supply. 

Another significant amount of 578,740 BTC from 2010 remains dormant, accounting for roughly 2.92% of Bitcoin’s total supply. 

These coins are spread across over 11,000 inactive wallets. 

While the majority of unspent early Bitcoin is often attributed to its mysterious creator, Satoshi Nakamoto, not all rewards from that period can be linked directly to Nakamoto. 

Some of these coins were mined by early participants in the Bitcoin network, who have chosen not to move them. 

Dormant wallets from Bitcoin’s early years, particularly those from 2009 to 2012, resurface only occasionally, and when they do, they generate significant interest. 

The cumulative value of unspent Bitcoin from these years amounts to more than 8.73% of Bitcoin's total market capitalization, which currently stands at $1.24 trillion. 

At the time of reporting, the Bitcoin price was $63,737.13.

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