Ancient Bitcoin Block Rewards See Decrease in Spending After Record Activity in 2020 and 2021

In 2021, a number of 2010 block rewards were spent after the bitcoins sat idle for more than a decade. Furthermore, in 2020 and 2021, an early miner from 2010 spent strings of 20 ancient block rewards. In 2022, however, only 17 block rewards from 2010 were spent. Alongside this, on March 10, 2022, an entity moved 489.091 bitcoin that sat dormant in a wallet since 2010. In April 2022, five block rewards from 2009 were spent as well and they were the first 2009 blocks spent since 2020.

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

According to statistics, fewer old block rewards were spent in 2022 in terms of block subsidies that stemmed from 2009-2010 compared to the two years prior. In fact, only 17 block rewards from 2010, totaling 850 BTC, were moved after being dormant for over a decade.

The first 2010 block subsidy spent in 2022 was moved at block height 719,822 on Jan. 22 and came from the BTC address “14Bdw,” which was created on Nov. 22, 2010. Three block rewards from 2010 were moved the following month on Feb. 4, 17, and 18.

On March 10, 2022, a large cache of 489.091 bitcoin, worth over $16.8 million at that time, moved from an address created on Oct. 28, 2010. Zero 2010 block rewards were spent in April, but the month was special because a total of five block rewards were moved that derived from 2009.

Editor’s Note: The terms “spent” or “spend” in this article do not necessarily mean that the bitcoins were “sold” to a third party for fiat or another crypto asset. Furthermore, the term “coinbase” (lowercase) used in this article stands for a freshly minted block reward and does not refer to the crypto exchange.

It was the first 2009 coinbase reward spends since May 20, 2020. At the time, the 250 BTC that derived from 2009 block subsidies were worth roughly $10.8 million at the time of transfer.

The following month on May 9, 2022, the address “1LNqD” created on May 24, 2010, spent approximately 50 BTC at block height 735,645. Btcparser.com data shows that five block rewards worth 50 BTC each were spent on June 13 (block height 740,549)and June 24, 2022.

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

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

The 17 2010 coinbase rewards plus the 489.091 BTC from the same year equates to 1339.091 BTC in total, and with the 2009 blocks, the aggregate spent from 2009 and 2010 is approximately 1589.091 BTC. Using current bitcoin exchange rates, the value of the 1,589.091 BTC moved represents $26.30 million in USD value.

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What is your opinion on the decrease in block rewards from 2009 and 2010 that were spent in 2022? Feel free to leave your thoughts on this topic in the comments section below.

Jamie Redman

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