Bitcoin
From $4 to Over $3.1 million –
On October 22 at 4: 52 p.m. (EDT), a miner that acquired 50 bitcoin on May 17, 2010, spent the funds that sat idle for 11 years and five months. There hasn’t been a 2010 block reward spent in three months and the last time a 2010 miner spent their ‘sleeping bitcoin’ was on July 4, 2021. After waiting patiently for more than a decade, the miner who spent the ‘sleeping bitcoin’ on Friday saw a percentage gain of 76,249,900% if the individual cashed out into U.S. dollars today.
Editor’s Note: Another block reward from 2010 that was created on July 18, with 50 ‘sleeping bitcoin’ was transferred on October 24, 2021, the day this post was published. The 2010 block reward was transferred at block height 706,461 and at today’s exchange rate it was worth just over $3 million. (Updated at 11: 25 a.m. EDT on 10-24-21).
Old School Miner Spends 2010 Block Reward After Bitcoins Sat for More Than a Decade
It’s been a while since a block reward of 2010 ‘sleeping bitcoins’ have been spent and on Friday, a block reward from that era was transferred after sitting for 11 years and five months. Prior to Friday’s 2010, block reward spend, the last 2010 block transferred was on July 4, 2021.
Bitcoin.com News, alongside help from the creator of the blockchain parser btcparser.com, and members of the Telegram channel “Gold Found In Sand,” have been identifying these old school miners from 2010 and other years for quite some time. The block reward spent on Friday came from a mining reward acquired on May 17, 2010, and was transferred at block height 706,203.
On September 28, 2021, an in-depth report on ‘sleeping bitcoins,’ showed that old school miners from 2010 through 2013 had moved $1 billion in BTC (using exchange rates from the day the study published) or 23,250 BTC transferred.
2010 Block Reward Transfers Become Infrequent, Friday’s Transfer Would Net 76 Million Percent in Gains if Sold for USD
The 2010 block reward move on Friday, if exchanged for fiat would be worth over $3.1 million, as bitcoin (BTC) opened the day on Friday exchanging hands for $62,237 per unit. The entire amount of coins that the bitcoin miner had acquired was worth only $4. The miner decided not to spend the coins at $0. 08 per unit, which was the price equivalent of a single bitcoin in June-July 2010.
The miner would manage to gain a whopping 76,249,900% increase in value if he or she decided to trade the funds for fiat that day. Meanwhile as mentioned above, 2010 block reward spends have been far and few between during the last four months. Although, there’s been a greater number of 2011 block reward transfers.
Prior to Friday’s 2010 block, 13 block rewards from 2011 were moved on the blockchain in October alone. Using exchange rates from October 23, that’s $39.5 million in value if exchanged for fiat. This is because the term “spent” and “spend” do not necessarily mean the bitcoins were sold to third parties like popular crypto exchanges.
The 2010 transfer on October 22, did not see the corresponding bitcoin cash (BCH) or bitcoinsv (BSV) moved. Those coins remain idle to this day as the stash of BCH is worth $31,312 and the BSV is worth $8,595 at the time of writing. All 2010 block rewards mined in that era will have BCH and BSV tethered to the private keys, alongside the myriad of lesser-known BTC forks.
Another mystery whale was captured by Bitcoin.com News on June 9, The last time we caught the infamous 2010 mining whale was on June 9, 2021, at block height 686,865.
The whale was quite special because it constantly spent 1,000 BTC or 20 block rewards from 2010 in a single block. We cannot say whether or not the whale that constantly spent 20 block rewards from 2010 will not return. Prior to the June 9 spend of 1,000 ‘sleeping bitcoin,’ worth $35 million at the time of transfer, the whale waited 78 days to come back.
What do you think about the miner who waited 11 years and five months to spend the 50 bitcoin transferred on Friday? Please comment below to let us know your thoughts on this topic.
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Bitcoin Fear & Greed Index Nears 90 as Crash Hits, Here Are Some Alternative Bets
The Bitcoin Fear and Greed Index is flashing red hot at 90, signifying a market rife with excitement – and perhaps over-excitement. This prediction may have already come true, with the price tumbling back down to the $67K level after hitting a new ATH of $73k. While Galaxy Fox isn’t immune to infectious optimism that…
The Bitcoin Fear and Greed Index is flashing red hot at 90, signifying a market rife with excitement – and perhaps over-excitement. This prediction may have already come true, with the price tumbling back down to the $67K level after hitting a new ATH of $73k. While Galaxy Fox isn’t immune to infectious optimism that can overheat markets, some analysts are suggesting it could be the best upcoming ICO project with strong fundamentals and the potential to deliver high returns in 2024.
This article explores the current market sentiment and the risks of investing. We’ll also delve into some “safer bets” within the crypto space, with Galaxy Fox taking center stage as a project that could be poised for significant growth.
Extreme Greed: A Double-Edged Sword
The Fear and Greed Index serves as a compass for investor sentiment in the crypto market. A score near 90 signifies rampant optimism, often fueled by the fear of missing out or FOMO. While this bullish outlook can propel prices further, history suggests it can also be a precursor to a market correction – as indeed it was.
Remember the 2017 bull run? Fueled by similar levels of FOMO and greed, it ultimately led to a prolonged bear market, leaving investors who bought at the peak with significant losses. Let this serve as a cautionary tale – don’t let emotions cloud your judgment.
Seeking Refuge in Safer Shores
So, how do you navigate this period of heightened greed? By making strategic investments in projects with strong fundamentals and long-term potential. Here are a few good crypto to buy you can consider:
- Near Protocol ($NEAR): A layer 1 blockchain platform aiming to rival Ethereum, $NEAR offers faster transaction speeds and higher throughput through its unique sharding technique. This scalability positions it well for future growth in the dApp (decentralized application) space.
- Render Network ($RNDR): This project caters to artists by providing access to the immense computing power of crypto miners, enabling them to render complex computer graphics. With the growing demand for high-quality visuals in various industries, Render Network presents a compelling use case.
- Sponge V2: This meme coin is capitalizing on the popularity of its predecessor, $SPONGE, by introducing a novel stake-to-bridge mechanism for its V2 token. This mechanism allows holders to earn additional tokens through staking, offering a passive income stream.
Galaxy Fox: The Frontrunner in the GameFi Arena
While the aforementioned projects offer promising propositions, Galaxy Fox also stands out as a good investment option and one that some analysts are hailing as the best cheap crypto to buy right now.
Some investors consider it to be the best upcoming ICO and a top contender in the burgeoning GameFi space. Here’s why:
- Unique Gaming Experience – At the heart of Galaxy Fox lies an addictive Web3 endless runner game. Players earn $GFOX tokens as they progress, adding a layer of excitement and utility to the gameplay. Its innovative approach is likely to resonate with gamers and crypto enthusiasts alike.
- Rewarding Gameplay – The top 20% of players are incentivized through a prize pool fueled by in-game item sales. This fosters competition and engagement within the Galaxy Fox community.
- Sustainable Tokenomics – Galaxy Fox prioritizes long-term value by adopting a deflationary token model. A portion of every buy and sell transaction is burned, steadily reducing the total supply of $GFOX tokens. This scarcity creates a potential for price appreciation over time.
- Strategic Marketing – Galaxy Fox allocates a portion of buy and sell taxes to fund a protocol-level marketing budget. This ensures a consistent stream of resources for community initiatives and marketing efforts, fostering long-term user growth.
- Earning Beyond Gaming – Galaxy Fox expands the play-to-earn model by offering additional earning opportunities through staking. Stargate, the protocol’s staking module, distributes a portion of all ecosystem transactions among stakers, generating a passive income stream.
Conclusion: Explore Galaxy Fox Further
Galaxy Fox’s strategic combination of memecoin appeal, innovative GameFi mechanics, and sustainable tokenomics could position it as a frontrunner in the crypto market and a good investment option in this period of extreme greed. With the presale in Stage 9 and the token price at $0.002376, now might be a good time to consider joining the Galaxy Fox community.
Head over to their website or Telegram channel to learn more about this best upcoming ICO project. Remember, do your own research before making any investment decisions.
Learn more about $GFOX here:
Visit Galaxy Fox Presale | Join the Community
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