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From $4 to Over $3.1 Million — Miner Transfers 50 'Sleeping Bitcoin' After BTC Sat Idle for 11 Years

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.

A visual perspective of the May 17, 2010 block reward transfer (red dot) from theholyroger.com’s The (Not) ‘Satoshi Bags’ Tracker.

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.

Image Credits: Shutterstock, Pixabay, Wiki Commons, theholyroger.com/satoshi-bags-tracker,

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services discussed in this article.

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Algotech (ALGT) raises over $500k in a single day during ongoing presale

San Fransico, California, April 9th, 2024, Chainwire Algotech (ALGT) has emerged in the limelight again with the milestone of raising $500,000 in a single day during its ongoing presale. In less than four weeks of the current presale, Algotech has raised over $3.5 million. Algotech’s Journey Algotech was launched as an initiative by successful traders…


San Fransico, California, April 9th, 2024, Chainwire

Algotech (ALGT) has emerged in the limelight again with the milestone of raising $500,000 in a single day during its ongoing presale. In less than four weeks of the current presale, Algotech has raised over $3.5 million.

Algotech’s Journey

Algotech was launched as an initiative by successful traders and technology experts who wanted to democratize access to advanced trading tools for layman users. The team wanted to provide beginning traders with the same high-tech tools that are used by hedge funds and large-scale investment firms. Combining this with the effectiveness of blockchain technology, Algotech has set its sights on becoming the leading platform by bridging together AI and blockchain technology in the trading segment.

Bringing Together AI and Finance

Millions of new users are embracing blockchain technology for its groundbreaking potential. However they still have to rely on traditional exchanges that design the ecosystem to favor institutional investors. Algotech is rectifying this challenge by introducing the first artificial intelligence (AI) based exchange that will allow users to have advantages in trading. The platform makes it simple for users to invest in cryptocurrencies and receive automated investment guidance.

Algotech’s Key Features

What makes Algotech a standout leader in the segment is the core features that have been introduced for traders. Imagine a trading landscape where regular traders have access to the same tools and resources as hedge funds and large-scale institutional investors. These tools conventionally have massive fees and are only available to a limited number of institutes. This is precisely the challenge that Algotech is working on addressing.

Here are the core features that are making Algotech is working on:

Breakout Detection

The breakout detection feature relies on advanced algorithms that factor in over 1000 unique data points to identify breakout opportunities. These algorithms have been trained on H100 GPUs to ensure that traders can get accurate investment calls for high-precision calls.

Hedging

Algotech allows traders to minimize investment risk by monitoring funding levels, liquidity, and spread. These factors generate warnings and allow users to implement advanced risk management including automated stop-losses.

High-Volume Arbitrage

This feature allows users to take advantage of the difference in pricing between different platforms using Algotech’s technical APIs. With high positioning sizing, users can handle trades with ease.

The Growing AI Blockchain Segment

The growth of the AI sector has been exceptional. In the past few years, the sector has grown multifold, and today, it has a market cap of over $25 billion, according to CoinGecko. In the coming few years, this number is expected to explode further as millions of new users are now looking for AI-based features in their day-to-day applications. One of the biggest sectors under the spotlight is the trading sector. The global cryptocurrency exchange segment is currently valued at over $45 Billion and is expected to reach $110 Billion in 2028. Additionally, beyond just cryptos alone, AI blockchain technology is also expected to serve as the backbone of the global trading ecosystem. This is where Algotech expects to bridge the gap by introducing AI-based trading features. These features will allow beginner traders to have an even playing ground against leading institutional investors and seamlessly invest using AI as their guide.

About Algotech

As Algotech continues its journey to transform Decentralized Finance (DeFi) with its innovative products, it is exciting to see the community support for this mission. The platform is democratizing access to trading tools for individuals across the world by providing AI features. Additionally, Algotech is making investing inclusive for the broader community by making it simple for users to become an early part of the community by providing governance rights and profit shares. As the project moves through its phases, we can only look toward the achievements that are on the horizon for Algotech, a true AI-blockchain project.

Visit the links below for more information about Algotech (ALGT): 

Algotech is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest. Investing in cryptocurrencies is volatile and risky.

Contact

Algotech


Algotech Solutions


[email protected]


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IOTA price nears a key support: Can bulls bounce on key news?

IOTA price is down 4% in the past 24 hours and trades near $0.30. The IOTA team announced a key partnership in Singapore,but is the price set to bounce or dip futher? IOTA’s price has declined 5% in the past 24 hours to trade near a key support level. The slip now has weekly gains…


  • IOTA price is down 4% in the past 24 hours and trades near $0.30.
  • The IOTA team announced a key partnership in Singapore,but is the price set to bounce or dip futher?

IOTA’s price has declined 5% in the past 24 hours to trade near a key support level. The slip now has weekly gains cut to just 2% while the altcoin has turned red on the monthly time frame.

The IOTA token trades at $0.31, down from recent highs of $0.41. This cryptocurrency is also one of the worst performing since the 2017 bull market. Per data from CoinGecko, IOTA is down more than 94% since its all-time high above $5.25 reached over six years ago.

On Tuesday, IOTA announced a major partnership with Tenity as it looks to tap into the growth potential in the Real-World Assets (RWAs) and DeFi sectors. The APAC Accelerator is a 12-week program that will see select startups receive $50k in grants.

📣 Big news from Singapore! We’ve teamed up with @tenity_global to launch the #IOTA APAC Accelerator, a 12-week program to empower the next generation of DeFi pioneers.💪

Find out how you can apply & receive a $50,000 grant 👇 https://t.co/R4EQAVaX4O pic.twitter.com/rKQp9jJqDa

— IOTA (@iota) April 9, 2024

Despite this and other recent key developments, price remains largely devoid of any strong momentum.

IOTA price – bounce or dip?

Bitcoin’s run to the new all-time high above $73k in March catalysed strong gains for most altcoins. Ethereum for instance reached a multi-year peak above $4,000 while Solana, BNB and even Dogecoin soared.

IOTA did manage to break above $0.30 during the broader market spike in March. However, it remained well below its 2021 highs above $2 and as a result has dropped out of the top 100 by market cap.

Can IOTA’s price recover to the last bull market highs and potentially eye a retest of its ATH?

IOTA price chart

IOTA/USD on the weekly chart is below the 50-week EMA and the RSI is trending lower below 50.

A symmetrical triangle pattern is also formed on the daily chart, with price capped by a downtrend line since mid-March.

If price breaks out from the upper trend line, IOTA could retest levels at $0.35 and potentially $0.41 to allow for a bullish breakout in line with the broader market.

On the flipside, a breakdown for IOTA from the lower trend line would indicate a bearish trend. In this case, a drop to $0.20 is possible, below which bears could target October 2023 lows of $0.13.


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Analyst: Solana to Reclaim $200, Many New Crypto ATHs Soon

In his latest social media posts, Daniel Cheung, co-founder of Syncracy Capital, expressed confidence in the strength of solana (SOL) and its potential to reclaim the $200 mark. He also hinted that upcoming upgrades could pave the way for new all-time highs (ATHs). Cheung also shared his bullish outlook on bitcoin (BTC…
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