Bitcoin’s blockchain operates on a unique Unspent Transaction Output (UTXO) model, allowing users to meticulously track every transaction on the network. This model replaces traditional account balances with a system where transactions represent movements of value between UTXOs. When a transaction occurs, it consumes one or more UTXOs and creates new ones, enabling detailed transaction records.
Recent data reveals that while some dormant Bitcoin wallets are being activated regularly, a staggering amount of Bitcoin’s early block rewards remains untouched. As of September 20, 2024, approximately 1,074,352 BTC from 2009 coinbase rewards is still inactive, according to bitbo.io, while timechainindex.com cites a slightly higher figure of 1,074,402 BTC. These unspent rewards account for about 5.4% of Bitcoin’s total supply and are spread across 21,488 addresses.
Many of these coins were mined by Bitcoin’s enigmatic creator, Satoshi Nakamoto, but they do not exclusively belong to him. Bitbo.io reports that 578,483 BTC from 2010 remains dormant, valued at around $36.5 billion. Timechainindex.com confirms a similar estimate of 578,740 BTC from that year, spread over 11,598 inactive wallets, making up 2.92% of the total supply. Notably, a wallet created on July 14, 2010, recently activated 50 mined BTC on September 22, 2024.
The trend continues with unspent rewards from 2011, where bitbo.io lists 45,387 BTC, and timechainindex.com shows 47,843 BTC. These amounts, stored in 3,089 addresses, constitute 0.24% of Bitcoin’s supply. For 2012, bitbo.io records 11,113 BTC remaining unspent, compared to timechainindex.com’s 11,514 BTC across 1,928 wallets.
Interestingly, while older wallets (2009-2012) are rarely activated, those from 2013 to 2017 are becoming active more frequently. In total, around 1.71 million BTC remains unspent from the first four years of Bitcoin’s existence, representing a massive $108.2 billion, or 8.73% of Bitcoin’s total market cap, currently valued at $1.24 trillion.
As Bitcoin continues to mature, the fate of these dormant rewards remains uncertain, raising questions about the potential impact on the cryptocurrency’s economy should these coins ever resurface.
