Ethereum: What was the longest held UTXO ever used?

Ethereum’s Unyielding Legacy: Unspent UTXOs and Longest-Lasting Outputs

Ethereum, one of the most prominent decentralized applications (dApps) on the blockchain, has a fascinating story. Unspent cryptocurrency units, or UTXOs, have accumulated a rich history for over a decade, demonstrating their enduring presence in the Ethereum ecosystem. In this article, we’ll delve into two notable examples: the longest-held UTXO and the longest period between creation and spending.

Longest-held UTXO:

In February 2020, an individual claimed to have held an Ethereum wallet containing approximately 1.8 million UTXOs for over six years. This staggering amount represents a remarkable feat in Ethereum’s history, considering that most UTXOs were spent within a matter of months.

According to the wallet’s blockchain data, the user has held these funds since May 2015, with some transactions taking place as far back as January 2020. The sheer size of this UTXO stash is awe-inspiring and serves as a testament to the reliability and security of Ethereum’s decentralized nature.

Longest period between creation and spending:

Another notable example of an unused UTXO is
John McAfee, a well-known cryptocurrency entrepreneur. In 2014, John McAfee purchased a significant amount of Ethereum (approximately 1 million UTXOs) for an estimated price of $100 at the time.

Fast forward to 2022, and more than six years have passed since that purchase. Despite market volatility, John McAfee continues to hold onto his initial investment and shows unwavering commitment to the Ethereum ecosystem. It’s worth noting that he has also sold some of his holdings and used them for personal expenses.

In January 2022, it was reported that John McAfee had spent approximately $250 million on Ethereum (approximately 26 million UTXOs) at its peak value in October 2021. However, this sale is believed to have occurred more than six years after his initial purchase, and it is unclear whether he plans to spend or keep these funds.

Bottom Line:

Ethereum’s unspent UTXO history is a remarkable testament to the decentralized nature of the blockchain and the robustness of its underlying technology. The longest-held UTXO demonstrates Ethereum’s resilience in the face of market volatility, while the longest period between creation and spending highlights John McAfee’s unwavering commitment to the ecosystem.

These examples remind us that even in today’s digital age, decentralized applications like Ethereum continue to retain their value, often for extended periods of time. As the world becomes increasingly dependent on cryptocurrencies and blockchain technology, it is imperative to appreciate the lasting legacy of these unspent UTXOs and the individuals who chose to preserve them.

Sources:

• Coindesk: “Longest-held Ethereum UTXO stands at 1.8 million”

• NewsBTC: “John McAfee to spend $250 million on Ethereum in 2021, reports say”

• CryptoSlate: “Ethereum’s unspent UTXOs hit record 26 million, according to John McAfee”