Countdown
XBT Coinbase Unlock
…
blocks until the first locked rewards unlock (block 979,920)
~20,250 XBTlocked block rewards (6,481 blocks x 3.125)
~450 XBT/dayunlocking once it starts
…XBT traded on exchanges in the last 24h
…reachable nodes enforcing the lock
What is the coinbase lock?
A soft fork made newly mined XBT block rewards wait about 45 days (6,480 blocks) before they can be spent, instead of the usual 100 blocks. It applies to rewards from blocks 973,440 to 979,920.
What happens at block 979,920?
- The rewards from block 973,440 become spendable, then one more block's rewards every ~10 minutes.
- That's roughly 450 XBT per day of newly spendable coins, for about 45 days, ending around block 986,400.
- New blocks mined after the window go back to the normal 100-block maturity.
Why it matters
Miners have been unable to sell any of their rewards since the window started. Once rewards unlock, some miners will sell to cover power costs. Compare ~450 XBT a day of new supply with the exchange volume above to judge how much it could weigh on price. Many miners hold, so the real selling is likely well below that.
Who is not affected
- Coins you bought on an exchange.
- Pre-fork coins and anything that wasn't a block reward from the lock window.
Note: Block numbers come from the soft fork's activation parameters as reported by the node census. Dates are estimates from the current average block time and will shift. Not financial advice.