I recently read that there is an auction to sell almost 24,000 bitcoins, and that they have put them in blocks, each containing 2000 coins. What does that mean to put 2000 BTCs in a block? Can somebody clarify please?
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potentially helpful: What is a block?– Murch ♦Commented Jun 14, 2016 at 15:36
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1 Answer
By block they are not referring to the blockchain. They just mean that the 24,518 BTC will be divided into 12 different lots (or blocks) with each auction containing about 2,000 BTC.
https://news.bitcoin.com/ernst-young-auction-24-thousand-btc/
"Ernst & Young will be selling the confiscated cryptocurrency in auction form, allowing bidders to compete for 24 thousand coins in 11 lots of 2,000 BTC. One lot will amount to 2,518 Bitcoins,"
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what do you mean by lots (or blocks) ? i do not get it. they could theoretically send 2000 BTCs to a bitcoin address which they control and then give the private key to the buyer, Commented Jun 8, 2016 at 14:05
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1What don't you get? A "lot" or "block" is just a collection of things that are treated as a unit. If I had thirty cars, I could sell three lots of ten cars. That just means that a buyer is bidding on ten cars at once. Commented Jun 8, 2016 at 18:12
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so basically "2000 coins in a block" means probably 2000 coins deposited in at least 1 BTC address, which they have its corresponding private key, and the new owner will get access to these coins. right? Commented Jun 14, 2016 at 16:19