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Satoshi Nakamoto Mining Over 1 Million Bitcoin

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Written by   17
8 months ago

Bitcoin creator (BTC) Satoshi Nakamoto may have mined more than a million bitcoins in the early days of the cryptocurrency, according to analysts at the Whale Alert cryptocurrency tracker platform.

A Bitcoin mineral known as Patoshi mining 1,125,150 Bitcoin in its early stages, when Patoshi controlled a constant "60%" of network processing power, presumably no other mining operator would be able to carry out a 51% attack on the new and analysts said in a blog.

The new report, which is being worked on from 2013 by crypto researcher Sergio Dimian Lerner, also said that it is known with certainty that the nickname the prospector, Pattoshi, was indeed Satoshi. The reason for this, he said, is the distinctive "saw pattern" that characterizes Batushi that appeared at the birth of the network, and he dismantled the block containing Bitcoin sent to Hale Fini - the first ever recipient to have sent the Bitcoin transaction from Satoshi.

Patoshii patern - Source: Whale Alert

According to Whale Alert, the fact that Satoshi's mining capacity was fixed at 60% constant from the entire network, along with a lack of spending, among other things, also indicates that Satoshi was "only interested in developing and protecting the small network".

In addition to eliminating the risk of an attack by 51% by controlling 60% of the network, this practice also helped Satoshi maintain his "ideal blocking time" of around 10 minutes, especially during periods when he was either too much or Not enough, the report said, online activity.

Patoshii blocks mined -Source: whale alert

Given this information, Whale Alert was able to determine that an estimated 22,503 blocks out of 54,316 were actually mined by the Bitcoin creator. Moreover, the team also concluded that at least 18 of the blocks that were spent were made by Satoshi, which means the Bitcoin creator spent a total of 907 Bitcoins, when their price was less than $ 0.01 at the time. Whale Alert wrote this also means that 1,125,150 bitcoin was left untouched by Satoshi.

They concluded that the way in which early mining was done by Satoshi suggests that Bitcoin's metal coin "may just be a byproduct" of his efforts to keep the network safe and stable. The article said this makes it "unlikely" that the remaining 1.12 million bitcoins will ever be spent, although it also added that "the question remains is why Satoshi simply did not burn them in this case."

However, the practice of using appropriate patterns to determine the bitcoin currency patterns mined from Satoshi was previously researched by BitMEX Research. According to a 2018 blog post, there is "reasonable evidence" to support the claim that "a Dominant mining" in 2009 mining about 700,000 bitcoins. Whether this is Satoshi or not, "it is an inescapable matter."

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Comments

thanks for the info.

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8 months ago

Welcome🧡

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8 months ago

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8 months ago

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8 months ago

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8 months ago

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8 months ago

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8 months ago

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8 months ago

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8 months ago

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8 months ago

Good analysis, Thanks for this

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8 months ago

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8 months ago

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8 months ago

Thanks

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8 months ago