
New on-chain analysis from Whale Alert says Bitcoinâs anonymous creator Satoshi Nakamoto mined an estimated 1,125,150 BTC, now worth an estimated $10.9 billion. In a Medium post, researchers describe how Satoshi continued mining with the same rig until at least May 2010.
- Whale Alert based its findings on Sergio Demian Lernerâs 2013 âextra nonceâ technique which claimed Satoshiâs stash to be at some 1 million BTC. (Lerner referred to the possible Satoshi mining as the âPatoshiâ pattern).
- Researchers identified a set of nonce patterns more specific to the Patoshi set which helped further isolate possible Satoshi-mined blocks.
- 22,503 of the first 54,316 blocks were mined by Satoshi under the new method, Whale Alert says.
- Satoshi maintained a constant mining scheme while the network was growing to protect it from 51% attacks, researchers suggest.
- The reliability of assuming nonce patterns are specific to certain mining rigs was called into scrutiny by BitMEX Research in 2018. They estimated Satoshiâs haul to be around 700,000 BTC.
Related Stories
- Satoshiâs Unappreciated Marketing Genius, Feat. Dan Held
- Drug Dealer Just Sentenced to 25 Years Hoped to Build a Better Bitcoin Miner
- Bitcoin News Roundup for June 8, 2020
- Crypto Long & Short: Bitcoinâs Quiet Progress Is Pointing Toward a Better Future
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.