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Satoshi Mined 1.1 Million Bitcoins in the Early Days, a New Study Shows


Sergio Demián Lerner, the co-founder and chief scientist at RSK Labs, published a new study which finds that a single miner has mined approximately 1.1 million bitcoins in the period from 2009 to 2010.

Six years ago, Lerner released his first study about bitcoin’s earliest mining periods, in which he suggested that the vast majority of bitcoins mined in the early days came from a single miner. Moreover, Lerner claimed that almost “all are owned by a single entity, and that entity began mining right from block 1, and with the same performance as the genesis block,” which points in Satoshi’s direction.

In the same piece, Lerner concludes that Satoshi possesses a bit more than 1 million bitcoins, worth around $5.5 billion at the current exchange rate. Approximately 63% of those coins, Lerner claims, have never been spent since the day they were created.

Read more: China Plans to Eliminate Bitcoin Mining

More than six years later, the co-founder of RSK Labs published another study where he digs deeper to find more information about the single miner, nicknamed Patoshi. He again comes to a conclusion, with an “overwhelming probability”, that a single miner has mined all coins in the Patoshi pattern (see Picture 1 below).

Picture 1. Patoshi pattern (blue line) and the remaining miners’ patterns (green)

Based on three new arguments, Lerner again concludes that “there is evidence that links the Patoshi patterns to Satoshi”. One of the new arguments is based on computer clocks as miners used a local computer’s clock to timestamp blocks after processing them.

Read more: Who The Hell Is Satoshi Nakamoto?

“If you’ve studied the Bitcoin protocol, you’ll know that block timestamps are not necessarily monotonically increasing. The miner uses its local computer clock to timestamp the blocks. This is true from the Bitcoin source code 0.1.0 to the latest version of Bitcoin Core that had an internal miner,” writes Lerner.

Moreover, Lerner uses the opportunity to introduce the “” website,  which shows a cool visualization of early blocks. In the end, Lerner asks forum posters to “leave Patoshi alone once for all”.

So, we leave him alone.