Satoshi Nakamoto was the first person to mine Bitcoin when each block mined generated a 50 BTC reward.
Unlike recent BTC miners, Satoshi didn’t split the rewards with thousands of other mining pool users and instead benefitted from the whole premium himself. By the time bitcoin has zero value; now the price of Bitcoin is at the mid-end of the five-figure dollar range.
Satoshi is thought to have mined more than 1M BTC in total in 2009, making him the most prolific miner in the history of Bitcoin. Recent research suggested that Satoshi could have mined even more Bitcoin but consciously held back, constraining his hash rate to give other miners a fair share of blocks.
Patoshi Pattern
It isn’t 100% certain how many Bitcoin Satoshi mined himself, and Sergio Demian Lerner, a leading security and cryptocurrency researcher, may have generated the best estimate as of now.
In his report named, “The Well Deserved Fortune of Satoshi Nakamoto, Bitcoin creator, Visionary and Genius,” Lerner studied the blocks mined between January 2009 and January 2020 in an attempt to identify which were mined by the same entity. By doing this, Lerner found that a single entity that uses a single mining rig mined thousands of blocks this time and racked up around 1M BTC in block rewards while doing it.
Lerner brainstormed the term “Patoshi Pattern“ to describe the pattern of blocks that seemed to be mined by the single entity. Since the design began with the genesis block, it is assumed that Patoshi may be Satoshi Nakamoto himself.
Lerner elaborated on this research in April 2019, when he published the follow-up piece: “The Return of the Deniers and the Revenge of Patoshi”. Here, the author learns that Patoshi mined around 22,000 blocks all by himself, acquiring a total of 1.1M BTC in block rewards. Putting it into perspective, the block reward has been halved three times since then, and Bitcoin miners now earn around 6.25 BTC for every mined block.
At Bitcoin’s current value, it would place Satoshi Nakamoto‘s fortune at over $10B, almost making Satoshi the wealthiest Bitcoin owner when it comes to pure BTC holdings.
Satoshi’s Secret Hoard
Current speculation that Satoshi may have moved 50BTC from a 2009-era block has been debunked when it found that the Bitcoin fell outside of those under the Patoshi Pattern. Instead, the Bitcoin seemed to have been moved by another early adopter, who has been linked with dozens of other blocks mined in the period where Satoshi was active.
Notwithstanding sitting on over $10B in Bitcoin, there is no substantial evidence that Satoshi has moved any of it – displaying impressive restraint and genuine goodwill. It assumes that Satoshi still has access to the private keys that contain these funds. Up until now, numerous people have been claiming to be Satoshi Nakamoto, including Craig Wright, Jörg Molt, Bilal Khalid, and Debo Guidos.
Others have been singled out as candidates by several researchers. However, nobody has managed to convincingly prove that they hold the private keys to any of the addresses thought to be owned by Satoshi. This fascinating evidence would prove they are Satoshi Nakamoto.
It seems that Satoshi is either incapable of or unwilling to spend his Bitcoin, maybe because of the risk that doing it can lead to his ultimate identity reveal. If Satoshi’s identity will be disclosed publicly, then it would likely have climactic repercussions for Bitcoin.
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