- Satoshi has mined Bitcoin worth more than $10.9 billion
- Satoshi mined Bitcoins to prevent the network from a 51 percent attack
- Will Satoshi ever spend the coins he mined?
Bitcoin News Today – Analysts recently discovered that Satoshi– the pseudonymous Bitcoin founder – mined Bitcoin worth $10.9 billion to keep the network safe. However, the big question is “will these Bitcoins ever be spent?” Whale Alert – a blockchain analytics and tracking provider – recently revealed that the miner known as Patoshi mined 1,125,150 Bitcoin worth over $10 billion during the infancy of BTC to protect the network from a 51 percent attack.
Satoshi Mined Bitcoin over $10.9 Billion to Keep the Network Safe
It has been confirmed that Patoshi is Satoshi Nakamoto and the early blocks he mined also include the first Bitcoin transaction to Hall Finney – an early BTC contributor and popular developer. Whale Alert came to this conclusion by looking at other research carried out by cryptographer and independent researcher – Sergio Lerner.
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Lerner came up with the term Patoshi miner back then when a cryptographic pattern showed that the majority of the early BTC mining was carried out by one person with access to make changes to mining software. Whale Alert also discovered from the pattern that the Patoshi miner adjusted its speed between blocks just to keep the average block time at 0.6 blocks for every 10 seconds.
The miner left a pattern on some of the cord stored in each BTC block. Based on that, Whale Alert said that this early BTC mining operation was composed of about 48 computers, of which one was for coordination.
The blockchain analytics and tracking provider said there are two reasons why he adjusted the speed. The first is to protect the network from a 51 percent attack and the second is to keep the block time close to the 10-minute mark.
Satoshi was able to keep his share of the hashrate at a steady 60 percent as the BTC network grew, as a 51 percent attack was a heavy threat for the digital currency then.
Will Satoshi’s $10.9 Billion Worth of Bitcoin Ever Be Spent?
The Patoshi miner’s actions seem to be well planned and geared towards protecting the network. However, it does not seem like he wants to sell some of the BTC supply and this would have a deteriorating effect for the network.
“The timing of the shutdown, the mining behavior, the systematic decrease in mining speed, and the lack of spending strongly suggest that Satoshi was only interested in growing and protecting the young network. The bitcoin mined by Patoshi were possibly a mere byproduct of these efforts and it is unlikely that the remainder will ever be spent, although the question remains why Satoshi didn’t simply burn them in this case.”
Lerner also said that the actions of the Patoshi miner were not triggered by financial gain. According to Lerner, “Satoshi will not use those coins ever.”