Whale Alert has recently published the report in which it states that Satoshi Nakamoto, a mysterious founder of Bitcoin (BTC) also known as Patoshi, is supposed to mine 1,125,150 BTC what worth around $10.9 billion.
Satoshi Nakamoto, the inventor of Bitcoin has mined $10.9 billion judging from recent reports by the analytics firm Whale Alert a few days ago. Satoshi Nakamoto, who also uses his alias, Patoshi was found to have protected the Bitcoin network in its infancy through his mining operations. Even though these facts were not obvious in the beginning, they are starting to emerge, according to the recent report.
The name Patoshi was linked to the inventor by the analyst Sergio Demian Lerner. He discovered that the two identities belonged to the same person after using the mining pattern of the rig which showed a definite signature. This particular pattern is evident at the beginning of the network, and also in the mining blocks. Satoshi sent the gained coins to Hal Finney, who was the first person to receive BTC from the network. So by connecting the dots, the analysts at Whale Alert deducted the coins that were mined by Satoshi.
Satoshi Nakamoto and Bitcoin
Another finding from Whale Alert is that Patoshi adjusted his mining speed between blocks. This was to maintain the average time of ten minutes which is the standard Bitcoin transmission period for block confirmation. It became obvious that the purpose of the execution was to guard the network from 51% attack. This is a malicious takeover of the network by bad actors, an event that would have been feasible at the early stages of the Bitcoin existence. Patoshi made sure he maintained 60% of all processing power while he left enough blocks for other miners as well.
The report showed that as more miners joined the network giving it better security, the founder decided that it was strong enough to withstand the attack. Therefore, sometime in 2010, Satoshi ceased his mining operations.
At a point, it was difficult to track Patoshi’s blocks and to understand the link between Patoshi and Satoshi. Analysts had also wondered if he continued to mine with another rig after 2010. These speculations have been laid to rest by the recent report. Whale Alert reported that the node used to mine Patoshi’s block had been turned off around May 2010. So in total, 907 BTC was expended from the Bitcoins mined on it, which left 1,122,693 BTC unspent.
Satoshi was active in BitcoinTalk forum till December 12, 2010. His last verified communication was an email to Gavin Andersen.
Chuks is a blockchain enthusiast and finance researcher that has covered the crypto sphere for several years. He believes that the evolving technology would change how we do business.