Another lost bitcoin fortune of Satoshi Nakamoto was found

Satoshi Nakamoto, an unknown Bitcoin creator, reportedly extracted 1,125,150 BTC in the early days of the network – a number slightly larger than originally mentioned. The report also estimates that Nakamoto had a network of at least 48 computers mining BTC, with one computer coordinating everything. So Satoshi’s bitcoin fortune is worth $ 10.9 billion in today’s market.

This report was written by Whale Alert, an analytical, world-famous website that provides updates on cryptocurrency motion. They were one of the first to notice the spending of early-mineded Bitcoins in May, which some say that might belong to Nakamoto. Now they have delved deeper into the beginnings of bitcoin history.

Bitcoin fortune of Satoshi Nakamoto

According to the report, it was found that 22,503 of the first 54,316 bitcoin blocks were mined by Nakamoto. Of these blocks, 50 were spent, including a transaction of 10 Bitcoins to Hal Finney, the first crypto enthusiast to die in 2014 from Lou Gehrig’s disease.

“We were able to make the most accurate estimate of the number of blocks and Bitcoins owned by Satoshi: 1,125,150 bitcoins were mined in block 54,316. ??The estimated total value of unspent Bitcoins is at least $ 10.9 billion in today’s market.”

The Whale Alert report is based on a previous study by Sergio Lerner, Director of Innovation at IOV Labs. He noticed a distinctive pattern used to identify Nakamoto’s Bitcoin. There is nothing to identify that Nakamoto mined a particular bitcoin block, but there is a clear pattern that binds many bitcoin blocks together, including some blocks known to be Nakamoto’s own. Lerner’s latest estimate was a total of about 1.1 million BTC.

Whale Alert said he found more details about the formula that allowed them to identify more Nakamoto-mined blocks. “These findings allowed us to exclude even more blocks that were not mined by Satoshi and gave us a clearer picture …” the report said.

Whale Alert found that Nakamoto was constantly adjusting the computing power of its 48 computers to make sure it mined an average of 3.6 blocks every hour. This provided him with 60% of the mining energy in the grid. Whale Alert pointed out that this was enough to protect the network and still allow other miners to participate.

“The timing of decommissioning, mining behavior and the systematic reduction of mining speed strongly suggest that Satoshi was only interested in growing and protecting the young network,” the report said.

Whale Alert added that bitcoin assets would probably never be spent. Not that anyone knew for sure.

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