Tyler Smith – Bitcoin Enthusiast
The earliest Bitcoin miner was reportedly named Patoshi, and he mined 1,125,150 Bitcoin when the the network was just an infant and few investors would buy and sell Bitcoin. The analysts say that Patoshi had control of over sixty percent of the processing power of the network. Analysts believe it was done presumably to ensure that the system remains secure and no other miners were able to perform a fifty-one percent attack on the infant network, full of vulnerabilities.
A new report has now emerged that builds upon the work done by the well-known crypto researcher Sergio Demian Lerner in 2013. The report further states that they are quite confident that the Bitcoin miner dubbed Patoshi was none other than Satoshi – the founder of the Bitcoin cryptocurrency. This is believed to be true as researchers tell us that the distinct pattern of Patoshi emerged at the birth of the cryptocurrency network, mining the first blocks containing Bitcoin.
According to an article by Whale Alert, Satoshi kept the mining power at sixty percent consistently throughout the networks’ early life. This, along with some other things such as lack of spending, suggested quite strongly that the only interest of Satoshi in doing this was for the protection, stability and growth of the new network.
Whale Alert also reported that they were able to determine that an estimated number of 22,503 blocks out of the first 54,316 blocks mined, were mined by none other than the creator of Bitcoin – Satoshi Nakamoto. Another thing concluded from the report was that a minimum of eighteen percent of the block that was spent was Satoshi’s, meaning that the Bitcoin creator only spent a total of BTC 907 at a rate of USD 0.01 per coin at that time. This also concludes that the creator of Bitcoin left 1,122,693 BTC unspent.