Cryptocurrency News

Evidence Suggest Patoshi Mined over 1 Million Bitcoin

According to reports from, On 16th April chief scientist of RSK Labs Sergio Demián Lerner published a new research study with relevance to the earliest blocks mined on the Bitcoin Network. The report suggests that one among the early miners dubbed as “Patoshi”, single-handedly processed 22,000 blocks. The reports contain strong evidence about the same. Lerner has also released a new website that aims at helping crypto enthusiasts to understand how mining used to happen in the initial days. The websites name is ‘Satoshi blocks’.
According to the first study published back in 2013, a significant amount of BTC mining was done by a single miner. The study is supposed to be among the most detailed and in-depth studies in the sector of Bitcoin’s early history. With the data extracted from blockchain analysis, Lerner could estimate that the single miner was able to mine exactly 1,814,400 BTC, out of which about 1.1million have never been spent since the day they were created, these coins amount to 63% of the coins mined by that miner. The miner has been dubbed “Patoshi”.
Lerner explains that the miner had a pattern, and along with Lerner a few people in the community also believe in the existense of Patoshi pattern.
Lerner has discussed some important factors about the same :
  • Each Patoshi block “links” to a block in the pattern set, but not to any of the remaining blocks.
  • 99.9% of all Patoshi blocks are unspent.
  • Mining pools were created to reduce reward variance due to the low individual probability of solving a block, but during 2009 single miners could easily solve blocks frequently.
  • There are some time intervals where the Patoshi pattern interrupts abruptly.
  • Mining pools were invented several years later.
“If you’ve studied the Bitcoin protocol, you’ll know that block timestamps are not necessarily monotonically increasing,” Lerner writes. “This is true from the Bitcoin source code 0.1.0 to the latest version of Bitcoin Core that had an internal miner (before mining pools were created).”There are no time inversions between Patoshi blocks — Zero — This result is very relevant considering the Patoshi blocks account for 43% of all the blocks in the first 50k. I’m open to considering other explanations, but for me, this can only mean one thing — There is a single PC clock whose time is stamped in the Patoshi blocks.” Lerner’s paper continues:
A single software that controls how block templates are created — A single miner.
Lerner believes that the evidence on which he has based his hypothesis is quite reliable but he expects more people in the community to be against him. The chief scientist of RSK Labs concludes that some evidence suggests that the Patoshi patterns could be related to Satoshi, although he prefers to “leave Patoshi alone once and for all” and stop there.

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