In July 2020, blockchain tracking service Whale Alert published “The Satoshi Fortune,” an independent analysis of Satoshi Nakamoto’s mining activity that largely corroborated earlier Patoshi research by Sergio Demian Lerner, while introducing its own interpretation of Satoshi’s mining infrastructure.
Key findings:
- Satoshi mined 1,125,150 BTC up to block 54,316
- 22,503 of the first 54,316 blocks were mined by the Patoshi miner
- Of these, only 50 blocks (907 BTC) had ever been spent; the remaining 1,122,693 BTC were untouched
- Estimated value at the time of publication: at least $10.9 billion
Mining behavior:
Whale Alert found that Satoshi maintained a steady share of approximately 60% of the network hashrate as the network grew, using an estimated 48 computers (or CPU threads). Satoshi systematically adjusted processing power to mine approximately 3.6 blocks per hour, ensuring sufficient hashrate to defend against a 51% attack while the network was still vulnerable.
Note on the “48 computers” claim: One month after this report, Sergio Demian Lerner published “The Patoshi Mining Machine” (August 22, 2020), presenting a re-mining simulation that demonstrated the Patoshi miner used a single high-end CPU with 5 parallel threads — not 48+ separate computers. Lerner showed the nonce space was divided into 5 subranges with sequential scanning within each, producing a 78% high-value bias inconsistent with independent machines. Jameson Lopp’s 2022 analysis further supported the single-PC thesis: during the “double helix” period (blocks 1400–1916), two mining instances competing for the same CPU cores produced only a 28% hashrate increase rather than the 100% expected from separate machines. The research consensus now favors a single multi-threaded PC.
Intentional throttling:
The analysis identified a pattern of deliberate hashrate reduction over time. As other miners joined the network, Satoshi did not compete for dominance but instead progressively decreased mining speed. The Patoshi miner was shut down entirely in May 2010, months before Satoshi’s final communications.
Conclusion:
The report concluded: “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.” None of the 1,125,150 BTC have ever been spent, reinforcing the interpretation that Satoshi mined to bootstrap the network — not for personal enrichment.