4 entries
Bitcoin researcher Sergio Demian Lerner published 'The Well Deserved Fortune of Satoshi Nakamoto,' identifying a distinctive mining pattern (later named 'Patoshi') in Bitcoin's earliest blocks. The analysis linked approximately 22,000 blocks (~1.1 million BTC) to a single miner presumed to be Satoshi Nakamoto. Virtually none of these coins have ever been spent.
Six years after his original analysis, Lerner published 'The Return of the Deniers and the Revenge of Patoshi,' coining the term 'Patoshi' (Pattern + Satoshi), updating his estimate to ~22,000 blocks / ~1.1 million BTC, and providing new evidence: zero timestamp inversions between Patoshi blocks versus 224 among non-Patoshi blocks, proving a single PC clock.
Blockchain tracking service Whale Alert published an independent analysis confirming Satoshi mined 1,125,150 BTC across 22,503 of the first 54,316 blocks. The report claimed Satoshi used ~48 computers (or CPU threads), though this was disputed one month later by Lerner's re-mining simulation proving a single multi-threaded PC. The report's core finding — that Satoshi mined to protect the network, not for profit — aligns with the broader research consensus.
Bitcoin researcher Jameson Lopp demonstrates that Satoshi deliberately throttled mining capacity, earning only ~1.1 million BTC when full-capacity mining could have yielded ~2.19 million BTC. Lopp concludes: 'Anyone who claims that Satoshi was greedy simply hasn't done the math.'