Satoshi Nakamoto, the alleged creator of Bitcoin, mined $10.5 billion worth of Bitcoin in today’s exchange rate.
Satoshi Stash Valued at Around $10.5 Billion
Whale Alert, the popular blockchain trackers and researchers, published a report on Monday, which revealed that the founder of Bitcoin has approximately $10.5 billion worth of BTC. The researchers estimated that Satoshi might have mined coins up to block 54,316, capturing 1,125,150 BTC. This equates to $10.5 billion in today’s exchange rate.
Over the past few years, numerous blockchain researchers have tried to estimate the number of Bitcoins Nakamoto owned, with most of them leveraging the mining patterns. Perhaps the most popular theories about the Nakamoto Bitcoin stash was from RSK Labs chief scientist Sergio Demián Lerner. Sergio Lerner was famous for the invention of the Patoshi pattern study, and he currently operates the Satoshi Blocks website.
Lerner, in his study, generated data sets from his blockchain analysis. The data sets tracked extraNonce fields within the Coinbase field coming from the Coinbase transactions. Using Lerner’s research and the Patoshi pattern study that was published in April last year, people were able to estimate that Nakamoto has roughly a million BTC.
However, Bitmex Research published a paper after an in-depth study about the alleged BTC stash of Satoshi and estimated that the Bitcoin creator had around 600,000 to 700,000 BTC or $6.5 billion worth of coins.
New research from blockchain tracking firm Whale Alert now estimates that he has a significantly higher BTC stash. According to the researchers, the figures from the research are fully accurate. Whale Alert researchers stated that they were able to make the most accurate estimate of the Bitcoin blocks mined and the BTC owned by Satoshi, stating these numbers to be 1,125,150 Bitcoin, and around 54,316 blocks mined. “This leads to an estimated total value of the unspent Bitcoin to be $10.9 billion in today’s market,” the researchers added.
So, What Does Satoshi Really Own?
The exact amount of BTC owned by Satoshi has been a subject of hot debate within the cryptocurrency space over the past decade. With the identity of Nakamoto still unknown, there have been several claims regarding how much he/she possesses. The fact that the BTC stash owned by Nakamoto has not been moved or spent since the cryptocurrency was created, makes the matter even more interesting.
In addition to this fortune, the researchers added that they were able to figure out the purpose of the Patoshi miner, and it was designed to defend the growing network from cyber-attacks. Whale Alert further talked about how Lerner produced his data sets from his blockchain analysis, which was used in tracking the extraNonce fields. However, they added that they uncovered some exciting new details.
The discoveries made by Whale Alert led the researchers to conclude that Nakamoto only mined Bitcoins to protect the network. As such, the earned BTCs were a mere byproduct of the efforts put in by Nakamoto to protect the network. The Whale Alert researchers assume that it is unlikely that the mined BTC by Nakamoto would ever be spent.
The Whale Alert study concludes that while questions remain as to why Satoshi did not just burn the coins, their findings did not exclude the possibility that he was running a miner with the publicly released software. While it could be for testing purposes, the researchers believe that it is less likely that at least one of the non-Patoshi patterns can be credited to Satoshi.