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Researcher Sergio Demian Lerner’s 2013 analysis of Bitcoin’s earliest blocks identified a distinct mining fingerprint associated with a single miner. Lerner estimated that this miner, later referred to as “Patoshi,” accumulated approximately 1.1 million BTC—coins that remain unspent to this day and are reported to be worth over $115 billion.
Bitcoin blocks include a small data field called the ExtraNonce. Miners increment this value as they attempt to generate blocks, and the resulting ExtraNonce sequences can differ depending on mining software behavior.
Lerner mapped ExtraNonce values across the first 50,000 Bitcoin blocks. When plotted, the values formed distinct slopes, with each slope corresponding to a different miner’s activity. One slope stood out as it appeared across roughly 22,000 of the first 36,000 blocks, showing consistent timing and identical software behavior.
The analysis also connected the pattern to Satoshi Nakamoto’s original mining code. The cryptography community linked “Patoshi” to Satoshi Nakamoto through cross-referencing with known transactions involving early developers such as Hal Finney.
The Patoshi miner did not appear to seek total dominance of the network. In 2009, the Bitcoin network had very few participants, and Satoshi’s hardware was effectively the entire network at that time. However, the data described in the analysis indicates Patoshi limited his hash rate to around 50% of his actual capability, allowing other miners to win blocks.
The pattern also followed a human daily rhythm: Patoshi stopped mining at similar times each day, consistent with operating from a personal workspace rather than an industrial setup.
According to the account of Lerner’s findings, the Patoshi pattern disappeared entirely from the blockchain around April 2010. Satoshi sent his last public message in April 2011 and has not been heard from since.
The 1.1 million BTC associated with the Patoshi pattern is reported to be distributed across approximately 20,000 separate addresses and has remained untouched for 16 years.
The dormant stash is described as carrying two potential outcomes for the market. If the coins move, the crypto market would face the largest single liquidation in its history. If the coins never move, Bitcoin’s effective circulating supply would be smaller than current figures suggest.
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