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How many people mined BTC with Satoshi? 2010 Data Shows Bitcoin’s Creator Wasn’t the Only Mining Whale – Featured Bitcoin News

During 2021, there have been a large number of mysterious whale movements from miners who mined bitcoin in the early days. This week, 1,000 bitcoins were transferred since 2010, and miners have spent 11,000 bitcoins since last year. Such old-school whale movements have led some to believe that the decade-old Coinbase spending may stem from Satoshi Nakamoto. Although it is estimated that Nakamoto mined more than a million bitcoins, several other network participants also mined millions of coins.

2010 saw CPU and GPU mining, with extremely low hashrate and difficulty Saw

On June 9, 2021, an early miner sent 1,000 bitcoin (BTC) generated from the 20 block rewards since 2010 to a myriad of different addresses. Bitcoin.com News has caught this whale spending 6,000-decade-old bitcoins six times so far in 2021. In addition, our newsdesk caught the last five strings before 2021, when 5,000 decade-old coins were spent in 2020. Ever since we published our investigation, some have assumed that whales may be Satoshi Nakamoto, the inventor of bitcoin.

Mystery Whale Returns $35 Million – Miner Transferred 1,000 'Sleeping Bitcoins' Since 2010
This chart from theholyroger.com shows data in real time for unused blocks mined between 2009 and 2011. The yellow dots represent blocks spent between 2009 and 2011. This chart shows the June 9 string of 20 blocks spent on Bitcoin (BTC). Block height 686,865.

It is unlikely that the mystery whale is Nakamoto, and even though the inventor may have mined a million bitcoins, many others were mined with the efforts of the creator. Nakamoto mined bitcoin in 2010, but a large number of other miners also processed block rewards during bitcoin’s second year. 3.39 million BTC were mined in 2010 and at this point in time, a person can still take advantage of a central processing unit (CPU) to mine bitcoins as of mid-2010. This means that a basic computer with a decent CPU can get a block prize out of 67,920 blocks solved in 2010.

The time period when bitcoin network miners transitioned from CPU to GPU to FPGA and finally to ASIC.

Between that time and the months following 2010, graphics processing units (GPUs) were used to mine bitcoin until the first quarter of 2011. Between the CPU and GPU periods, many people could mine bitcoin with Creator, who left the community in December 2010.

We also know that the network mining difficulty of bitcoin was very low during the second year of bitcoin’s life. Analysts can estimate the total hash rate by computing the specific fields found in Coinbase Rewards. Essentially, this data includes version, prevblockhash, merkleroot, timestamp, difficulty target, and nonce.

The 3.3 million BTC acquired in 2010 were mined under network mining difficulty of approximately 1.18 to 14,484. For comparison, today’s mining difficulty is much larger than the difficulty increase of 21.05 trillion or 145,317,112,385% since 2010.

This data indicates that during the first two years of the bitcoin network’s operation, the difficulty of mining bitcoin was very low. The hash rate was very low at this time, meaning that much more hashpower was used to mine BTC in 2021 than a decade ago.

Data shows that in March 2010, the hash rate was approximately 43 million hashes per second, or a total of 43.5 megahash per second (MH/s). For comparison, today’s top bitcoin mining rigs make about 100 terahashes per second (TH/s), which is 100 trillion times the full hash rate in the spring of 2010. If a few hundred people or more than a few thousand people were mining bitcoin in 2010, the hash rate was only 0.0000436 TH/s. As of 30 August 2010, the overall network hash rate has jumped to 0.01 TH/s. Five months of better solutions to find bitcoin and more participants dedicating hashrate to the network caused this swell.

In July 2010 the price of bitcoin was $0.008 to $0.08 per unit, Artforz makes waves

We know from forum posts on bitcointalk.org that as of July 2010 a lot of people were mining bitcoins. In December 2009, it was clear that people were taking advantage of GPU mining rigs for bitcoin mining and that ASIC mining was on the way. Satoshi also warned of a “GPU arms race” that year, when he said that perhaps the community should agree not to rush into this type of mining.

“We should have a gentleman’s agreement to postpone the GPU arms race for as long as we can for the good of the network. If new users don’t need to worry about GPU drivers and compatibility, then It’s so easy to speed them up. It’s cool how anyone with just one CPU can compete pretty evenly right now,” Nakamoto said.

Artforz’s initial “Artfarm” consisted of 24 Radeon 5970s. Artforz’s GPU mining code was private, but eventually the code to mine bitcoins with the GPU was leaked by GPU miners. As of October 2010, the first public opencl miner was released.

By the summer of 2010, it was too late and in mid-July, the pseudonymous miner Artforz was rumored to be one of the earliest GPU miners along with László Hanez. Artforge appears to have been the first to build an entire “farm” of GPU miners.

“Artfarm”, as it was called back then, used his private code to mine thousands of bitcoins back in 2010. The infamous ArtForge said it mined 1,700 bitcoins in six days on July 25, 2010. Artforge became a very controversial leader. space and in October 2010 it was claimed that Artforz controlled approximately 20–30% of the network’s computing power.

No one knows who Artforge is, but we do know that he created the first scrypt coin called “Tenebrix”, which led Charlie Lee to call Litecoin (LTC). Like Nakamoto, Artforge disappeared from the scene during the network’s early days. He told the public on August 25, 2011, that his “artfarm” covered less than 1% of the network hashpower due to advances in mining from some individuals and groups. Between January 2009 and the end of 2010, it is believed that Nakamoto collected 1.1 million BTC. Yet over 4.9 million bitcoins were in existence between that period, which leaves 3.8 million for other mining participants.

After the first quarter of 2011, it began to get harder for participants to take advantage of CPU and GPU mining solutions as integrated circuit designs such as field-programmable gate arrays (FPGAs) entered the scene. A miner could probably take advantage of FPGAs by Q1 2012 and by then integrated circuit (IC) chips or application-specific integrated circuits (ASICs) had become the dominant force in mining.

With all this in mind, we can say that many others mined bitcoin with Satoshi, as of December 2010, when the network was kickstarted. Just because a few thousand BTC moved since 2010 doesn’t mean it was Nakamoto. And as far as we know, the creator of bitcoin didn’t spend any of the 1.1 million coins minted at that time.

What do you think about the mining ecosystem in 2010? How many people do you think mined bitcoin with Satoshi Nakamoto in the early days? Let us know what you think about this topic in the comment section below.

Tags in this story

2010 mining, artforge, asic, bitcoin (btc) mining, bitcoin mining, bitcointalk.org, btc mining, cpu, early days, fpga, gpu, kickstarting network, mining btc, mining in 2010, network launch, old miners, satoshi nakamoto , scrypt coin, tenebrix, whale W

image credit: Shutterstock, Pixabay, WikiCommons, eklitzke.org, bitcointalk.org, iea.org/data, theholyroger.com,

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell any products, services, or companies, or a recommendation or endorsement of any products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the Company nor the author is responsible, directly or indirectly, for any damage or loss alleged to be caused by or in connection with the use or reliance on any materials, goods or services mentioned in this article.

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