How many people have mined BTC besides Satoshi? Data from 2010 shows that the creator of Bitcoin wasn’t the only mining whale – Bitcoin News
Over the course of 2021, there have been a large number of mysterious whale movements by miners who mined bitcoins in the early days. This week, 1,000 bitcoins were transferred from 2010, and the miner has issued 11,000 bitcoin since last year. Old school whale movements like this have led some people to suspect that decade-old Coinbase editions could have been made by Satoshi Nakamoto. But although it is estimated that Nakamoto has mined over a million Bitcoin, many other network participants have also mined millions of coins.
2010: CPU and GPU mining as well as extremely low hashrate and difficulty
On June 9, 2021, an early miner sent 1,000 Bitcoin (BTC) from 20 block rewards from 2010 to countless different addresses. Bitcoin.com News has caught this whale six times so far in 2021, spending 6,000 decade-old Bitcoin in the process. Additionally, our news desk captured the previous five strings prior to 2021, when 5,000 decade-old coins were issued in 2020. Since we published our research, it has been suggested by some that the whale could be Bitcoin’s inventor Satoshi Nakamoto.
This chart from theholyroger.com shows real-time data for unspent blocks that were mined between 2009 and 2011. The yellow dots represent the blocks used between 2009 and 2011. This graph shows the June 20th series of 20 blocks from 2010 that were spent on Bitcoin (BTC). Block height 686,865.
The mysterious whale is unlikely to be Nakamoto, and although the inventor mined a million bitcoin, many others have mined along with the creator’s efforts. Nakamoto likely mined Bitcoin in 2010, but a large number of other miners also processed block rewards in Bitcoin’s second year. 3.39 million BTC were mined in 2010, at which point a person could still use a central processing unit (CPU) to mine Bitcoin until mid-2010. This means that a simple computer with a decent CPU could find block rewards out of the 67,920 blocks solved in 2010.
Periods from the transition of Bitcoin network miners from CPU to GPU to FPGA and finally to ASIC.
Between that time and the final months of 2010 until the first quarter of 2011, graphics processing units (GPUs) were used to mine bitcoins. Between the CPU and GPU periods, a lot more people were able to mine Bitcoin, besides the creator who went to church in December 2010.
We also know that Bitcoin’s network mining difficulty was very minor in its second year of existence. Analysts can estimate the overall hashrate by calculating certain fields 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 a network mining difficulty of around 1.18 to 14,484. For comparison: Today’s mining difficulty is much greater at 21.05 trillion or a difficulty increase of 145.317.112.385% since 2010.
This data suggests that for the first two years of the Bitcoin network, the difficulty of mining Bitcoin was extremely low. The hashrate was also very low at this point, meaning that much more hash power will be used to mine BTC in 2021 than was needed a decade ago.
The data shows that as of March 2010, the hashrate was 43 million hashes per second, or a total of 43.5 megahashes per second (MH / s). For comparison, today’s top bitcoin mining rig is making around 100 terahash per second (TH / s), which is 100 trillion times higher than the total hashrate in Spring 2010. If there are a few hundred people or more than a few thousand People were mining Bitcoin, the hashrate was only 0.0000436 TH / s in 2010. By August 30, 2010, the hashrate of the entire network had jumped to 0.01 TH / s. For five months, better solutions for finding Bitcoin and more subscribers dedicated to the network hashrate caused this surge.
Bitcoin price was $ 0.008 to $ 0.08 per unit in July 2010, Artforz is making waves
We know from forum posts on bitcointalk.org that up to July 2010, many people were mining Bitcoin. By December 2009, it was evident that people were using GPU mining rigs to mine Bitcoin, and people also knew that ASIC mining was on its way. Satoshi even warned of the “GPU arms race” earlier this year when he said the community should perhaps agree not to rush this type of mining.
“We should have a gentleman’s agreement to postpone the GPU arms race for as long as possible for the good of the network. It’s much easier to bring new users up to speed when they don’t have to worry about GPU drivers and compatibility. It’s nice how anyone with just one CPU can keep up pretty much the same right now, ”said Nakamoto.
Artforz’s original “Artfarm” consisted of 24 Radeon 5970s. Artforz’s GPU mining code was private, but eventually the code to mine bitcoins with a GPU was leaked by GPU miners. In October 2010 the first public Opencl miner was released.
In summer 2010 it was too late and in mid-July the pseudonymous miner Artforz was one of the earliest GPU miners next to Laszlo Hanyecz. Artforz was apparently the first to create an entire “farm” of GPU miners.
“Artfarm”, as it was called at the time, used its private code to mine thousands of bitcoins in 2010. The notorious Artforz said he mined 1,700 bitcoins in six days on July 25, 2010. Artforz became a fairly controversial leader in the space and it was claimed in October 2010 that Artforz controlled approximately 20-30% of the network’s computing power.
Nobody knows who Artforz is, but we do know that he created the first Scrypt coin called “Tenebrix” which eventually led to Charlie Lee’s summoning of Litecoin (LTC). Just like Nakamoto, Artforz disappeared from the scene in the early days of the network. He announced to the public on August 25, 2011 that his “Artfarm” was receiving less than 1% of network hash power from certain individuals and groups due to advances in mining. Nakamoto is believed to have raised 1.1 million BTC between January 2009 and the end of 2010. However, between this period (Jan. 2009 to Dec. 2010) over 4.9 million Bitcoin were mined, leaving 3.8 million for other mining participants.
After the first quarter of 2011, it became more difficult for attendees taking advantage of CPU and GPU mining solutions when integrated circuit designs such as a field programmable gate array (FPGA) hit the market. A miner could likely use an FPGA by Q1 2012, by which time integrated circuit (IC) chips or application specific integrated circuits (ASICs) became the dominant force in mining.
All of this in view of this, we can say that many others besides Satoshi mined Bitcoin during the Creator’s time that started the network up until December 2010. Just because a few thousand BTC moved from 2010 doesn’t mean it was Nakamoto. And as far as we know, the creator of Bitcoin has never issued any of the 1.1 million coins believed to have been mined at that time.
What do you think of the mining ecosystem in 2010? How many people do you think mined Bitcoin in the early days alongside Satoshi Nakamoto? Let us know what you think on this matter in the comments below.
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2010 Mining, artforz, ASIC, Bitcoin (BTC) Mining, Bitcoin Mining, Bitcointalk.org, BTC Mining, CPU, Early Days, FPGA, GPU, Kickstarting-Netzwerk, Mining BTC, Mining 2010, Netzwerkstart, old miners, Satoshi Nakamoto, Scrypt coin, tenebrix, whale
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