Bitcoin Creator Satoshi Nakamoto is responsible for mining more than millions of Bitcoins. And, the fun fact is it is just not him; many others are there who have mined a high number of bitcoins during the beginning of BTC. And one of those miners did a transfer of 1000 Bitcoins recently. In total, the same miner spent over 11000 BTC since 2020.
Mystery whale could be Bitcoin Creator Satoshi.
A mystery whale is spending strings of decade-old block rewards in the same pattern every time the person transfers BTC. Bitcoin.com is investigating this news to confirm what is the mystery behind it.
The blocks we are talking about contain 50 bitcoins each, and people spend rewards for each block. On March 23, 2021, the old-school organization moved few coins. And now, on Wednesday, June 9, 2021, the same entity moved 20 blocks of rewards from 2010. Hence, the block height stands at 686865 now.
The miner spent over 6000 old bitcoins, and the site found this whale six times in 2021. And, according to their internal data, we now know that the same miner mined over 5000 BTC in 2020. Everyone is assuming that the person behind all the mining procedures could be Satoshi Nakamoto himself.
CPUs and GPUs are behind the mining of Bitcoins.
Although evidence might suggest that Nakamoto is behind all this, others are mining BTC and Satoshi. Satoshi could be responsible for mining bitcoin in 2010, but it doesn’t end here. A lot of miners started processing blocks of bitcoin in the second successful year of BTC. Did you know that a basic Central Processing Unit (CPU) can find blocks of rewards from 67921 blocks that solved in 2010?
Not just CPU, in 2011, entities were using Graphics Processing Units (GPUs) for mining purposes. Moreover, entities who already left the community could still mine bitcoins along with Satoshi.
Hash Rates on Bitcoins
Due to mining, many were responsible for mining 3.3M Bitcoins, and the mining difficulty was from 1.16 to 14,484 in 2010. Although, after a decade, mining difficulty is up to 21.05 trillion, i.e., there is an increase of 145,317,112,385%. This is because the hash rate during 2010 was meager, but mining BTC in 2021 requires a high amount of hash power.
People used GPU to rig Bitcoin mining.
Many people took an interest in mining BTC from mid-2010. By the end of 2009, although it was clear that people were using GPUs to rig mining BTC. Even Bitcoin Creator Satoshi warned people that GPUs are being used for mining, and people should not rush into mining in this way.
As a year was already gone, using CPUs and GPUs for mining was getting tougher. With each passing year, mining needed more hash power that these units were not able to provide. So first, a miner could use FPGA, but then integrated circuits became the sole source for mining bitcoins.
What are your thoughts about mysterious whales mining millions of Bitcoins? Do you think Satoshi is behind all of them? Let us know in the comment section below about your thoughts. And if you like the content, do not forget to like and share it with your close ones.