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Bitcoins mined in the earliest weeks of Bitcoin's existence in January 2009 are moved for the first time, sparking intense speculation about whether Satoshi Nakamoto is spending coins.
Jameson Lopp shows Satoshi deliberately throttled mining capacity, earning ~1.1M BTC when full capacity could have yielded ~2.19M BTC. Anyone claiming Satoshi was greedy hasn't done the math.
Reykjavik University researchers published the first peer-reviewed study of the Patoshi pattern in PLOS ONE, identifying two nonce anomalies (P and Z) and finding P in all of the first 64 blocks.
Multiple blockchain analyses estimate that Satoshi Nakamoto mined approximately 1.1 million bitcoins in Bitcoin's earliest days, with the vast majority of these coins never having been spent.
Lerner published The Patoshi Mining Machine, using re-mining to argue Satoshi mined on one high-end CPU scanning 5 nonce subranges in parallel, not on about 50 networked computers.
Whale Alert independent analysis confirmed Satoshi mined 1,125,150 BTC across 22,503 of the first 54,316 blocks, claiming ~48 computers (later disputed by Lerner's single-PC simulation).
Lerner's 2019 post The Return of the Deniers and the Revenge of Patoshi coined the name Patoshi and, from the absence of timestamp inversions, showed the blocks came from one PC's clock.
Four and a half months after his ExtraNonce analysis, Lerner found Satoshi's nonce values had a non-random LSB distribution — a second fingerprint of custom mining software with nonce partitioning.
Sergio Demian Lerner (1972–): Argentine cryptographer and blockchain researcher whose Patoshi analysis identified Satoshi as the dominant early miner, holding ~1.1M BTC and spending almost none.
Sergio Demian Lerner published The Well Deserved Fortune of Satoshi, identifying a distinctive mining pattern (later named Patoshi) linking ~22,000 blocks (~1.1M BTC) to a single miner.