Search for Satoshi's Mysterious Bitcoin (BTC) Stash Continues with BitMEX Analysis

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Using as basis a 2013 analysis, BitMEX has done its own study to explore mining activity from 2009 in search of traces of Bitcoin’s creator.

Few people are surrounded by as much mystery as Bitcoin’s creator, whose legacy comprises the most popular blockchain project in the world and a manifesto that gave rise to an ideology centered on digital money. Satoshi Nakamoto has left practically no clues about himself, but people keep digging relentlessly through troves of data to find some sign pointing to his identity or a glimpse of what many suspect to be his enormous Bitcoin stash.

BitMEX is the latest entity to start tracking down Satoshi Nakamoto’s purported wealth by looking at a previous analysis by Sergio Demian Lerner, who first came up with the figure of one million BTC.

Looking at the Lerner hypothesis

In mid-April 2013, Lerner showed the world his first analysis of the Bitcoin creator’s possible movements in the blockchain up to a year after its genesis block was mined. He suggested Nakamoto may have mined “almost alone” during that period due to a constant hash rate of 7 Mh/s.

Users in the forum where he posted immediately shot down the assumption, saying that network hashrate calculations based on the bootstrap.dat file he used for his analysis were not precise enough to warrant such a conclusion.

Within a couple of days, Lerner performed a more in-depth analysis of the situation and put a figure to Nakamoto’s wealth: roughly a million BTC.

This time, he took a fingerprint of the Bitcoin network’s mining history between January 3, 2009 and January 25, 2010, demonstrating that one particular miner was working during the period and also mined the first block after the genesis block, representing the activity as black dots on the graph.

“I can’t assure with 100% certainty that all the

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