According to Bitcoin mining researcher Sergio Demian Lerner, Satoshi did not mine for the first five minutes. Sergio believes there is an original Bitcoin miner other than Satoshi, and he identifies him as Patoshi. He did the latest research focused on Bitcoin block timestamps, where he made his new observations.
He believes that Satoshi might have restrained himself from mining Bitcoin in the first five minutes. He thinks he might have restrained as opposed to that happening by chance as the probability of a regular miner finding a solution to a puzzle is not zero but 0.39. Therefore, there is no way Satoshi would unsuccessfully mine. The complex remaining is why Satoshi was not mining in the first five minutes of a new block interval. It might be because he was giving other miners a chance to do mining.
When Bitcoin was still new, there were very few miners, which made Satoshi have a substantial hash rate compared to the rest of the network. Satoshi was clear that there was a need for more miners in the Bitcoin network to be a success. That is why there might be a chance he was giving other miners the first five minutes to find a solution.
Sergio agrees that the big hash rate adjustment within just a single block would have been very substantial. He also made an observation that Satoshi had about 99% of the total hash rate at the time.
Satoshi did not intend to be some sort of monopoly; his goal was to give other miners a chance. As much as he wanted the network to have enough hash rate to be more secure, he also wanted other miners to have the incentive of mining.
According to Laszlo Hanyecz, an early Bitcoin developer, Satoshi had insecurities about Bitcoin’s security from the onset before Bitcoin got traction. He had a GPU miner standby who would work to defend it just in case.
That suggests there was a level of altruism on the Bitcoin creator’s part.
Don’t worry, we hate spam too
one weekly digest, just the important stuff.
How about some social? Follow us on Twitter!