Based on five-year-old research, Bitcoin enthusiasts and critics alike have often held that Satoshi Nakamoto originally mined some 1,000,000 bitcoin in the early days of the network. New numbers from BitMEX Research, however, demonstrates this number could be off by 300,000-400,000 total bitcoin.Breaking Down Lerner’s ResearchThe oft-cited 1,000,000 coins estimation comes from research conducted by Bitcoin developer and RSK founder Sergio Demian Lerner and presented on Bitcointalk in 2013.Lerner came to this conclusion by examining the Total Network Strength of Bitcoin’s blockchain in 2009. At 7 MH/s, he argued, Satoshi must have been mining alone in the network’s first two weeks, and, since the network’s hashrate remained at 7MH/s for the entirety of 2009, he must have been mining alone for the entire year.In the comment section of the forum, Lerner was met with some understandable criticism and skepticism. Counter arguments posit that his MH/s estimation doesn’t include a large enough sample size and is based on unreliable block timestamps. Many forum users also recalled mining themselves in the early days of the network.These arguments and anecdotes were enough for community members to shrug off Lerner’s claims, until a few days later, he came back with more evidence derived from a different method and posted it on his personal blog.Lerner’s new findings were derived by using Bitcoin’s ExtraNonce val... For Further Information Click on Below Button