Satoshi’s Bitcoin mining fee revealed to be very cheap, says Cardano founder

Jakarta, Pintu News – Charles Hoskinson, founder of Cardano, recently revealed the estimated electricity costs incurred by Satoshi Nakamoto, the creator of Bitcoin (BTC), to mine around 1 million Bitcoin (BTC). According to Hoskinson, the total cost is no more than $3,700.

Early Mining by Satoshi Nakamoto

Satoshi Nakamoto, whose identity remains a mystery, started mining Bitcoin (BTC) in 2009 to 2010. At that time, the mining difficulty level was very low and there was almost no competition, making it possible to mine using a regular CPU. Charles Hoskinson presents three different scenarios of the electricity costs Nakamoto might have incurred.

In the most efficient scenario, with just one mining rig using 190 watts of electricity and operating 75% of the time for 485 days, the costs incurred are only about $191. However, based on the Patoshi pattern discovered by researcher Sergio Lerner, who analyzed non-random nonce patterns in early Bitcoin blocks, it is estimated that a single entity (most likely Satoshi) mined with a cluster of machines. This scenario suggests that a more realistic cost for operations in the US would be around $575, and almost $1,000 if operating overseas.

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Mining Cost and Efficiency

If Satoshi needed more energy to stay competitive and keep up with the increased mining difficulty, the fee could increase to as much as $3,700. While this may sound like a lot, this fee is minuscule compared to the current value of Bitcoin (BTC). With efficient initial mining and minimal fees, Satoshi Nakamoto managed to secure the amount of Bitcoin (BTC) that is now worth billions of dollars.

This shows how profitable Bitcoin (BTC) mining was in the early days before many people were aware of or involved in cryptocurrencies. At the same time, the difficulty level of Bitcoin (BTC) mining continues to increase as more miners use more sophisticated devices.

This means that the cost of mining today is much higher compared to what Satoshi Nakamoto initially spent. Bitcoin (BTC) mining now requires large investments in hardware and high energy consumption.

Economic Implications of Bitcoin Mining

The low fees incurred by Satoshi Nakamoto to mine Bitcoin (BTC) provide a lesson on the importance of entering a new market at the right time. By starting mining when there were almost no competitors and low fees, Satoshi managed to accumulate assets that are now worth billions of dollars.

Nakamoto’s wealth, estimated at $120 billion, makes him one of the richest people in the world, surpassing even Bill Gates’ wealth. The story also highlights the huge potential that blockchain technology and cryptocurrencies hold. Although mining costs have increased significantly, the value generated by Bitcoin (BTC) and other cryptocurrencies continues to attract interest and investment from around the world.

Conclusion

The discovery of Satoshi Nakamoto’s initial mining fees by Charles Hoskinson provides new insights into the early history of Bitcoin (BTC). With extremely low fees and huge returns, Satoshi not only created a digital currency but also opened a new era in financial technology. This story reaffirms the importance of innovation and timing in achieving success in a volatile market like cryptocurrency.

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Reference

• U.Today. Satoshi’s Bitcoin Mining Costs Were Shockingly Low, Cardano Co-Founder Reveals. Accessed on July 7, 2025