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TIL in 2011 a miner known as Midnightmagic intentionally destroyed a Satoshi worth of bitcoin for the first time as a tribute to Satoshi.

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by COINS NEWS 92 Views

TIL in 2011 a miner known as Midnightmagic intentionally destroyed a Satoshi worth of bitcoin for the first time as a tribute to Satoshi.

In 2011, a user known as Midnightmagic effectively destroyed a satoshi worth of bitcoin by intentionally underpaid himself by one Satoshi to honor Satoshi Nakamoto. This idea revolved around the rewards given to miners for validating a Bitcoin block. Until November 28, 2012, these rewards were 50 BTC. While every node in the network ensures that miners don't claim more than their due reward, the software doesn't prohibit them from claiming less.

In this instance, Midnightmagic claimed 49.99999999 BTC, which was one Satoshi less than the actual reward, thereby effectively eliminating the first ever Bitcoin.

This act differs from the usual concept of 'burning', which typically occurs when coins are transferred to an unknown wallet but continue to exist on the blockchain. In Midnightmagic's case, the Bitcoin was essentially destroyed.

You can see it here I=in block 124724 you'll find txid 5d80a29b

Under reward it reads:

Reward ForefitThis miner 'midnightmagic' chose to not accept the full block reward available to them

https://preview.redd.it/2k763n3mc7fb1.png?933&format=png&auto=webp&s=58bdc5054582250dbae4a090bda1d2cb33d293a9

this was not the last time or the biggest tribute but it was the first so pretty interesting peace of history.

Others has since followed with the biggest losing the entire block at 12.5 BTC at the time.

submitted by /u/greenappletree
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