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

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https://preview.redd.it/2k763n3mc7fb1.png?width=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.

reddit image

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

  10. Damn he only earned 49.99999999 BTC instead of 50, what is even the point of mining is you’re only getting that much /s

  11. He destroyed the 1st Bitcoin or he destroyed the 1st Satoshi? You may want to clarify 😉 thanks for the story!

  12. I’ve been reading about Satoshi and the early days of BTC and it’s wildly entertaining. There really should be a movie about it all.

  13. Lol, when crypto coins will be destroyed in the future, rather than burned, Midnightmagic will be referenced. Good for him. Did he, though, invent token destruction?

  14. Cointest pros & cons with related info are in the collapsed comments below for the following topics: Bitcoin, Proof-of-Work.

  15. Somebody should reach out to MidnightMagic on the Bitcoin forum and post an update here on what his life has been like since this development

  16. I know a guy who mined BTC on his computer and threw it away without giving the 60+ BTC on it a second thought because he thought they would never be worth anything. Oops

  17. That’s interesting, shame the unclaimed can’t be donated or something. And it’s destroyed just by not being claimed?

  19. So if you mine a block and don’t claim it its lost forever? Can’t it just be re mined?

  21. Can we all agree that Satoshi would think this is a worthless tribute and might actually see it as disrespectful? You’re literally destroying the thing “he” made. You honor him by taking your reward.

  22. It was such a pain, and if I’m honest, scary process buying Moons for the first time.

  26. I don’t understand how that means it’s destroyed. Wouldn’t it just mean that it’s still there to be mined in future?

  28. It was people & acts like these (big or small) that have brought BTC here today…

  29. So, he forfeited the reward? And thus that Satoshi wasn’t even delivered? 😎

  31. Michael Saylor always talks about how bitcoin is indestructible, and it always bugged me. A lot of bitcoin can be and has been essentially destroyed.

    Of course, he’s probably talking about the network as a whole.

  32. This is a cringe post. It’s like saying someone gave away 100 dollars of apple stock in 2000. Why is this noteworthy?

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