Author: Colin Harper
Translated byech
Laszlo Hanyecz and the Legendary Pizza Transaction<>Bitcoin users, 22nd - also known as "Bitcoin Pizza Day" a feast.
This transaction marked the first time Bitcoin was used to purchasing to the this cryptocurrency had just been born a year ago.
Lzlo Hanyecz posted the initial Bitcoin Pizza Day post on May 18, 2010
His request was fulfilled by another Bitcointalk user four days later
community commemorates greasy" every year with a mix of celebration and sentiment, as those 10,000 Ins are now worth over $1 billion.
However, what most people don't know is that Hanyecz might have spent up to 79,000,000 Bitcoins on pizzas that year, which are worth over $8.7 billion dollars today. Amid the shock of him "squandering" billions of people dollars often overlook one question: How did Hanyecz initially obtain so many Bitcoins?
The Lesser-Known Bitcoin Pizza Transactions
In 2019, I interviewed Hanyecz, who mentioned that he had spent almost 100,000 Bitcoins on pizzas in 2010. At that time, he didn't think much about it, as Bitcoin was almost worthless then.
Hanyecz pointed out that the Bitcoin forum Bitcointalk was full of users who often gave away hundreds or thousands of Bitcoins to newcomers for free.
Hanyecz was not regretful about this experience. He described himself as having "won the internet that day" because his "hobby bought him dinner".
In fact, he was so satisfied with the transaction that he kept the pizza trade proposal open from May 22 2to August 4. On August day 4, he posted on Bitcointalk saying: "I can no longer do this because I can no longer mine thousands of Bitcoins every day." (We'll elaborate on why he couldn't continue mining later.)
In the same post, he also thanked "those who have bought pizzas for him", indicating that he indeed made more pizza transactions between May and August.
Four years later, Hanyecz recalled his Bitcoin wealth in another post. He wrote: "I spent it all on pizzas." and attached the Bitcoin address he listed when first posting on Bitcointalk as proof.
This wallet shows that its creation on April 10, 2010, the closure of the trading transaction proposal on August 4, Hanyecz transferred over 79,000 bitcoins. Today, the wallet only has enough Bitcoins to buy a large pizza, with its last large transfer being around 81,432 Bitcoins in June 2011.
How Didecz Many Obtain These Bitcoins?
In 2009 and 2010, the Bitcoin block reward was 50 Bitcoins per block (plus transaction fees), with Bitcoin blocks generated approximately every 10 minutes. hanyec's 81,432 Bitcoins represented about 1. of all mined at time So, he accumhow did accumulate this wealth?p anyThis discoveryeryecz in 2010. Before this, Bitcoin miners typically used central processing units ((units) from laptops or computers. The addition of graphics cards increased computing power tenfold, significantly enhancing Bitcoin mining efficiency..
discovery opened "Pandora's box", and by the 2010, Bitcoin network computing power increased had increased by 1,300 times. However, the intensifying competition was precisely why Hanyecz lamented in his August August 2 Bitcoitintalk post that he could could no longer mine thousands of Bitcoins daily.This raises a question: Did Hanyabandonycz abandon abandon his wealth as atonement for accelerating Bitcoin mining centralization?
Only Hanyecz knows the answer, answer but he will likely never tell us us all would he want to revisit this? "Bitcoin Pizza Day" always reminds reminds him that he once exchanged a fortune worth billions of dollars in the future for a few ordinary pizzas.
