Disproving the Hal Finney Theory: Evidence Suggests Bitcoin's Creator Wasn't the Computing Pioneer

For over a decade, cryptocurrency enthusiasts have speculated that Hal Finney—an early Bitcoin adopter and computer scientist who passed away in 2014—might be Satoshi Nakamoto, the pseudonymous creator of Bitcoin. A comprehensive investigation by Jameson Lopp, co-founder of Bitcoin custody firm Casa, has now surfaced compelling evidence that challenges this widely circulated theory.

The Physical Impossibility Argument

One of the strongest pieces of evidence centers on Finney’s health condition and activity timeline. Beginning in August 2010, Hal Finney was battling Amyotrophic Lateral Sclerosis (ALS), a neurodegenerative disease that progressively deteriorated his motor control. According to posts from Finney’s wife, Fran, at the 2010 Singularity Summit in San Francisco (August 14-15), his typing speed had plummeted from a rapid 120 words per minute to what she described as a “sluggish finger peck.”

During that same weekend in mid-August 2010, Satoshi Nakamoto performed four separate code check-ins and authored 17 posts across various forums. This level of activity would have been physically demanding for someone experiencing the advanced motor decline that Hal Finney was facing at that time.

The Race Day Timeline

Another critical piece of evidence involves a 10-mile running event in Santa Barbara, California on April 18, 2009. Race records show that Hal Finney competed in the Santa Barbara Running Company Chardonnay 10 Miler, starting at 8:00 AM Pacific Standard Time and completing the 78-minute course.

Meanwhile, archived emails reveal that during this exact timeframe, Satoshi was actively corresponding with early Bitcoin developer Mike Hearn. Specifically, Satoshi sent Hearn an email at 9:16 AM Pacific time—just 2 minutes before Finney crossed the finish line. For the hour and 18 minutes that Finney was actively running, he would have been unable to interact with any computer systems.

On-Chain Transaction Data

The blockchain itself provides additional corroboration. According to Lopp’s analysis, Satoshi conducted a 32.5 BTC transaction to Hearn on block 11,408, which was mined at 8:55 AM PST—55 minutes into Finney’s race. Satoshi then confirmed this transaction along with another 50 BTC transfer in a subsequent 6:16 PM email, which occurred while Finney was still participating in the running event.

Technical Code Differences

Beyond the temporal arguments, analysis of the actual code reveals structural differences. Hal Finney’s Reusable Proofs of Work implementation contained design elements that diverged notably from the original Bitcoin client code, suggesting different authorship approaches and technical priorities.

Addressing Counterarguments

Lopp acknowledges potential objections to his theory. The emails were released by Mike Hearn in 2017—seven years after the events—during a period when other Bitcoin developers had grown skeptical of Hearn due to scaling disagreements. Additionally, someone could theoretically have pre-scripted emails and transactions, or multiple individuals could have operated under the Satoshi pseudonym.

However, Lopp’s extensive research into Satoshi’s patterns points toward a single actor: “In all my time researching Satoshi, I’ve yet to come across any evidence suggesting it was a group. If it was a group, then they all operated on the same sleep schedule, consistent across code commits, emails, and forum posts.” This consistency in communication and activity patterns argues against collaborative authorship.

While the mystery of Satoshi Nakamoto’s true identity remains unsolved, the accumulated evidence suggests that Hal Finney—despite being among Bitcoin’s earliest adopters and contributors—was likely not the protocol’s creator.