Sat Hunting
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The practice of "Sat hunting" or "Satoshi Hunting" refers to the process of searching for special satoshis using Ordinal Theory. Satoshis are the smallest units of Bitcoin, and Ordinal Theory is a numbering system that assigns ordinal numbers to satoshis based on their order of mining and transfer.
Ordinal Theory allows for satoshis to be categorized based on rarity levels such as common, uncommon, rare, epic, legendary, and mythic. These rarity levels are assigned based on periodic events within the Bitcoin blockchain. Different notations such as integer, decimal, degree, and percentile, are used to represent these ordinals, and degree notation in particular helps determine the rarity of a satoshi. Additionally, each satoshi has a name consisting of letters from A to Z, with shorter names, indicating that it was mined later. There are also exotic satoshis which may have unique numerical qualities or historical connections.
Hunting for special satoshis involves various methods such as brute-forcing or targeting specific Unspent Transaction Outputs (UTXOs). The rarity of special satoshis can be based on different criteria, such as being the first satoshi of a block, being associated with a difficulty adjustment, halving, or cycle. There are also rarity schemes that are based on word-based notations or personal significance.
An example of the significance of Sat hunting in practice can be seen in the discovery of special satoshis that were found in block 78, which was the first block mined by someone other than Satoshi Nakamoto, belonging to the late Hal Finney, a renowned figure in the early Bitcoin community. This discovery was made possible through the application of Ordinal Theory and the author of this discovery used basic techniques such as sifting through exchanges to find these special satoshis.
Sat hunting is important as it adds an additional layer of value to the Bitcoin ecosystem by identifying satoshis with historical significance or unique properties. It allows for the creation of Bitcoin-native digital artifacts and can even enable the development of early Non-Fungible Tokens (NFTs) inscribed on these special satoshis. This creates a market for collectors who are interested in owning satoshis that have special attributes, and it also stimulates innovation and exploration within the Bitcoin-native technology realm.