Harold Thomas Finney II, known as Hal Finney, was born on May 4, 1956. He was an American developer, computer scientist, and cryptographer, notable in the cryptocurrency world for being the first person to receive Bitcoin. He passed away on August 28, 2014.
- Place of Birth: Coalinga, California
- Place of Death: Phoenix, Arizona
- Number of Children: 2
- Father: Harold Thomas Finney
Early life and education
Hal Finney may have taken after his father, who was a petroleum engineer. He studied engineering at the California Institute of Technology (Caltech), graduating in 1979.
He had a distinguished career as a lead developer on several console games. More importantly, he was an early Bitcoin contributor and is best remembered for receiving the first-ever Bitcoin transaction from its anonymous creator, Satoshi Nakamoto.
At just 23, Finney earned a Bachelor of Science degree in engineering from Caltech. After gaining valuable experience at Caltech, Finney ventured into the computer gaming industry. However, he soon felt the need for a change and joined PGP Corporation, where he became the second developer hired after Phil Zimmermann. He remained with the company until his retirement in 2011.
Was He a Seer When He Invested His Time in Bitcoin?
As a cypherpunk, Finney believed that computers should be tools of liberation and protection rather than control.
A staunch advocate for privacy, he campaigned against mass surveillance, creeping computerization, centralized databases, and the increasing control of information by governments.
Like a man who foresaw the future, he invested his time, energy, and resources into Bitcoin—a currency that has since freed many from government control.
Today, cryptocurrency enthusiasts have greater autonomy over their finances and data, independent of governmental and corporate influence.
This deep belief in financial freedom is likely why Finney dedicated much of his time to Bitcoin, eventually becoming the first recipient of a Bitcoin transaction.
Due to his early involvement in Bitcoin and the anonymity of Satoshi Nakamoto, many speculated that Finney himself was the creator of Bitcoin. However, he consistently denied these claims in multiple interviews.
His Crypto Vision
New ideas often face skepticism before gaining widespread acceptance, and Bitcoin was no exception. When Bitcoin launched in 2009, it had no immediate monetary value. Enthusiasts sent and received Bitcoin purely out of appreciation for the technology.
It wasn’t until 2010 that someone attempted to sell 10,000 BTC for just $50—without finding a buyer. Today, Bitcoin is the most valuable and widely held cryptocurrency among thousands of digital assets.
Bitcoin reached an all-time high of $109,114.8 on January 20, 2025. Despite its characteristic volatility, Finney would likely have been proud to see how the technology he believed in has reshaped the global financial landscape.
Many businesses and even countries are gradually adopting Bitcoin or another form of cryptocurrency as a legal form of exchange. For instance, billionaire investor Bill Miller allocated half of his wealth to Bitcoin in January 2022, further proving its growing legitimacy. U.S. President Donald Trump has also promised to make his country the crypto capital of the world and create a crypto reserve for the United States.
Did He Meet Satoshi?
Finney first learned about Bitcoin in late 2008 when Satoshi Nakamoto announced it on a cryptography mailing list on November 16, 2008.
Unlike many, Finney was immediately enthusiastic about the concept and wasted no time in getting involved.
He collaborated with other early developers who contributed to the foundational ideas behind Bitcoin, including Wei Dai and Nick Szabo.
When Satoshi finally released Bitcoin, Finney was among the first to download and use the software. This made him the first person, aside from Satoshi, to run Bitcoin.
He mined more than 70 blocks and eventually became the first Bitcoin recipient when Satoshi sent him ten BTC as a test transaction.
On January 11, 2009, Finney tweeted:
“I think I was the first person besides Satoshi to run Bitcoin. I mined block 70-something, and I was the recipient of the first Bitcoin transaction when Satoshi sent ten coins to me as a test. I carried on an email conversation with Satoshi over the next few days, mostly me reporting bugs and him fixing them.”
Although there is no record of Finney meeting Satoshi in person, he maintained an email correspondence with him, mostly discussing bug fixes.
To this day, Satoshi Nakamoto’s identity remains unknown, and Finney is one of the few individuals to have directly worked with him.
How Many Bitcoins Did Hal Finney Own?
As the first Bitcoin recipient, Finney undoubtedly held a significant number of BTC. However, the exact amount remains unknown.
During his final years, Finney reportedly received an anonymous extortion attempt demanding 1,000 BTC, suggesting he possessed a substantial amount.
Sadly, much of his Bitcoin holdings were spent on medical expenses as he battled ALS (Amyotrophic Lateral Sclerosis), the disease that ultimately claimed his life in 2014.
Speculations
Many have speculated that Hal Finney was, in fact, Satoshi Nakamoto—the mysterious figure behind Bitcoin’s creation. However, there is no concrete evidence to support this claim.
Who Owns the Most Bitcoin
As Bitcoin adoption grows, world-renowned investors and corporations continue accumulating vast amounts of BTC.
Although several individuals have claimed to be major holders, it is widely believed that Satoshi Nakamoto mined over 22,000 blocks, amassing more than 1 million BTC through block rewards.
At today’s valuation, Satoshi’s Bitcoin holdings are worth over $90 billion USD.
However, Finney reportedly passed some of his Bitcoin holdings to his son and daughter. He once stated:
“My bitcoins are stored in our safe deposit box, and my son and daughter are tech-savvy. I think they’re safe enough. I’m comfortable with my legacy.”
His Last Moments
He passed away on August 28, 2014, marking a great loss to both the gaming and cryptocurrency communities. Despite battling ALS, he continued working on projects he loved until his final days.
One of his last works was an experimental software called bcflick, which utilized Trusted Computing to enhance Bitcoin wallet security.
On March 19, 2013, he wrote on the Bitcointalk forum:
“ALS is a disease that kills motor neurons, which carry signals from the brain to the muscles. It causes first weakness, then gradually increasing paralysis. It is usually fatal in 2 to 5 years. My symptoms were mild at first, and I continued to work, but fatigue and voice problems forced me to retire in early 2011. Since then, the disease has continued its inexorable progression.”
Unlike most people who are buried or cremated, Finney opted for cryopreservation.
Believing in the possibility of future scientific advancements, he chose to have his body preserved at the Alcor Life Extension Foundation in the United States.
Even in death, Finney embraced cutting-edge technology, ensuring that his legacy lives on in both cryptography and science.
To his colleagues and admirers, Hal Finney lives on!
References:
- Featured Image by Bitcoin.com