The Laszlo Hanyecz Bitcoin Pizza Story: When $260 Million Worth Felt Like Free Dinner

In May 2010, as the world remained largely unaware of Bitcoin’s potential, a Hungarian-American programmer named Laszlo Hanyecz decided to conduct a small but revolutionary experiment. Laszlo Hanyecz, already known in Bitcoin circles as an early adopter and one of the first GPU miners, posted an unusual offer on the Bitcoin Talk Forum: 10,000 bitcoins in exchange for two large pizzas. What seemed like a casual transaction would eventually become one of the most celebrated moments in cryptocurrency history, immortalized as “Bitcoin Pizza Day.”

Who Was Laszlo Hanyecz? The Early Bitcoin Pioneer

Long before Bitcoin became a household name, Laszlo Hanyecz joined the Bitcoin Talk Forum on April 16, 2010—less than two months after Bitcoin’s genesis block. As a programmer, he quickly recognized the technical potential of Satoshi Nakamoto’s creation and became instrumental in advancing Bitcoin’s early infrastructure. Laszlo Hanyecz wasn’t just a passive observer; he was one of the first developers to innovate GPU-based mining, a breakthrough that fundamentally changed how Bitcoin could be extracted from the network.

During those early days, when 10,000 bitcoins were worth approximately $30, mining was still within reach of ordinary computer enthusiasts. According to blockchain data from the OXT explorer, Laszlo Hanyecz’s wallet received substantial mining rewards starting in May 2010, with his balance peaking at 20,962 BTC that month alone. By June 2010, his holdings had grown even further to 43,854 BTC, though the exact full extent of his accumulation remains difficult to trace across multiple wallets.

The Historic Pizza Transaction: May 18-22, 2010

On May 18, 2010, at 12:35 PM, Laszlo Hanyecz posted his famous bounty on the Bitcoin Talk Forum. In addition to offering 10,000 bitcoins, he even specified his pizza preferences, leaving the door open for the seller to either prepare the pizzas personally or order them from a local pizzeria. The timing was deliberate—at that early stage, few people understood what cryptocurrency even was, let alone how to exchange it for real-world goods. The post initially drew little attention, though a few interested parties emerged; however, most couldn’t complete the transaction because they lived outside the United States.

Four days later, on May 22, 2010, Laszlo Hanyecz returned to the forum to announce success. He had obtained the pizzas and even shared a photograph as proof. This exchange marked a watershed moment in Bitcoin’s history—it was the first recorded off-chain, real-world transaction using Bitcoin as a medium of exchange. Prior to this, Bitcoin existed primarily as stored digital value; the pizza transaction demonstrated that cryptocurrency could function as an actual currency for commerce, not merely as an experimental asset.

The young California programmer Jeremy Sturdivant, just 19 years old at the time, was the one who accepted Laszlo Hanyecz’s offer. Sturdivant had already begun mining Bitcoin in 2009 and was one of the earliest users to actively spend bitcoins for online and offline purchases. Unlike many early adopters who hoarded their coins, he was an enthusiastic adopter of Bitcoin’s payment functionality.

No Regrets: Why Both Parties Stand by the Deal

Today, with those 10,000 bitcoins worth approximately $260 million as of 2025, it might seem that Laszlo Hanyecz would express deep regret. Remarkably, he does not. When interviewed by Bitcoin Magazine in 2019, Laszlo Hanyecz explained his reasoning with characteristic pragmatism: “The reason I wanted to buy pizza with Bitcoin is because it was free pizza for me. I mean, I wrote this thing and mined Bitcoin, and I felt like I won the Internet that day—I earned pizza by contributing to open source projects.” He emphasized that his hobby had not cost him money; rather, it had rewarded him with a tangible benefit.

In fact, Laszlo Hanyecz continued to actively use Bitcoin for transactions after the pizza purchase, eventually spending approximately 100,000 bitcoins over time—a sum now valued at over $4 billion. This pattern of spending suggests that his philosophy remained consistent: Bitcoin was meant to be used, not merely stored. He maintained this outlook despite witnessing Bitcoin’s price climb steadily higher over the years.

Jeremy Sturdivant, the pizza seller, expressed a similarly pragmatic stance. In a 2018 interview, he acknowledged that he had never anticipated Bitcoin’s explosive appreciation. Yet he held no regrets about spending his 10,000 bitcoins on travel experiences with his girlfriend. From his perspective, the transaction had converted the 10,000 bitcoins into $400 of immediate purchasing power—a tenfold return on typical online currency exchanges of that era. Sturdivant, like Laszlo Hanyecz, viewed the deal as having been favorable at the time it occurred.

GPU Mining Legacy and Bitcoin Community Impact

Laszlo Hanyecz’s contributions extended far beyond the famous pizza transaction. His work on GPU mining and Bitcoin Core significantly shaped how the network evolved during its formative years. Yet despite becoming an involuntary historical figure, Laszlo Hanyecz deliberately chose to maintain a low profile. He never opened official social media accounts and deliberately distanced himself from the limelight that surrounded cryptocurrency’s rising prominence.

When speaking about his decision to remain out of the spotlight, Laszlo Hanyecz revealed his thought process: “Honestly, I kind of stayed out of it because there was so much attention. I didn’t want to draw that attention and I certainly didn’t want people to think I was Satoshi… I just thought it was better as a hobby. I have a normal job, I’m not doing Bitcoin full-time. I don’t want it to be my responsibility and my career. I’m glad I was able to be involved to this extent.”

This attitude underscores an important aspect of Bitcoin’s early history: many of its most significant contributors, including Laszlo Hanyecz, viewed their involvement as intellectual and technical pursuits rather than get-rich-quick schemes. The Bitcoin community has acknowledged his role in building the infrastructure upon which the network was built. As Bitcoin Magazine noted in May 2019, Laszlo Hanyecz provided the community with crucial technical contributions—Bitcoin Core implementations and GPU mining support for macOS—in addition to the cultural legacy of the pizza meme that now marks an annual celebration.

The Enduring Significance of Laszlo Hanyecz’s Pizza Legacy

The pizza transaction has transcended its role as a mere historical footnote. Every May 22nd, the crypto community celebrates “Bitcoin Pizza Day,” keeping alive the memory of that first real-world exchange. The event exemplifies Bitcoin’s journey from theoretical concept to functional currency, and it remains a humbling reminder of how difficult it is to predict which digital assets will eventually command astronomical valuations.

What makes the story of Laszlo Hanyecz and Jeremy Sturdivant particularly compelling is their shared absence of remorse. Both men participated in a transaction that—from a purely financial perspective—could be considered among the worst trades in history. Yet both maintained that at the time of exchange, they made rational decisions based on the information available to them. Laszlo Hanyecz received free dinner for contributing to an open-source project he believed in; Jeremy Sturdivant obtained $400 for providing a service. In that context, the transaction was successful on its own terms.

Today, as Bitcoin continues to evolve and mature, the legacy of Laszlo Hanyecz endures as a symbol of cryptocurrency’s earliest ideals—the vision of a peer-to-peer electronic cash system where individuals could transact freely without intermediaries. Whether or not one regrets historical decisions often depends on what one values most: financial gain, community contribution, or the adventure of being part of something revolutionary during its infancy.