Based on their observations that the months of May, June and September show no earnings the authors conclude that it was likely that the Dread Pirate Roberts was using a different computer than the one seized by the FBI to store bitcoins earned from the Silk Road during these months.

The authors also note that based on estimates that the Silk Road marketplace generated sales revenue of more than 9.5m BTC with an average commission rate of 6.67%, that the Dread Pirate Roberts earned a total of approximately 633,000 BTC, or only one-third of the bitcoins identified by Ron and Shamir in Table 1.

In other words, the FBI only seized 22% of Dread Pirate Roberts’ total bitcoin holdings.