The official Minecraft Alpha server software for 1.2.7 was never publicly released because of the 48-hour lifespan. To run a multiplayer session, you must use a proxy server like or simply play via LAN using the built-in (though broken) Alpha multiplayer protocol.
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Minecraft Alpha 1.2.7 is not an official release of Minecraft; it is a popular creepypasta The official Minecraft Alpha server software for 1