Last weekend was worth celebrating. Not only does this mark a new year and a clean vehicle, but it also eclipses Bitcoin’s recent performance (CCC: BTC-USD). Why? Well, many believe that today is Bitcoin’s 13th birthday, the day the original block was mined.
But what is Genesis Block mining and what do you need to know?
If you were hungry for information when BTC was young, you will succeed. Here’s everything you need to know about the major milestones investors are celebrating on social media today.
What is a Genesis block mining? Origins of Bitcoin.
- Today, January 3, we celebrate Bitcoin’s birthday. In other words, this is the day that anonymous Bitcoin founder Satoshi Nakamoto mined the genesis block.
- A genesis block is the first block in the Bitcoin blockchain. By taking, Satoshi creates a chain. Indirectly, the creator created 21 million BTC, which is the total supply of the currency.
- Block 0, called Block 0, yielded 50 BTC as a mining reward for Satoshi Nakamoto. However, it turns out that Satoshi disabled the 50 BTC block reward.
- Even though that day was Bitcoin’s birthday, almost a week later, no one else was able to use the Bitcoin software. It took Satoshi five days to release the software to the public.
- Of course, this delay happens because someone can mine the genesis block mining. This can get very confusing if there are many root blocks and many bitcoins. Because of this, Satoshi Nakamoto decided to postpone the full release.
- However, this does not mean that Satoshi Nakamoto has mined Bitcoin before. With mining coins, the coins are reserved for the creator. Nakamoto runs the mine on his own, spends money to run his hardware, and earns block rewards just like everyone else. This makes Bitcoin truly decentralized in terms of supply, especially when you consider that the genesis block reward doesn’t work.
- Satoshi Nakamoto may have been discovered in the past few weeks; Australian Craig Wright claims in a new lawsuit that he is Satoshi Nakamoto. The jury believed that statement to be true and found Wright the winner. But others agree with Bitcoin creators like Nick Szabo.
- This is important for the genesis block, which can contain information about Satoshi’s true identity. You see, the block contains a link to a Times article dated January 3, 2009 – the date the block was removed. Timestamps are used to prove when a block was mined. But since The Times is a British publication, this suggests that Satoshi was actually at least living in the UK at the time.