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G E N E S Y S

The Beginning ✨

The origin of BITCOIN

Block ZERO, Decentralized Autonomous Organization (DAO):Today marks (January 3, 2022) what many see as the 13th birthday of Bitcoin, the day the Genesis Block was mined. But what is the Genesis Block, and what you need to know about it? If you are hungry for information as BTC becomes a teenager, you’re in luck. Here’s everything you need to know about the milestone investors are celebrating on social media today.

The Genesis Block is the very first block on the Bitcoin blockchain. By mining it, Nakamoto created the chain. Indirectly, the creator spawned the 21 million BTC which make up the currency’s total supply. The block, known as Block 0, dealt out 50 BTC as a reward to Nakamoto for mining it. However, as it turns out, Nakamoto made the 50 BTC reward for this block unusable.

While the day is in fact Bitcoin’s birthday, it wasn’t until nearly a week later that others could use the Bitcoin software. Five days passed before Nakamoto released the software to the public. Of course, this delay occurred because anybody would have been able to mine the Genesis Block. This could have become quite messy, with multiple Genesis Blocks and multiple Bitcoins. As such, Nakamoto chose to delay the full public launch.

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This does not mean, however, that Nakamoto pre-mined any Bitcoin. With pre-mining, coins would be set aside for creators. Nakamoto did all of their own mining, paying to power their own hardware and receiving block rewards in the same way as everybody else. This makes Bitcoin truly decentralized in terms of its supply, especially when remembering that the Genesis Block’s rewards are not spendable.” Brenden Rearick

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