14 years of Bitcoin: Community gives back to the Genesis Block

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By A D

Cryptocurrency creator Satoshi Nakamoto mined the genesis block, which enabled the first 50 bitcoins to be created on Jan. 3, 2009. Several people are posting greetings to the digital currency that started it all 14 years ago.

Bitcoin, the largest crypocurrency in the world, celebrated it’s 14th birthday on 3rd January. A number of bitcoiners have taken to celebrating in different ways, with some sending BTC to the address containing the rewards for mining the genesis block. In the year since it was created, many random people have sent Bitcoin to the account, increasing its balance to 68.56 BTC, worth $1.1 million.

Also read: Bitcoin Turns 14 :Trends That May Boost The Oldest Cryptocurrency’s Growth In 2023

Bitcoin enthusiasts recognize that Block 0 was a pivotal point in history, which basically gave way to the world that we know as web3 today. To commemorate the ocassion and honor the creator of the block, many holders chose to send BTC to the Genesis Block. Other marked the day by posting appreciative messages on social media. In fact, there were posters put in Germany with the ongoing bitcoin awareness campaigns.

bitcoins are mined by  by solving complex cryptographic hash puzzles to verify blocks of transactions
The first block on the Bitcoin blockchain was mined by Satoshi Nakamoto. Photo credits: Thailand Posts

The Genesis Block, or Block 0, is the first ever block of bitcoin to be mined. The block is available to be viewed by every node in the bitcoin network, regardless of how far the chain goes or how old the bitcoin software is. The very first mining was rewarded with 50 BTC, and although rewards still continue to be distributed the amount has decline to 6.25 BTC. Nakamoto made it so that the reward could never be recorded and never specified the reason why. The first block, mined by Satoshi Nakamoto themself, came three months after the release of the infamous Bitcoin white paper.

Satoshi Nakamoto, in their cryptic ways, included a message in the data of the block which appeared to be headline from british The Times:

The Times 03/Jan/2009 Chancellor on brink of second bailout for banks

Many assume this was their message to the banks or the government.

Bitcoin blocks have come a long way since. Today, they hold thousands of transactions and take a mere 10 minutes to mine. Rewards are set on a pre-established schedule meaning, the mining rewards are halved roughly every four years during halving events every 210,000 blocks.
More than 750,000 blocks have been recorded in the network’s blockchain till date, forming an unbroken series that connects to the Genesis Block.

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