Bitcoin Genesis Block was Mined 12 Years Ago

Kataryna Habeliia January 4, 2021

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Happy Genesis Block Day!

Bitcoin genesis block was mined 12 years ago

On January 3, 2009, a person or a group of people under the pseudonym Satoshi Nakamoto launched the main bitcoin network, having mined a genesis block with 50 BTC.

The white paper of the first cryptocurrency was published on October 31, 2008

The reasons for the creation of Bitcoin, as well as the identity of Satoshi Nakamoto, remain a mystery. They are trying to unravel the mystery both in the crypto community and beyond.

The hash of the genesis block of Bitcoin contains the title of the article “Chancellor on brink of second bailout for banks” by the British edition of The Times.

The global financial crisis could become an incentive to create Bitcoin

It is possible that one of the incentives to create bitcoin was the global financial crisis that broke out in 2007–2008. It was accompanied by the collapse of the largest investment banks, a widespread decline in production volumes, falling demand and prices for raw materials, rising unemployment, and active government intervention in the economy.

On January 9, 2009, Bitcoin software version 0.1 was published. Three days later, on January 12, Satoshi Nakamoto sent 10 BTC to Hal Finney.

To date, the weighted average rate of the first cryptocurrency is at $ 30636.3, and the market’s flagship capitalization is $ 643.9 billion. Over the year, the price of digital gold has grown by 365%.

Bitcoin has become in demand among institutional investors. Which, according to Bitcoin Treasuries, have more than 5% of the total supply of the first cryptocurrency ($ 39.7 billion).

Read more about the history of the creation of the first cryptocurrency and the possible personality of Satoshi Nakamoto here:

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