12 years ago, Bitcoin’s inventor Satoshi Nakamoto launched the network after revealing the cryptocurrency concept via the white paper a few months prior. At approximately 18:15:05 UTC, the network launched its first block and since then, over 664,000 bitcoin blocks have been mined. Moreover, on the 12th anniversary of the network coming to life, a large string of 2010 block rewards started moving after more than ten years of sitting idle.
The 12th Anniversary of the Bitcoin Blockchain
Cryptocurrency proponents are celebrating the invocation of the first computational network to solve the Byzantine Fault dilemma created by the pseudonymous inventor Satoshi Nakamoto. The birth of the Bitcoin (BTC) network is quite special and over the last 12 years, the crypto asset has become extremely valuable reaching a high today on January 3, at $34,800 per unit.
After Satoshi shared his cryptocurrency concept to a few interested individuals online on Halloween 2008, a little more than three months later he launched the hardcoded block reward, otherwise known as ‘block zero’ or the ‘genesis block.’
Block zero or the genesis block has the usual 50 bitcoin reward, but these particular bitcoins can never be spent. The genesis block has two leading hex zeroes as well, which was a common characteristic for early blocks back then. Furthermore, the infamous block zero also contained a message that can be found in the block’s coinbase parameter.
This first blockchain message etched into Satoshi’s hardcoded bitcoin block says:
The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.
The genesis block today not only has the 50 bitcoin block reward that cannot be spent, but also people have sent small fractions of bitcoin to the address ever since it was launched. The genesis block address has seen approximately 2,722 transactions and there’s now a cumulative total of 68.35 BTC sitting idle.
These days, bitcoin blocks are…