Post
Topic
Board Development & Technical Discussion
Re: How the genesis block triggered
by
J-N
on 25/04/2018, 00:01:56 UTC
Interesting. I'm trying to learn more about the technical side of Bitcoin. So does this mean Satoshi mined the Genesis block? Meaning, did he actually use computing power to mine the Block? Or was the genesis block instamined when the network went live?
Satoshi Nakamoto mined the genesis block and many blocks of Bitcoin. Yes, he used the computing power of his PC (most probably Windows 32-bit) and got about 1 million BTC deposited on the different Bitcoin-adresses.

Let's calculate, how many blocks Satoshi mined.

If the reward for creating 1 block is 50 BTC, the miner is able to get approximately 50 BTC * 6 = 300 BTC during one hour (because the interval between blocks is about 10 minutes). In this case, the miner is able to get 300 BTC * 24 = 7200 BTC during one day.

As a conclusion, Satoshi Nakamoto mined during 1,000,000 BTC / 7200 BTC = 138 days = about half year. Actually, he mined during much longer time, because not every block was mined by him.

The genesis block of Bitcoin was mined at 3 January 2009, but the blockchain mining was started after 6 days at 9 January 2009.