0

I know that in the genesis block, Satoshi Nakamoto got 50 bitcoin's and there are certain rumors that the first transaction destinations, were are also to his other wallet's, but if he never spent any of the hardcoded bitcoin's and assuming every hardcoded bitcoin awarded/premined wasn't sent how did people outside of Satoshi nakamoto ring of influence manage to mine blocks(if there wasn't no transactions)?

Also does any premine/early mine involve "fake transactions" in order to award coins to miners? Im considering doing a small video for friends so i need to get facts right.

1 Answer 1

2

The block reward in the genesis block is unspendable; that block is hardcoded in and so the UTXO set (which starts being populated in block one) does not contain a UTXO from the genesis block. Bitcoin had no pre-mine.

From that point on, anyone could have run the code on their home computer to start mining bitcoin. There was no need for any transactions to be happening on the network, and in fact a majority of the earliest blocks contained no transactions other than the coinbase transaction.

2
  • So is there a minimum amount of blocks per 10 minutes or is it the number of blocks per 10 minutes constant(i heard 10 minutes was the interval)
    – Imeguras
    Commented Dec 9, 2021 at 22:47
  • 2
    @Imeguras Blocks are mined at random intervals, but the difficulty of mining a block is periodically adjusted by the network so that it takes on average 10 minutes to mine a block. If you have other things you'd like to have answered that aren't related to your original question, I recommend to make those into new, separate questions. Commented Dec 9, 2021 at 23:42

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service and acknowledge you have read our privacy policy.

Not the answer you're looking for? Browse other questions tagged or ask your own question.