17 years ago, the genesis block of Bitcoin was mined - ForkLog: cryptocurrencies, AI, singularity, the future

Froklog · 2026-01-03T06:33:17+00:00

On January 3, 2009, Bitcoin's genesis block was mined by Satoshi Nakamoto, marking the launch of the Bitcoin network. The motivation behind its creation is linked to the 2007-2008 financial crisis. As of October 2025, Bitcoin reached a peak of $126,080, currently trading around $90,000.

Froklog

2026-01-03 06:33:17

Abstract generation in progress

17 years ago, the genesis block of Bitcoin was mined.

On January 3, 2009, a person or group of people using the pseudonym Satoshi Nakamoto launched the main Bitcoin network, mining the genesis block with 50 BTC.

Its hash contains the headline of the article “Chancellor on brink of second bailout for banks” from the British publication The Times.

Shortly before the network launch, on October 31, 2008, the Bitcoin white paper was published.

The first transaction took place on January 12, 2009 — Satoshi Nakamoto sent 10 BTC to Hal Finney. Three days earlier, Bitcoin software version 0.1 was released.

The identity of Nakamoto and the motives behind creating Bitcoin remain a mystery, which is being unraveled by the crypto community and beyond.

One of the likely reasons for creating Bitcoin was the global financial crisis of 2007-2008, which was accompanied by the collapse of major investment banks, widespread decline in production volumes, falling demand and prices for raw materials, rising unemployment, and active government intervention in the economy.

In October 2025, the first cryptocurrency reached a new high of $126 080. At the time of writing, digital gold is trading around $90 000. The market capitalization of the flagship is $1.8 trillion.

Read more about the history of the creation of the first cryptocurrency and the possible identity of Satoshi Nakamoto on ForkLog:

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