Genesis of a very first Bitcoin

Why the very first reward was issued? My understanding that Bitcoin is a reward for miners. Meaning, the node which verified transactions and added a new block to blockchain gets rewarded with some amount of Bitcoins. What transactions were verified? If none, then why reward?

2 Likes

The genisis block was mined by Satoshi himself with a cool encrypted message. So in the beginning there were no bitcoins in circulation. So it had to be mined first with an empty block with only 1 transaction wich is the coinbase blocksubsidy of 50BTC at that time.

Here is the link of the first block:

https://explorer.btc21.org/block/000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f

You can read more about the genisis block here:

https://en.bitcoin.it/wiki/Genesis_block

3 Likes

To my understanding the genesis block simply contains the declaration of the start of chain with no transactions. Also with its block time it probably produced empty blocks for a few years