January 3 marks Bitcoin Genesis Day, the day that the first BTC block was released way back in 2009
January 3 marks Bitcoin Genesis Day, widely celebrated by the crypto community as the first BTC block was released in 2009.
Celebrating Bitcoin’s birthday as BTC turns 13 on Genesis Day
On January 3, 2009, the mysterious and still-anonymous Satoshi Nakamoto released the Genesis Block containing the first 50 BTC on Sourceforge. He also left a message on the blockchain citing a headline from the UK newspaper Times. “The Times 03/Jan/2009 Chancellor on the brink of second bailout for banks.”
Nakamoto started working on the whitepaper in 2008, published in October of the same year. The concept behind the trustless, anonymous, decentralized currency emerged after the 2008 financial crisis, which they blamed on the banks.
Satoshi is not a fan of the modern banking system, and they have a special relationship with fractional reserve banking. It is when a bank accepts deposits and makes loans or investments but is required to reserve only a fraction of its deposit liabilities. In essence, the bank is using money it doesn’t hold.
He wants to get rid of banks and shady middlemen he considers corrupt and unreliable, choosing to create a more community-driven digital currency.
Thirteen years later, Bitcoin is still going strong with nearly $900 billion market capitalization. It is currently held by billionaires, banks, celebrities, governments, and corporations, which is a testament to how far BTC has come in its short existence.
The banking crisis and economic turmoil are also at crisis point again. Hong Kong’s Bitcoin Association was one of the first to celebrate Genesis Day as Asian markets awoke to begin the first trading week of 2022.
The association also added that it would be a good time to ensure that your Bitcoins are in a wallet you control, referring to both public and private keys. This day is also known as the “Proof of Keys celebration,” an event proposed by Bitcoiner pioneer Trace Mayer. The Proof of Keys website celebrates this annual event encouraging Bitcoin hodlers to take control of their assets.
Happy Genesis Block day! Today, Bitcoin is 13 years old. It’s also a great day to withdraw your coins to a wallet you own and control! #ProofofKeys ?
— Bitcoin Association 香港比特幣協會 (@bitcoinorghk) January 3, 2022
On Genesis Day last year, BTC changed hands for a little over $32,000. Since then, it has risen about 47% from its current price of around $47,000. The asset is still consolidating in this range since dropping below $50,000 on December 28. Support seems to remain solid here at the moment, but BTC has been trending downwards since mid-November.
In another development, according to BitInfoCharts, Bitcoin’s hashrate has reached a new record peak of 203.5 exahashes per second, which means that the network is the strongest it has even been.
Mining difficulty automatically adjusts every two weeks based on Bitcoin’s hashrate. The more saturated the network becomes, the more coins are getting produced, so a positive adjustment is needed to avoid overproduction (and vice versa). Bitcoin mining difficulty is expected to jump to 24.98 trillion later this week, which is just a hair’s breadth away from the 25 trillion mark recorded back in May before the China ban.
On July 3, Bitcoin difficulty dropped to a record 27.94% following the exodus of miners from China triggered by the government’s crypto mining ban. On June 20, the hashrate of this network dropped to a local low of 58.4 exahashes per second. Still, it recovered relatively quickly thanks to the migration of Chinese miners to other countries such as Kazakhstan and Russia.
In October, the US became the largest Bitcoin mining hub globally, surpassing even China. At the same time, debates about Bitcoin’s excessive energy consumption continue to drag on.
According to Digiconomist, BTC consumed 134 TWh of electricity, comparable to a significant economic powerhouse like Argentina. The staggering statistic has led many environmentalists to complain about the adverse impact of Bitcoin mining on the climate. However, proponents argue that cryptocurrency mining is greener than most industries.
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