What is Genesis block?
The first block in the Bitcoin chain, mined in January 2009, whose 50 BTC reward is unspendable by a quirk of the original code.
The genesis block is hard-coded into the software rather than mined by the network. Its coinbase field contains the text "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks", a headline from that day's edition of The Times.
The line is usually read as a statement of purpose and as a timestamp proving the block was not created earlier. Both readings are reasonable; only the second is verifiable.
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This definition is part of the Bitcoin Logical glossary. For the fuller explanation, start with Learn, or see the live numbers on The Bitcoin Signal.