3 miners ponder the first Bitcoin block, 13 years later

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Everything was very different when Satoshi Nakamoto mined the first block of Bitcoin, kicking off the hitherto uninterrupted activity of the monetary network that many consider is changing the world.

Back then, on January 3, 2009, the idea of ​​an entirely digital currency with the ability to circulate around the world, in a decentralized way and without dependence on third parties, it seemed hardly a utopia. But that first block was the one that marked the beginning of the real-world realization of what Satoshi himself had outlined months earlier in the Bitcoin White Paper.

But with the first block mined, the one that we would finally know as genesis, not only was the monetary network born whose asset, bitcoin (BTC), would even be compared to gold as a store of value. It was also the starting point for a new way of issuing money, Bitcoin mining with its Proof of Work mechanism (Proof of Work or PoW).

Regarding the 13th anniversary of that milestone for the history of Bitcoin, CriptoNoticias interviewed three specialists, who reviewed with us not only the past, but the present and even the future of this invention that has marked a before and after in history of money.

For this article, we spoke with Guzman Pintos, Co-Founder and Product Manager at Luxor Technologies; Daniel Frumkin, Director of Research at Braiins; and Alejandro de la Torre, former vice president of Poolin and founder of Proofofwork.energy.

“Mining is an elegant way to convert energy into assets”: Guzman Pintos

What meaning does the genesis block have for you?

Bitcoin’s genesis block spelled the beginning of Proof-of-Work (PoW) as the only sure way to preserve digital value.

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3 miners ponder the first Bitcoin block, 13 years later

Along with the genesis block, mining was born. Mining is a fancy way to turn energy into digital assets, hard, incorruptible money. Not least, mining allows building decentralized consensus that the Bitcoin network is willing to pay for.

It’s the Proof of Work (PoW) [lo] that makes bitcoin a rare asset and not susceptible to censorship. For me, the genesis block means the beginning of this new revolutionary paradigm that we are living.

How do you see Bitcoin today compared to its beginnings?

The fundamental pillar of Bitcoin is that it is a system that does not require the trust of third parties, is immutable and decentralized.

There were several technological improvements throughout these years, such as the development of sidechains, the Lightning Network and more recently the incorporation of Taproot.

However, the most radical change in bitcoin has been that year after year it becomes a more robust digital asset. An example is the constant attack by one of the most powerful nations in the world, China, against Bitcoin. The latest “China Ban” from last June shows that Bitcoin can withstand nation-level attacks.

The fundamental pillars of Bitcoin are stronger than ever.

What do you think of the evolution of Bitcoin mining in these 13 years?

Mining has undergone a radical change since halving May 2020.

Prior to last halving, the mining industry was developed to a greater extent by enthusiasts, individuals who believed strongly in technology, or some far-sighted companies.

Today, we are seeing huge volumes of capital entering the industry to develop mining projects. As the mining industry continues to professionalize and expand into new jurisdictions, I anticipate the following trends:

  • Public Miners: Capital markets will continue to seek to deploy capital in Bitcoin and miners, given current industry margins.
  • Supply chain – Lack of chips and global logistics problems with supply chains have favored existing operations and hurt new miners looking to enter the industry. The hash rate will not be able to grow exponentially until the ASIC supply problems [equipos de minería dedicada] are not resolved.
  • ESG (Sustainable Energy) – The industry is very aware of the policies that are coming in and naturally we are moving towards more sustainable energy use. The miner always uses the cheapest energy, and in the long term, the cheapest energy is sustainable.

How do you imagine Bitcoin in another 13 years?

I hope that in terms of its fundamental pillars it continues as it is now. It’s what gives you so much value.

As for technology, I hope to see further development of functionalities that give users greater privacy and the deployment of the Lightning Network on a larger scale. In terms of adoption, we are going to see a big increase soon, given the inflation we see in currencies like the dollar and the terrible fiscal and financial policy that countries around the world are taking in response to COVID-19.

In the next 13 years, Bitcoin is going to be more robustIt will be the only escape route for the collapse of economies and the only way to transact freely between individuals.

3 miners ponder the first Bitcoin block, 13 years later
Guzman Pintos, co-founder of Luxor Technologies, sees Bitcoin mining as an “elegant way” to transform energy into value. Source: LinkedIn.

“Bitcoin went from an interesting little project to something with global significance”: Daniel Frumkin

What meaning does the genesis block have for you?

A very humble beginning for one of the greatest innovations and collaborative projects in human history.

How do you see bitcoin today compared to its beginnings?

He has matured a lot in these 13 years and survived several cases in which it would have been possible to “kill” him or at least prevent him from becoming a trend. Now it seems that it is too late to stop and the network effect is speeding up. It has been transformed from an interesting little project to something with real global significance that is being used by millions of people.

What do you think of the evolution of Bitcoin mining in these 13 years?

The evolution of mining is the most interesting part of Bitcoin for me. We went from a few people mining on laptops to now millions of ASICs spread across the world. In the last 2 years, we have seen the beginning of the inevitable ‘merger’ between Bitcoin miners and power producers that will revolutionize power grids around the world.

How do you imagine Bitcoin in another 13 years?

I imagine that Bitcoin will be as ubiquitous and common in 13 years as the Internet is today.

3 miners ponder the first Bitcoin block, 13 years later
For Daniel Frumkin, director of research at Braiins, Bitcoin will be as common in 13 years as the Internet is now. Source: Twitter.

“Bitcoin will become the world currency”: Alejandro de la Torre

What meaning does the genesis block have for you?

For me, it represents the culmination of many years of research by very intelligent people. Represents the beginning of secular money, of money not controlled by men. It has a revolutionary meaning for me.

How do you see bitcoin today compared to its beginnings?

I see it extremely well. It has established itself strongly among a core user base. It has many users all over the world, it is being used successfully. It is being used for remittances, for savings against the loss of value of fiat money, and for normal commerce. In addition, the growth of Layer 2 systems continues at an impressive rate. I see great growth and I hope this trend continues as it has over the years.

What do you think of the evolution of Bitcoin mining in these 13 years?

Mining has become a more professional activity. That is not to say that domestic mining is gone, as we have seen a very strong resurgence in that part as well. We are also seeing less and less major updates to mining equipment, so now miners are optimizing in various other ways to gain an advantage, as with immersion cooling.

How do you imagine Bitcoin in another 13 years?

Stronger than now, it is a tool of freedom that is here to stay. It will become the world currency.

3 miners ponder the first Bitcoin block, 13 years later
Bitcoin will be a world currency, considers Alejandro de la Torre, founder of Proofofwork.energy. Source: Twitter.
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