-1

Is bitcoin only mined as a block reward?

Can't someone mine from the bitcoin treasury even if he/she doesn't adds block?

If bitcoin can only be mined as block reward; on what standards starting bit coins were mined and who mined them?

Non-technical answer please!

meshcollider
  • 11,695
  • 4
  • 24
  • 52
Venkatesh
  • 17
  • 4
  • How does this question make sense ("mine from the bitcoin treasury") when your previous question on this topic is clearly answered saying there is no "treasury"? [Does the block reward comes from a bitcoin treasury? If yes, then how is it issued?](https://bitcoin.stackexchange.com/questions/57683/does-the-block-reward-comes-from-a-bitcoin-treasury-if-yes-then-how-is-it-issu) – Greg Hewgill Aug 07 '17 at 03:43
  • The specification defined what a "bitcoin" was. The first miners created things that complied with that specification and thus everyone who agreed to use bitcoins accepted them as valid bitcoins. You use a program that understands what a "bitcoin" is and checks to see if the rules in the specification are followed and, if so, says, "Yup, that's a bitcoin". Everyone who follows the same specification will agree with you. – David Schwartz Aug 07 '17 at 10:25

1 Answers1

3

Yes, bitcoin is only mined as a block reward, there is no other way to mine, there is no such thing as a 'bitcoin treasury' (as you found out in your previous question). So adding blocks is the only way to get a block reward and earn bitcoins.

The very first bitcoins were mined by satoshi nakamoto, in basically the same way blocks are still mined today.

meshcollider
  • 11,695
  • 4
  • 24
  • 52
  • ...and the genesis block is hardcoded into clients since then. Related question: https://bitcoin.stackexchange.com/questions/40712/what-is-the-genesis-block – thinkmassive Aug 07 '17 at 16:15