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Generating Coins in the Earliest Days
Fromsatoshi@vistomail.comTodtrammell@dustintrammell.comSubjectRe: Bitcoin v0.1 releasedDateWed, 14 Jan 2009 19:31:49 GMTSourcehttps://web.archive.org/web/20131016004654/http://dustintrammell.com/files/Satoshi_Nakamoto.zip
Yes, the design was worked out over the past year and a half while coding it, though I'm sure there are still things that need to be fixed. Generating coins uses CPU time and electricity, so it does have costs. But right now the coins are free for the taking with basically no competition, so you might as well do it. I plan to gradually back off on transaction fees as more usage develops, but I think it's good to get it included now in case it's needed in the future. Satoshi
✦ AI COMMENTARY
Satoshi on mining in the earliest days: coins cost CPU time and electricity, but "right now the coins are free for the taking with basically no competition." A frank note from a network of a handful of machines — the cheapest Bitcoin would ever be to produce.