History of Bitcoin


18 July 2010

ArtForz establishes hash farm

ArtForz establishes an OpenGL GPU hash farm and generates his first Bitcoin block.

15 August 2010

184 billion bitcoins generated due to exploit

A vulnerability in the Bitcoin system that causes bitcoins to be improperly verified is discovered and exploited, resulting in the generation of over 184 billion bitcoins. The block responsible, Block 74638 was orphaned before getting the 120 confirmations required for bitcoins to be validated for spending. The transaction was spotted and erased from the transaction log within hours. The bug was fixed and the Bitcoin network forked to an updated version of the Bitcoin Protocol to prevent such future exploits.

15 August 2010

1 BTC = US$0.07

The exploit that caused over 184 billion bitcoins to be verified was fortunately discovered in time, without adversely affecting the price of bitcoin too much.

14 September 2010

the mining of Block 79,764

Block 79,764 is the first block to be mined using split allocation of the generation reward.

29 September 2010

another exploit discovered

Kermit discovered a microtransactions exploit, leading to the release of Version 0.3.13 of the Bitcoin software.

01 October 2010

release of OpenCL miner

The first public version of OpenCL miner is released.

07 October 2010

exchange rate starts climbing

The bitcoin exchange rate, which had plateaued at US$0.06/btc for several months, starts ascending.

10 October 2010

MT. GOX switches funding option

MT. GOX switches its main funding option from Paypal to Liberty Reserve.

16 October 2010

first escrow transaction

Bitcoin Forum members Diablo-D3 and nanotube conduct the first recorded escrow trade of bitcoins with theymos as escrow.

17 October 2010

#bitcoin-otc opens

The #bitcoin-otc trading channel is registered on freenode IRC as a marketplace for over-the-counter (otc) trading of bitcoins.

28 October 2010

first bitcoin short sale

The first recorded short sale of bitcoins is initiated with a loan of 100 btc from nanotube to kiba, facilitated by #bitcoin-otc over-the-counter market.

06 November 2010

market cap exceeds US$1 million

The Bitcoin economy exceeds US$1 million. This was calculated by multiplying the total number of bitcoins in circulation by the last trade of bitcoins on MT. GOX at the price of US$0.50/btc.

07 December 2010

bitcoind compiled for Nokia

Bitcoin Forum member doublec compiles Bitcoind written for the Nokia N900 mobile computer.

08 December 2010

first mobile bitcoin transaction

The first mobile transaction of bitcoin takes place when ribuck sends 0.42 btc to doublec using Bitcoind compiled for Nokia N900 the previous day.

09 December 2010

generation difficulty passes 10,000

The generation difficulty on the Bitcoin network exceeds 10,000. Also on this day, the first bitcoin call option contract was sold from nanotube to sgomick on the #bitcoin-otc market.

12 December 2010

warning issued by FATF

The Financial Action Task Force (FATF), an inter-governmental group that develops policies to prevent money laundering and funding of terrorists, publishes the Money Laundering Using New Payment Methods report dated October 2010 as a warning about the use of digital currencies to finance terrorist groups.

16 December 2010

Slush Pool mines first block

Slush Pool, the world’s first and thus oldest bitcoin pooled mining, mines its first block using pool mining method where several users work collectively to mine bitcoins and share in the benefits.

09 February 2011

1 BTC = US$1.00

1 bitcoin become equal to US$1.00.

01 June 2011

1 BTC = US$9.21

Adrian Chen’s article about The Silk Road on Gawker titled The Underground Website Where You Can Buy Any Drug Imaginable makes known to public how bitcoin could be used to pay for illegal items under the radar of law enforcement authorities, causing a surge in the price of one bitcoin from US$9.21 to over US$31.00 one week after the publication of the article.

19 June 2011

1 BTC = US$17.77

The hacking at MT. GOX where over 4,000 bitcoins were stolen from about 600 wallets caused the price of bitcoin to fall from about US$30.00 to under US$20.00.


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