The Bitcoin halving just took place, and the final block revealed a secret message which harkens back to Bitcoin’s genesis block. The last block mined before Bitcoin’s block reward was cut in half contained the following message in its coinbase:
“NYTimes 09/Apr/2020 With $2.3T Injection, Fed’s Plan Far Exceeds 2008 Rescue.”
The message is a direct reference to the message included by anonymous Bitcoin creator Satoshi Nakamoto in the first block ever mined, the Genesis block:
Satoshi’s first block, mined in 2009, contained the following, similar message:
“The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.”
Messages like these can be included in the coinbase (not to be confused with the exchange) of a mined Bitcoin block. The coinbase is a technical input that allows miners to claim block rewards. But it also contains space for arbitrary data – like embedded messages.
The appearance of the mysterious message surprised cryptocurrency observers at the time. However, it soon came to light that Antpool – the mining pool which mined the block in question – had included the message themselves.
The reference to the Fed’s decision to print trillions of dollars out of thin air is aligned with sentiment regarding Bitcoin and its halving event of 2020. Many anticipated a crypto-rush as the US Dollar continually devalues due to the attempts to bail out those affected by the coronavirus.
As the latest message notes, the money printing response to the coronavirus exceeds the financial rescue attempted by bankers and governments in 2008. However, as the message appears to have been written on April 9, its quoted figure of $2.3 trillion now seems a little outdated.
Since April, the economic impact of the coronavirus has increased. The total cost incurred by the coronavirus lockdown response will exceed $6 trillion.
The message inserted by Antpool further punctuates the status of cryptocurrency, and particularly its ability (and intention) to replace the fiat currency system that is prone to constant manipulation, inflation and devaluation by national governments.
With the Bitcoin halving now complete, the inflationary rate of BTC has been cut in half. From here on, miners will receive 6.25 BTC per block mined, as opposed to the former 12.5 BTC per block.