What is the purpose of the genesis block?

A genesis block is the first Bitcoin block that Satoshi Nakamoto mined. He basically established the Bitcoin chain by mining the block and produced the 21 million coins that make up Bitcoin’s maximum supply. The genesis block is also known as Block 0, and it contained a block reward of 50 Bitcoins. The block was time stamped with the title “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks,” implying that Nakamoto was a british or was living in the UK then.