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I am fairly new to bitcoin and was attempting to setup a local test network in my machine. I am using the regtest network to create the local network. Is there a way in which I can initialize the nodes (using a genesis block or something) to hold bitcoins (without mining)?
I was going through the developer docs but I could not figure it out. Pardon me if it is a simple solution as I am fairly new to bitcoin.
Something like an initialfreecoins=10000000 in the elements/lightning network.
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No, there does not such thing as initialfreecoins=10000000. However mining on regtest is not resource hungry and nearly instant. It's the only way to get coins.
To get coins on regtest you first need a address to mine those coins to. An address can be created with
bitcoin-cli -regtest getnewaddress.
To mine and payout to this address use with <address> being the output of the first step and <nblock> the number of blocks you want to mine. A good number would be for example 101 to get 50 coins (because coins need 100 confirmations to be spendable).
bitcoin-cli -regtest generatetoaddress <nblocks> <address>
You can repeat generatetoaddress or set a higher value for <nblock> to get more coins.
So if i set the value of nblocks to a higher value say 500 then the mined fee would also be higher? – shubham saxena – 2019-07-27T05:50:16.060
No, you'd mine 500 blocks. – 0xb10c – 2019-07-27T08:37:25.120