We present a new N-body simulation from the Marenostrum Institut de Ciències de l'Espai (MICE) collaboration, the MICE Grand Challenge (MICE-GC), containing about 70 billion dark matter particles in a (3 Gpc h −1)3 comoving volume. Given its large volume and fine spatial resolution, spanning over five orders of magnitude in dynamic range, it allows an accurate modelling of the growth of structure in the universe from the linear through the highly non-linear regime of gravitational clustering. We validate the dark matter simulation outputs using 3D and 2D clustering statistics, and discuss mass-resolution effects in the non-linear regime by comparing to previous simulations and the latest numerical fits. We show that the MICE-GC run allows for a measurement of the BAO feature with per cent level accuracy and compare it to state-of-the-art theoretical models. We also use sub-arcmin resolution pixelized 2D maps of the dark matter counts in the lightcone to make tomographic analyses in real and redshift space. Our analysis shows the simulation reproduces the Kaiser effect on large scales, whereas we find a significant suppression of power on non-linear scales relative to the real space clustering. We complete our validation by presenting an analysis of the three-point correlation function in this and previous MICE simulations, finding further evidence for mass-resolution effects. This is the first of a series of three papers in which we present the MICE-GC simulation, along with a wide and deep mock galaxy catalogue built from it. This mock is made publicly available through a dedicated web portal, http://cosmohub.pic.es.