Thirteen years ago, when the crypto landscape was still in its infancy, an anonymous person took a modest gamble with a then unknown digital money: Bitcoin (BTC). While most of us had never heard of bitcoin, a few months after the network’s inception, this visionary mined 150 bitcoins valued at a paltry $0.13.
No one could have predicted that this modest investment would turn into a profit worth millions. This is the story of dedication, vision and the unpredictable nature of the cryptocurrency world.
The value of Bitcoin in the past
The rise of bitcoin has proven to be nothing short of astonishing. Created in 2009 by an anonymous person (or group) under the name Satoshi Nakamoto, bitcoin was initially seen as an insignificant technological gadget. For the first few years, the price of BTC fluctuated between less than a dollar cent to a few dollars.
The lucky ones among us who were already active in the crypto market at that time were therefore able to purchase hundreds or thousands of full bitcoins at a particularly low price; Bitcoin miners in particular appeared to take full advantage of this period.
Bitcoin mining is the process of creating new bitcoins while validating transactions on the network. In the early days of Bitcoin, anyone with a standard computer could start mining. The costs were low and the rewards, while seemingly minimal at the time, were ample. It was quite easily possible to mine hundreds of bitcoins with your own computer. Unthinkable today.
As time progressed, the process became more intensive, competitive and expensive, requiring specialized hardware and making it no longer possible for private individuals to simply collect bitcoins in their attic room.
But 13 years ago this was indeed possible, and the person in question managed to mine 150 bitcoins worth a total of no more than 13 US cents. He held onto these bitcoins until 2022 when he sold his 150 BTC at a price of $43,000 for a total price of $6.5 million. A truly absurd return of approximately 50,000,000% (fifty million) percent.
Fun Fact: This person mined 150 #Bitcoin valued at $0.13, held for 13 years, then sold for $6.5 million, yielding a 5,019,590,600% profit. pic.twitter.com/y1SJGAG6Yj
— Ki Young Ju (@ki_young_ju) August 9, 2023
Bitcoin mining pionier
Holding bitcoin for such a long period of time is no small feat. It required incredible patience and a nerve of steel, especially considering bitcoin’s volatility. The value can rise or fall dramatically in a short period of time. That the anonymous miner was able to achieve such a return is nothing short of insane and is further testimony to the possibilities that the early crypto market had to offer.
2023-09-16 17:33:24
#Man #received #Bitcoins #cents #millionaire
