Back then, the promise of prestige and value was unavailable to bitcoiners. It was only their passion and curiosity that fuels their excitement on such things. I'm pretty sure a lot of people are like him who have tried to mine bitcoin, got a couple thousands on their hard drives, and later on got bored and moved on with life.. only to find years later that the curious project they took part in is actually booming and the internet money is valued at tens of thousands of dollars. At that point, no one really knew and bothered to care save for a few groups of people really dedicated at making it work.
It's a story of a distant past by now. One that will continue to marvel newcomers that, at some point, bitcoin is extremely easy to get.
Topic: In the early days of Bitcoin ... - page 2. (Read 252 times)
I saw a guy being interviewed on a news channel the other day about Bitcoin. Assuming he's telling the truth, he said he stumbled across Bitcoin in the very early days when it could easily be mined with a basic computer. He said he was easily mining up to 50 coins a day but, given these were very early days for crypto, he didn't really know what he was mining (as in what they could be used for, potential value etc) so he placed no importance on it whatsoever. So much so, he didn't retain the keys for many of his earlier coins
In the beginning as like mining, there were also more calls for hodl. Many predictions was on hodling your bitcoin when price was below $10 but many sold and today we are seeing more stories of statements of regrets. People in the past never had the courage to invest in bitcoin but today expressing how they missed the chance.
but let it be an old story to remember, when bitcoin was first unknown what it was used for, so the possibility of mining could be easy. the story is hard to do at this time, and everyone is racing to mine with renewable methods, so to do it with a PC is just a dream that will no longer be valid.
forget stories like this, let's welcome new things that change all the time.
now bitcoin has passed the price of $ 52K, and obviously it's getting harder to get.
forget stories like this, let's welcome new things that change all the time.
now bitcoin has passed the price of $ 52K, and obviously it's getting harder to get.
At the first days of Bitcoin, there was only Satoshi's computer on the network, so he was mining 50 BTC every 10 minutes. Then more people joined, so assuming they had roughly equal CPU's, this rate decreased proportionally to the number of active miners. Then, after a year or more, someone wrote code for using FPGA and GPU for mining, so it was already not worth it to mine on CPU.
That's the same thought as a few years ago when bitcoin hits three digits. But past is past and those were just the good old days for bitcoin. Many weren't serious of what they're mining and the difficulty isn't that much until it had gained traction. Just like this guy[1] when he was mining through his laptop. You'll get an idea how plenty they can mine during the early days.
[1] m/2017/12/20/man-lost-127-million-worth-of-bitcoins-and-city-wont-let-him-look.html]Man accidentally threw away $127 million in bitcoin and officials won’t allow a search
OMG, worth $375 million if he still had them today![1] m/2017/12/20/man-lost-127-million-worth-of-bitcoins-and-city-wont-let-him-look.html]Man accidentally threw away $127 million in bitcoin and officials won’t allow a search
I hope he's managed to come to terms with it, I'd struggle!!
That's the same thought as a few years ago when bitcoin hits three digits. But past is past and those were just the good old days for bitcoin. Many weren't serious of what they're mining and the difficulty isn't that much until it had gained traction. Just like this guy[1] when he was mining through his laptop. You'll get an idea how plenty they can mine during the early days.
[1] Man accidentally threw away $127 million in bitcoin and officials won’t allow a search
[1] Man accidentally threw away $127 million in bitcoin and officials won’t allow a search
... how many coins could be mined in a day on a standard home PC?
I saw a guy being interviewed on a news channel the other day about Bitcoin. Assuming he's telling the truth, he said he stumbled across Bitcoin in the very early days when it could easily be mined with a basic computer. He said he was easily mining up to 50 coins a day but, given these were very early days for crypto, he didn't really know what he was mining (as in what they could be used for, potential value etc) so he placed no importance on it whatsoever. So much so, he didn't retain the keys for many of his earlier coins
He said he got back into it a few years back and is now a lot more careful about the crypto he has. The guy could very likely have been a multi-millionaire by now. Not sure if he's mining these days (doubt it) or buying/trading.
I find it surreal in a way that you can be sitting today deciding 'do I buy 1 coin for $50k?' whilst only a decade ago you could have been mining dozens of them, essentially for free, on your home PC! Yeah I know that's all with the benefit of hindsight, however it makes me smile nevertheless.
I wish I'd stumbled across it 10 years ago!
I saw a guy being interviewed on a news channel the other day about Bitcoin. Assuming he's telling the truth, he said he stumbled across Bitcoin in the very early days when it could easily be mined with a basic computer. He said he was easily mining up to 50 coins a day but, given these were very early days for crypto, he didn't really know what he was mining (as in what they could be used for, potential value etc) so he placed no importance on it whatsoever. So much so, he didn't retain the keys for many of his earlier coins
He said he got back into it a few years back and is now a lot more careful about the crypto he has. The guy could very likely have been a multi-millionaire by now. Not sure if he's mining these days (doubt it) or buying/trading.
I find it surreal in a way that you can be sitting today deciding 'do I buy 1 coin for $50k?' whilst only a decade ago you could have been mining dozens of them, essentially for free, on your home PC! Yeah I know that's all with the benefit of hindsight, however it makes me smile nevertheless.
I wish I'd stumbled across it 10 years ago!
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