Thirteen years ago, when the crypto landscape was still in its infancy, an anonymous person took a modest risk with a then-unknown digital currency: Bitcoin (BTC). While most of us had never heard of Bitcoin, just a few months after founding the network, this visionary mined 150 Bitcoins worth a paltry $0.13.
No one could have imagined that this modest investment would turn into a profit worth millions. This is the story of dedication, vision and the unpredictability of the cryptocurrency world.
The value of Bitcoin in the past
The rise of Bitcoin has proven nothing short of astounding. Founded in 2009 by an anonymous person (or group) under the name Satoshi Nakamoto, Bitcoin was initially considered an insignificant technical device. In the early years, the price of BTC fluctuated between less than a cent and 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 seemed to be taking full advantage of this time.
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, although seemingly minimal at the time, were plentiful. It was easy to mine hundreds of Bitcoins using your own computer. Unthinkable today.
Over time, the process became more intensive, competitive and expensive, requiring specialized hardware and making it no longer possible for individuals to simply collect Bitcoins in their attic rooms.
But 13 years ago, this was actually possible and the person in question managed to mine 150 Bitcoins with a total value of no more than 13 US cents. He held onto these Bitcoins until 2022 when he sold his 150 BTC at $43,000 for a total price of $6.5 million. A truly absurd return of around 50,000,000% (fifty million) percent.
— Ki Young Ju (@ki_young_ju) August 9, 2023
Bitcoin mining pioneer
Holding Bitcoin for such a long period of time is not an easy task. It required incredible patience and nerves of steel, especially given Bitcoin’s volatility. The value can rise or fall dramatically in a short period of time. That the anonymous miner was able to make such a return is nothing short of crazy and further proof of the opportunities the early crypto market had to offer.