A South African man mined 20 Bitcoins more than 10 years ago. However, he accidentally lost his wallet data.
Follow Daily Hodl, an electronic engineer from Pretoria, South Africa calling himself Mark Michaels mined 20 Bitcoins more than 10 years ago when the cryptocurrency was only a few cents.
During that year, the value of BTC surged 100 times, from 0.0008 USD up 0.08 USD. However, Michaels’ 20 Bitcoins are not worth much. During one run of the hard drive cleaning software, Michaels was careless and lost the key and password for the Bitcoin wallet, which was stored in a text file on the computer.
Michaels accidentally deleted the data, lost the password to his Bitcoin wallet. Photo: Bitcoin news.
Michaels said he was only 14 years old at the time and crypto wasn’t really that important, so he didn’t care about protecting it. By 2017, when Bitcoin price hit 1,000 USDMichaels tried all sorts of ways to get the Bitcoins in his wallet back.
“I remember collecting all the hard drives, memory cards, CDs and DVDs in my house and carefully reviewing them one by one. This took me about a week. I also tried running data recovery software on my main hard drive, but it didn’t really work,” Michaels said.
Currently, as of August 19, the price of Bitcoin has a time up to 45,800 USD. Thus, the total value of the Bitcoins that Michaels has mined could exceed $900,000.
When Michaels mined that Bitcoin, he was still in high school, and using a mid-range computer system rather than a dedicated ASIC.
In addition to not being able to create a bank account, he said there weren’t as many cryptocurrency exchanges at that time as there are now. As a result, the Bitcoins mined are virtually worthless.
“In the end, I got bored with that Bitcoin. You can’t do anything else on your computer, and the Bitcoins you mine are practically useless,” Michaels shared with Mybroadband.
According to crypto data company ChainalysisAbout 20% of the 18.5 million Bitcoins currently available in the world have been lost or are stuck in wallets. It is common for many people to lose their Bitcoins.
“There are a lot of stories similar to mine, which show that risks and rewards can come at any time if someone becomes the earliest adopter of new technology,” Michaels added.
To this day, Michaels still occasionally runs his computer to mine Ethereum, and uses the small amount from this activity to invest in other cryptocurrencies. However, this is not the main field of activity of this electrical engineer.
Michaels was passionate about technology from an early age, when he was only 6 years old. At the end of elementary school, he built his own set of PCs, owning an AMD Phenom X3 processor, 512 MB RAM and later upgraded to a dedicated Nvidia GeForce GTS 250 graphics card. In addition, Michaels also used this same PC to mine Bitcoin more than 10 years ago.
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