According to a storey, a South African guy who mined 20 Bitcoin (BTC) over ten years ago, when the flagship cryptocurrency was valued less than a penny, has lost it all.
According to MyBroadband, the man, who goes by the alias Mark Michaels, obtained the 20 Bitcoin while he was in seventh school.
Michaels, who is now 24 years old, is said to have mined Bitcoin using a personal computer outfitted with an Nvidia GeForce GTS 250 graphics card.
“I don’t recall how long I mined for, but it was from a few weeks to a couple of months.”
According to the data, the price of the main cryptocurrency rose to $0.08 from $0.0008 during the year Michaels mined it.
At the time of writing, Bitcoin was trading about $44,590, giving the 20 BTC a current value of more than $890,000.
According to the storey, Michaels kept the Bitcoin mined on the first programme for the flagship cryptocurrency.
“I believe I used the first Bitcoin wallet software, which required a wallet key and password to access.”
Michaels claims that he backed up the wallet’s private key and password on his computer, but that he later erased the document while cleaning up the device. Attempts to reclaim the Bitcoin after it reached $1,000, seven years after Michaels mined it, failed.
“I recall gathering all of the hard discs, memory sticks, CDs, and DVDs in the house and going over each one meticulously. It took around a week to complete this task.
I also tried running data recovery software on my primary hard drive, but it was ineffective. That drive had already been formatted and reused several times at that point.”
“I do not actively invest in cryptocurrency. It’s basically for experimenting with the markets and watching how things change.
I also continue to mine Ethereum while my current rig is not in use, thus the majority of my earnings from this are distributed among various altcoins.” he stated
Michaels is now a qualified electronic engineer, currently owns small amounts of various crypto assets, per the report. He says he also occasionally mines Ethereum.