Per a report from the Cambridge Center for Alternative Finance (CCAF), fossil fuels have been the primary energy source for BTC mining since the start of the year. The CCAF recently updated its Cambridge Bitcoin Electricity Consumption Index (CBECI). Its study claims that 62% of all the energy the leading token has consumed so far consists of coal-based energy. BTC’s Energy-Intensive Mining Bitcoin employs the proof-of-work consensus mechanism to create new tokens and validate transactions on the blockchain. The PoW…
A Reddit user recovered the keys to a 9-year-old Bitcoin wallet, which contained 127 BTC. This unintended long-term holder pocketed not less than $4.2 million after selling his Bitcoin stash.
A New Year Gift
This remarkable story was shared on Reddit by a Redditor with the user name Bitcoinholderthanku (BHTU). According to his testimony, he had obtained 127 BTC nine years ago from participating in a faucet. This is an application that gives cryptocurrency to users who complete surveys and other tasks on the internet.
Passionate about the online video game Dark Orbit, BHTU had planned to exchange this Bitcoins for a currency on the game. Luckily, he never used his BTC for the purpose and subsequently forgot about his portfolio. Until a few weeks ago, the early bitcoiner spent a week’s vacation with his grandfather. To his surprise, he came across an old file which contained the keys to a Bitcoin wallet created at the time.
The lucky bitcoiner could access the wallet and scrambled for an inexpensive way to sell his recovered BTC. He immediately sold his newly found 127 BTC on an OTC platform for $4.24 million. This was when the price of BTC was $34,000. If he had waited some days, he could have made an additional $1 million as BTC hit $40k subsequently.
Nevertheless, it was understandable that he chose to sell immediately due to his newly found riches’ euphoria. Also, the famed volatility of Bitcoin could have played a crucial factor in his decision to sell quickly.
What Does He Plan for the Future
With his new funds, BHTU plans to turn to an investment channel that is less risky than Bitcoin. Until he graduates from college, he plans to put most of the money in the S&P 500. The stock index of the top 500 publicly traded companies in the United States.
He also revealed that he plans to live a normal life without any luxury and unnecessary expenses. To conclude his story, the Reddit user thanked the Bitcoin community and ended with a message of hope. “Thanks to all of the Bitcoin supporters who made this possible. Hold on as if your life depended on it, “he said.
His story is one of the few that managed to recover long lost bitcoins. Many have not been so lucky with millions of dollars worth of Bitcoins lost due to negligence.