Hey everyone, I was thinking about Bitcoin's history and how it has been a way to make money too. There were times when a few folks thought investing in Bitcoin was a smart move, long before most even knew about it. I mean, back in 2010, I bet some people were raking in 1 BTC or even more each day just using their computers. So, when did you first get into Bitcoin?
During the 2010 days, it was quite easy to acquire or mine BTC both and any individual could get 1 BTC without spending much for the hardware. 3.39 million BTC was mined in 2010 alone and at this point in time, an individual could still leverage a central processing unit (CPU) to mine bitcoin up until mid-2010. Anyway, thinking about mining these days is not worth it if you are totally new since there is a difficulty increase of more than 145,317,112,385% since 2010 (numbers maybe not exactly accurate but close). Using a basic computer wont work anymore.
Guess you mean mined ? (not minded lol). Btw, didnt pay much attention to mining in the very early days of 2010, wish we all could hah!
You can even just earn it from a free faucet without mining it but I'm not lucky to earn 1BTC even in mining. if I know Bitcoin earlier maybe I can have had 1BTC but I'm sure I'll sell it after the value increase since we don't know what will be the price of Bitcoin in the future securing the profit is always the best choice.
Due to mining difficulty increase right now you can't able to make one BTC without buying massive amount of ASIC units.
Or if you are mining solo with USB stick miner you can have a chance to win a block with 6.25btc plus mining fees.
its called "lottery mining" and its been done.
considering how little power is used by stick/pod miners why not?
https://bitcointalk.org/index.php?topic=5237323.0
and heres a list of blocks found at that pool:
https://btc.com/stats/pool/Solo%20CK
on topic: back in the day (2011ish) 1 btc/day (or more) on a gpu rig was pretty easy iirc. source: was there
I am not lucky enough but in last 6,7 years there are a lot of experts that mine bitcoins ,
But Now a days the difficulty rise and, We know that when bitcoin halving comes reward will get half , and therefore making one bitcoin required you need 10 S19 pro 110TH Asic mining machines without electricity .
It was petty easy to mine a lot of bitcoins with less resources and power but so was selling them off at lower prices, Obviously not so many people thought Bitcoin would get this big.
It was only people who held the Bitcoins for a good number of years who made lots of profits or turned into Bitcoin millionaires. So the price at that time (if someone sold off their mined Bitcoins) was so huge, like it would be if the Bitcoins were sold today.
If we can go back to the previous time or period, we will probably really save bitcoin, not just one bitcoin we can buy for 10$ in those times. Imagine using a pc you can mine bitcoins. I remember when I was just starting in this industry, my friend used to download something on his pc and once he did that, I wasn't sure if he was mining bitcoins or altcoins, but I think it was altcoins it can be converted to bitcoin. It's free, he doesn't take anything out of his pocket.
That's why the first time I heard about bitcoin, even if I liked it, I didn't fully understand bitcoin at that time.
Yes, it is true, this is exactly what happened to me. The beginning of my work in Bitcoin was around 2015 by chance with faucet sites. I knew a little about Bitcoin and started working on faucets, some of which in those days gave about 20,000 satoshis by solving captcha only. I worked on many sites and managed to accumulate about 0.2 BTC in just months.
But unfortunately the price of bitcoin at that time was only about 300-400$, I never thought at that time that the price of bitcoin could reach these numbers one day, so I sold it very cheaply.
The summary is that there are many people who owned several bitcoins in the past, but sold them cheaply because they did not think that it would multiply hundreds of times.
When I started mining, it was possible to earn several Ethereums per day from one video card. 1 Ethereum then cost about 1 dollar and the miners did not believe that the price of this coin could grow several thousand times, as well as the price of bitcoin several hundred times.
Back in the day, you could mine using laptops. I have heard that people used to mine 1 BTC in 7 days time. So 1 BTC in one month is not an impossible thing.
There are many articles and videos on the internet regarding this. When I enter the crypto world, I did not know what BTC mining was. So I searched the internet and gathered some knowledge.
I don't know for sure if the information were correct. But it doesn't seem to be impossible.
Of course, at the initial stage in 2009, solo mining was widespread and you could get a huge amount of BTC per day, but then how many people took it seriously, but at the end of 2010 some computer power was already required as mining pools began to actively develop since the first Asics appeared.
Ive been using regular faucet during 2014 to 2015 and I can 1BTC per day with just claiming per hour on multiple faucets. With this rate offered by faucet only means that Bitcoin mining is easier back then because the demand on it is not that high especially during the time when Asic miner is still not introduced for Bitcoin mining.
Most of the OG miners here is already not active and the only old miner that still active that I know here is @philipma. Maybe he can share his previous mining experience.
Yes I actually never get 1 BTC from mining same like you but in 2014 I'm still pretty much gets a lot from faucet from all over the place, one of my friend running an faucet and ended up super profitable from ads.
But i don't find any faucet maybe one or two like freebitcoin but it gives you less than couple satoshi.
I never mined btc using my own hardware back in 2014 I mining scrypt algorithm by zeus if don't mistaken add to miningrigrental but never get whole 1 BTC.
in 2010 I didn't follow and knew what bitcoin was, but I read from the testimonies of people who knew bitcoin at the beginning that owning bitcoin was very easy if even for 1 bitcoin, you didn't even mine with just a fucet or airdrop
In the early days people would basically solo mine with a PC, so that means they would get all the 50 BTC (plus any fees which were rare back then) any time they found a block.
Just like with any new toys, we can get them easily since the value is still low. If a faucet didn't even give you that much then nobody would use them. It is not limited to BTC, new altcoins do the same and get the same thing with mining and faucet.
If OP is worried about people controlling a large amount of Bitcoin because they mine a lot in the past, he should probably follow the market in real-time and see who is selling in large amounts and at what time it usually happens. It's been around 8 years since mining 1 BTC is easy, pretty sure the majority of them already sold their BTC at previous highs. I'd be more worried about hedge funds dumping on retail instead of miners from 6 years ago selling their BTC right now.
While there is a report stating that 2022 put a lot of stress on miners to sell their BTC, the fact that the hash rate is still strong likely means most miners keep mining BTC while believing that BTC price will recover or reach a new high later[1]. CMIIW. If you're just curious then I believe you can find the answer in detail easily just by googling it. Lots of news websites posted one or two articles every now and then regarding this.
[1] https://beincrypto.com/bitcoin-btc-miners-sell-most-in-5-years/
Yes, I can make 1 BTC and even more from the exchange but not through mining because I think at that time the price can go up and down quickly so it can give a lot of profit in bitcoins. But since the bitcoin price was still very low, I traded it to make more bitcoins.
I didn't think about BTC or whether the price could reach the last ATH because my goal then was to make money trading. After I saw that the price could increase to $20k, I decided to collect more bitcoins and finally, I could get them and sell them at the last ATH even though it was below the ATH at $50k.