The astronomical soaring of the Bitcoin seems to be going up with time. A while ago, it was lingering around £8,588 ($11,550) per coin. In my mind, the equation looks like 1 Bitcoin = 1 international holiday. Enough said!
I can only imagine chaps who’ve hoarded the digital currency in hundreds, thousands and are basking in the glory of the ever-rising value of their digital wallet.
One such man used to be James Howells, until sometime back. This Welshman gauged the power of the Cryptocurrency and started mining from 2009 from his own humble laptop. He smartly paved his way into the digital currency world and accumulated as much as a whopping 7,500 Bitcoins.
That today is equal to about £64.4 million ($86.7 million).
But the luck did not sustain by James’ side for long. Before he could encash his smart-earned wealth and maybe buy an island for himself and retire for good, something happened.
He dumped the hard drive which had all his wealth. Accidentally!
While talking to The Telegraph he said, "In mid-2013 during a clear-out, the hard drive - then worth a few hundred thousand pounds - was mistakenly thrown out and put into a general waste bin at my local landfill site, after which it was buried on site.”
"Accidents happen. I just get on with it. I've always known Bitcoin would go this high and I've always known the value of the hard drive would go up."
Since the hard drive was dumped in a landfill, getting it back is almost impossible. But looking at the value of Bitcoin rocketing as fast as ever, James has sought for permission from the authorities for looking around in the trash, just in case, he gets lucky again.
"The higher the value goes, the more chance I have to recover it so it's just been a waiting game for the past few years - waiting until the bitcoin price was high enough to make the drive a juicy enough treasure to hunt," he added.
It indeed is a tedious task to mine the Bitcoin. From a huge processing power to a good investment acumen, it needs intense operations to say the least.
The complexity keeps rising in about every two weeks or so to ensure that the user requires an estimated time of 10 minutes to create a block (set of new transactions).
Every computer has to provide a ‘proof of work’ for each of these blocks to be accepted by the network. One has to get a specific number to get the proof of work you’ve done. It’s like showing the workings of a math problem that you just solved.
Now in March 2015, the average number of that specific number a miner had to try before a new block was created was 200.5 quintillion - that's 200,500,000,000,000,000,000.
Okay, I need to breathe. Topping it all is the fact that it was two years ago! The number that must be ongoing is unfathomable, I guess.
Poor James! I now feel for you.
Information source: ladbible
Title image source: youtube