That time I sold 200 BTC
That time I sold 200 BTC

By DimitarM | Welcome to my life | 16 Feb 2020


This is a re-post of one of my first articles here on Publish0x. I decided to share the story again since I think it holds some value.

Years ago, back in the end of 2010 and beginning of 2011 one of my friends introduced me to the idea of mining Bitcoin on a home PC.

At the time my PC was not powerful enough to mine so I decided to invest in two video cards - brand new HD6790 and 6770. I attached them to a cheap motherboard, small display and two units of power supply. I positioned them in my living room and started mining bitcoin.

At the beginning I was getting like 5-7 btc a/day and it was decreasing with the difficulty going up. However in about 5-6 months I had accumulated about 190 BTC in my wallet, but the price was way too volatile to actually sell. It was moving between 2 and 12 USD.

Problem was my low salary at the time and the increased cost of my electricity bill due to the mining at home, so I basically went to a point I had where I was forced to sell some BTC, not sure exactly how it went as it was long time ago, but I remember that I left like 10 BTC in my wallet and sold the rest. At some point the VGA mining for BTC was not a thing anymore so I sold one of the VGAs and left the other one for my gaming machine.

Later, in 2013, one morning I was already completely forgot about that stuff and I saw that the price of BTC went up - over 100$ in a day or so, which was unexpected so I rushed to sell whatever I had left. I made about 2000$ at the time with what I had and kept just small amount of that for latter.

I was happy at this point, I made decent profit from the mining operation.

Sometime latter the price went even higher, so I sold the last of BTC I had on MTGOX, couldn't get the last 500$, because of the bankruptcy of the exchange. To this day I receive letters from the Japanese court as one of the creditors of MTGOX.

Then I was introduced to the principle of HODL. Only if I wasn't that young and stupid back then. :)


DimitarM
DimitarM

I really enjoy Publish0x!


Welcome to my life
Welcome to my life

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