Daniel Mross paid 2700 BTC to ButterflyLabs in 2012 for 25 Gh/s

[cloverme]

So I was just rewatching Rise and Rise of Bitcoin and realized that Daniel Mross paid 2700 BTC to Butterfly Labs for a Mini Rig SC order (25Gh) on 5/30/12.... (Btc was $5ea then).  So that's $1,162,215 in today's value. So don't feel too bad if your mining investment didn't work out...

I still believe in mining but HODL is where it's at still in my book.  I'd really like to see the block reward code get changed so that mining can become decentralized again, the cheap power in China has ruined fair mining.

http://bitcoindoc.com/

(If you watch, it's at the 12:30 mark)

[hmmwv]

I just watched than an hour ago....holy crap....I thought the same thing.  He bought 70 avalons at one point as well.

[notlist3d]

I just watched than an hour ago....holy crap....I thought the same thing.  He bought 70 avalons at one point as well.

I found it to be a good documentary to watch.  It is interesting how he kinda lost on both sides.   That documentary left me wanting to know more though, guess that's to it's credit.

I would love to know if he got a fortune from early investment.  Or how he ended up after buying all that gear.  Would love to know if he still had thousands of BTC after.  It's been a while since I have seen it but I think they did not say his holdings after all of it.

[Amph]

it was easy to waste coins, back then they were worth much less, so it's a bit silly to compare the thing with nowadays bitcoin

the same will be said in another 5 years time frame, those who are wasting them now will regret it

[Dabs]

There's the 10,000 BTC pizza. And a few old timers in these forums have mined 50 BTC blocks a few times per day on CPUs. There's that Swedish? guy who mined 5000 BTC and bought an apartment a few years later.

And there's that guy who threw away his hard drive with a few thousand BTC in it.

I think this is basically what happened to most people's money back then:

https://www.youtube.com/watch?v=-DT7bX-B1Mg

[CrazyGuy]

I got into bitcoin mining in 2011 as a way to earn a free 6970 GPU. I used the profit from those coins to buy 4 5970s and subsequently sold thousands of bitcoins for around $2 and an insubstantial profit. It was fun and also necessary for the growth of the currency.

If people weren't spending their bitcoins when they were worth pennies, the currency would have died off and we wouldn't be where we are today.

[Amph]

it was easy to waste coins, back then they were worth much less, so it's a bit silly to compare the thing with nowadays bitcoin

the same will be said in another 5 years time frame, those who are wasting them now will regret it

I don't see any big rise come, not unless it explodes in regulations, laws, and becomes the norm.

they were saying the same thing prior the 1200 increase, but than it happened, it will eventually happen again and again, and each time bitcoin will aacquire a new higher bottom

[notlist3d]

Wow, thats a real big amount of money for only 25 gh/S :/

But at the time that amount seemed huge compare to GPU's.  So when people looked at it seemed like a good idea.   It is crazy amount more efficient then GPU's on mining BTC.

But as we know BFL just did not ship for a long time, so this caused huge losses on orders.   And it follows pretty much all miners they sold they were late, and were not really truthful.  So anyone invested there most likely lost big.

[foggyb]

Yep I remember the BFL days...people waiting endlessly for ship dates. There were rumors of fishy business right from the beginning. So glad I never invested.

[RoseMann]

Wow, thats a real big amount of money for only 25 gh/S :/

At that time, a 7970 mines around 500Mh/s, 25 gh/s is 50 7970, which was worth about 50 *300 = $15,000 and used much more electricity.

[notlist3d]

Wow, thats a real big amount of money for only 25 gh/S :/

At that time, a 7970 mines around 500Mh/s, 25 gh/s is 50 7970, which was worth about 50 *300 = $15,000 and used much more electricity.

It was a bad deal they promised much more then they could actually deliver.   And it was not 1 product they did it on every single product... and somehow they kept getting orders or people playing to upgrade to next miner hoping that would fix it.

They knew it was a sinking ship at BFL around monarch time.  They had done enough to get on radar of lawsuits/laws.   I went to a convention when it was close to the end and BFL was there... I almost felt bad for the guy working the booth.  But knowing he was part of all that kept me from feeling that bad.  He had a booth with pretty much no customers.  Only people who stopped were people that wanted to see prototype monarch.

[Amph]

Wow, thats a real big amount of money for only 25 gh/S :/

At that time, a 7970 mines around 500Mh/s, 25 gh/s is 50 7970, which was worth about 50 *300 = $15,000 and used much more electricity.

i remember the 7970 was able to reach 700 and 800 as a peak with some heavy mod, 500 was good for the 7950, i know because i mined my first biotcoin with it

good old time

[DrG]

Yeah I am still sore over the 209BTC BFL effectively stole from me for a 60GH that died within a few days and spent 2 weeks in RMAland.  I'm not following that crap anymore - can only hope that some entity gives those involved whatever is coming to them.

[Rubberduckie]

they need a follow up on this guy. Does anyone know of any
interviews or anything showing how much he made / lost doing
this?

[Erkallys]

There's the 10,000 BTC pizza. And a few old timers in these forums have mined 50 BTC blocks a few times per day on CPUs. There's that Swedish? guy who mined 5000 BTC and bought an apartment a few years later.

And there's that guy who threw away his hard drive with a few thousand BTC in it.

I think this is basically what happened to most people's money back then:

https://www.youtube.com/watch?v=-DT7bX-B1Mg

If I remember well, the Swedish guy bought 18€ worth of Bitcoin in Swedish Crown and then bought a flat in the rich district of Stockholm.

[madwica]

There's the 10,000 BTC pizza. And a few old timers in these forums have mined 50 BTC blocks a few times per day on CPUs. There's that Swedish? guy who mined 5000 BTC and bought an apartment a few years later.

And there's that guy who threw away his hard drive with a few thousand BTC in it.

I think this is basically what happened to most people's money back then:

https://www.youtube.com/watch?v=-DT7bX-B1Mg

If I remember well, the Swedish guy bought 18€ worth of Bitcoin in Swedish Crown and then bought a flat in the rich district of Stockholm.

I think that guy is from Norway.

[Betwrong]

There's the 10,000 BTC pizza. And a few old timers in these forums have mined 50 BTC blocks a few times per day on CPUs. There's that Swedish? guy who mined 5000 BTC and bought an apartment a few years later.

And there's that guy who threw away his hard drive with a few thousand BTC in it.

I think this is basically what happened to most people's money back then:

https://www.youtube.com/watch?v=-DT7bX-B1Mg

If I remember well, the Swedish guy bought 18€ worth of Bitcoin in Swedish Crown and then bought a flat in the rich district of Stockholm.

I think that guy is from Norway.

Yes, the guy is from Norway. He invested 150 kroner ($26.60) in 5,000 bitcoins in 2009, sold them in 2013 for $886,000 and bought an apartment in a wealthy area of Oslo.

Here's the article about it:

http://www.theguardian.com/technology/2015/dec/09/bitcoin-forgotten-currency-norway-oslo-home

[Erkallys]

There's the 10,000 BTC pizza. And a few old timers in these forums have mined 50 BTC blocks a few times per day on CPUs. There's that Swedish? guy who mined 5000 BTC and bought an apartment a few years later.

And there's that guy who threw away his hard drive with a few thousand BTC in it.

I think this is basically what happened to most people's money back then:

https://www.youtube.com/watch?v=-DT7bX-B1Mg

If I remember well, the Swedish guy bought 18€ worth of Bitcoin in Swedish Crown and then bought a flat in the rich district of Stockholm.

I think that guy is from Norway.

Yes, the guy is from Norway. He invested 150 kroner ($26.60) in 5,000 bitcoins in 2009, sold them in 2013 for $886,000 and bought an apartment in a wealthy area of Oslo.

Here's the article about it:

http://www.theguardian.com/technology/2015/dec/09/bitcoin-forgotten-currency-norway-oslo-home

Yes, you're right, he's from Norway. Except for the country and thus the city where he does come from, I was right on my story .

[timk225]

I told you all years ago that BFL had the miners.  They used your pre-order money to build them and mine with them, then when the difficulty rose enough to make them non-profitable, they shipped them to the customers.  Then they greased you up with another load of BS about newer bigger better faster miners and pre-order now, and you all did it again!

But ooohhhh nnnooo, no one listened to me.....  And I was right.

[timk225]

I went on FrostWire and downloaded this Rise and Rise of Bitcoin movie (what, did you think I was going to pay for it?!?!?!  )and it's on my second monitor playing now.  It's ok, but I've learned the history of bitcoin on my own, so it's not telling me much I don't already know.