Fun

Young South African Engineer Rues Deleting Computer File Containing Keys to 20 BTC

News Feed - 2021-08-18 02:08:15

Young South African Engineer Rues Deleting Computer File Containing Keys to 20 BTC


A young South African electronics engineer has rued his decision to delete a text document containing the keys and password to a crypto wallet that held some 20 bitcoins. According to the engineer, the lost coins had been mined more than ten years ago using a modified personal computer that “boasted an AMD Phenom X3 processor and 512MB RAM.” Low BTC Price and Lack of Exchanges


According to a Mybroadband report, the 24-year-old engineer whose pseudonym is Mark Michaels, started mining the cryptocurrency “after reading about the technology on the internet.” At the time, the engineer was only in seventh grade.


Although the report quotes Michaels stating he does not recall how long it took him to mine the BTC, it does however note that the value of bitcoin was still far below ($0.08 per BTC) the one dollar mark at the time. This lowly price as well as the lack of crypto exchanges to sell the BTC eventually caused the then-teenage bitcoin miner to lose interest. The engineer explained: Eventually, I got bored of it, as you couldn’t do much else on your PC while it was busy, and the bitcoin you mined was practically worthless. Failed Recovery Attempts


It would be some seven years after deleting the file that the engineer would attempt to recover the lost bitcoins. By then, the price of the cryptocurrency had climbed to $1000. The report quotes the young engineer narrating his first, but ultimately unsuccessful attempt to regain access to the coins. He said: I remember collecting all the hard drives, memory sticks, CDs and DVDs in the house and carefully going through each of them. This took around a week. I also tried running data recovery software on my main hard drive, but this was not of much use. By then, that drive had been formatted and reused multiple times.


Despite the loss of the bitcoins — which are currently worth more than $900,000 — and the failed attempts to recover them, the engineer said he has since made peace with his hasty decision. He also claims that he never got into cryptocurrency to make money.



According to the Mybroadband report, the young engineer now owns various cryptocurrencies, but not in large amounts. He also still mines ETH but only when his “current rig is not in use.”


What are your thoughts about this story? Tell us what you think in the comments section below. Jack Dorsey"s Square Building Bitcoin Hardware Wallet to Make Crypto Custody More Mainstream WALLETS | Jul 9, 2021 Samsung Adds Support for Hardware Wallets on Galaxy Smartphones WALLETS | May 15, 2021 Tags in this story Bitcoin mining, Bitcoin Price, BTC, computer hardrive, crypto exchanges, ETH, Lost bitcoin keys, recovery software


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Circle to cease minting USDC on Tron Network effective immediately
Jesse Coghlan2 hours agoCircle to cease minting USDC on Tron Network effective immediatelyThe U.S.-based stablecoin issuer said it would discontinue minting USDC on the Tron network “to ensure that USDC remains trusted
US Senator Urges Congress to Stop Treasury From Picking Winners and Losers in Crypto
US Senator Urges Congress to Stop Treasury From Picking Winners and Losers in Crypto U.S. Senator Pat Toomey has called on Congress to stop the Treasury Departme
Shark Tank’s Kevin O’Leary Advises How to Get Into Bitcoin — Crypto Now 10% of His Portfolio
Shark Tank"s Kevin O"Leary Advises How to Get Into Bitcoin — Crypto Now 10% of His Portfolio Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has some advice on how to ge
Nixon ended gold standard 53 years ago today — WTF happened in 1971?
Christopher Roark10 hours agoNixon ended gold standard 53 years ago today — WTF happened in 1971?In his 1971 speech ending the gold standard, Richard Nixon promised to stabilize the dollar, but instead, nearly everythi
Starknet set for first mainnet staking vote: What STRK holders need to know
Josh O"Sullivan11 hours agoStarknet set for first mainnet staking vote: What STRK holders need to knowStarknet’s inaugural staking vote introduces mechanisms for minting and parameter adjustments, paving the way for st
Bitcoin, Ethereum Technical Analysis: BTC Rebounds on Friday, Following a Drop Below $19,000
Bitcoin, Ethereum Technical Analysis: BTC Rebounds on Friday, Following a Drop Below $19,000 Following a move below $19,000 on Thursday, BTC was able to rise above $20,000 during t
Analyst Who Called XRP Price Surge At $0.5 Says Surge To This Level Is Coming
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Putin: Still Early but Crypto Can Be Used for Oil Trade Settlements, Store of Value
Putin: Still Early but Crypto Can Be Used for Oil Trade Settlements, Store of Value Accusing the U.S. of undermining the dollar through money printing and sanctions policy, Preside
Bitcoin, Ethereum Technical Analysis: BTC Slips Below $19,000 Following Yesterday’s Failed Breakout
Bitcoin, Ethereum Technical Analysis: BTC Slips Below $19,000 Following Yesterday’s Failed Breakout Bitcoin fell below $19,000 on Wednesday, as the token failed to break out of a
France’s Le Maire Attacks Facebook’s ‘Political’ Ambitions With Libra
France’s economic and finance minister says Libra is “unacceptable,” calling it an intrusion into the state’s political sovereignty. Writing in a Financi
If Dogecoin Falls Below This Level, A Freefall To $0.06 Is Possible: Analyst
Este artículo también está disponible en español. In a post on X on Tuesday, crypto analyst Ali Martinez (@ali_charts) shared a long‐term Dogecoin (DOGE) price chart hi
Bitcoin large sellers 'exhausted' as $67K price holds
Ciaran Lyons3 hours agoBitcoin large sellers "exhausted" as $67K price holdsBitcoin is seeing a reduction in selling pressure from large investors as its price continues to hold above $67,000.3734 Total views12 Total sha