Bitcoin Investor Hides $2 Million in 5 Treasure Chests

A Web3 fanatic may say these very phrases a couple of blockchain sensible contract.

Jon Collins-Black, a lifelong fan of fantasy novels and video games, has used a portion of his early Bitcoin investments, value some $2 million on the common BTC price at present, to fill 5 treasure chests hidden all through the USA.

Millionaire Bitcoin investor hides crypto prizes on the map

The early Bitcoin-era cryptocurrency investor went to auctions to create the distinctive assortment of loot. Furthermore, he says the treasure bins comprise uncommon Pokémon playing cards, historic shipwreck artifacts, sports activities memorabilia, and gold and treasured metals.

“I used to be like a child in a sweet retailer,” he mentioned.

Collins-Black mentioned he was impressed partially by the treasure hunt launched by US Air Pressure veteran and eccentric artwork collector Forrest Fenn. Like Collins-Black, the larger-than-life determine self-published a e-book to advertise the treasure hunt in 2010, “The Thrill of the Chase: A Memoir.”

That hunt was for a single trove and it contained gold nuggets, uncommon metallic cash, and worthwhile jewellery and gems.

How does attempting to find Fenn’s treasure evaluate to Bitcoin mining/or shopping for BTC for a risk-reward profile?

Any of the fortunate treasure hunters who efficiently discover one of many treasure bins could come up within the cash profit-wise. That’s—in the event that they don’t overspend the worth of the loot they discover with a purpose to find it.

Consider it just like the SETI formulation for the chance of discovering clever life on different planets.

Doing The Math

His e-book has been out there now in hardcover on Amazon since Nov. 2024 for $47.44. But it surely’s the time and power spent attempting to find the Collins-Black treasure that may actually price bounty hunters.

It wasn’t till 2020 {that a} treasure hunter managed to unravel the hunt and discover the Forrest Fenn treasure. Through the ten years since Fenn launched it, there have been many unsuccessful makes an attempt to seek out the gold and different prizes. From 2016 to 2020, 5 folks even died in bizarre accidents whereas reportedly looking for the Fenn treasure.

A treasure hunt of this nature is quite a lot of enjoyable for the blockchain sector as a result of the best way it really works is very like the Bitcoin core protocol that secures cash on the community and manages transaction orders.

So as to harness the price of electrical energy to the publicly verifiable state of a complete decentralized ledger of accounts, Bitcoin requires BTC mining computer systems to guess a random quantity by checking guesses by way of the SHA-256 hashing algorithm.

Just like the treasure hunters, just one will discover the proper quantity and win the Bitcoin reward. However when it does, the miner can use that reward to defray the prices of electrical energy and often discover a revenue left over to maintain.

Assuming electrical energy prices of $0.05 per kWh, on the present mining hash rate of $390 terahashes per second—working $8.66 of electrical energy by way of a Bitcoin miner will produce a median mining income of $22.48, in keeping with CoinWarz knowledge accessed on Tuesday, Dec. 3. That’s a 59% marginal return on funding for every unit of electrical energy utilized.