Bitcoin BTC/USD has seen a stratospheric rise since its inception in 2009. Those who identified its potential and invested when it was still in its infancy have witnessed returns that very few assets can compete with.
What happened: Eric Elliott is one such Bitcoin OG who started mining the apex cryptocurrency in 2011.
Elliott, a computer developer, spent around $100 to create a computer geared for Bitcoin mining—the act of using computational power to solve complicated cryptographic problems and earning BTC as a reward.
“When I put it online, I was probably mining one Bitcoin a day,” Elliott said during a 2013 interview with CNN Business. “I haven’t really spent much of the Bitcoins apart from reinvesting them in new hardware.”
Assume Elliott mined 365 BTCs altogether in 2011, gave up mining altogether, and adopted a HODL approach. On Dec. 31, 2011, BTC traded at $4.61 apiece, meaning that his stash would be worth $1,682.75.
Fast forward to May 2025, when the apex cryptocurrency is worth $104,343.23. Had he held on to his stockpile, it would be worth $38.085 million today, representing an eye-popping 6100.76% return in 13.5 years.
Disclosure: 82% of retail CFD accounts lose money
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While it is clear that Elliott sold the Bitcoin to cover mining costs, he made a candid admission during the interview.
“If you want to make money with Bitcoin, mining is not the way to do it. You’re better off trading Bitcoin,” he said.
Given the significant increase in mining difficulty and expenses, about $137,000 per coin as of the fourth quarter of 2024, Elliott’s advice appeared to have some merit.
Price Action: At the time of writing, Bitcoin was exchanging hands at $104,343.23, up 1.80% in the last 24 hours, according to data from Benzinga Pro.
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Photo Courtesy: creativeneko on Shutterstock.com
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