A Web3 enthusiast might say those same words about a blockchain smart contract.
Jon Collins-Black, a A lifelong fan of fantasy novels and games, he has used a portion of his early investments in Bitcoin, valued at about $2 million at the current average BTC price. to fill five treasure chests hidden throughout the United States.
Millionaire Bitcoin Investor Hides Crypto Prizes on the Map
The first cryptocurrency investor of the Bitcoin era went to auctions to create a unique collection of loot. Additionally, it says the treasure boxes contain rare Pokémon cards, historical shipwreck artifacts, sports memorabilia, and gold and precious metals.
“I was like a kid in a candy store,” he said.
Collins-Black said she was inspired in part by a treasure hunt started by eccentric art collector and U.S. Air Force veteran Forrest Fenn. Like Collins-Black, the larger-than-life figure published a book to promote the treasure hunt in 2010, “The Thrill of the Chase: A Memoir.”
That search was for a single treasure and contained gold nuggets, rare metal coins, and valuable jewels and gemstones.
How does Fenn’s treasure hunt compare to Bitcoin mining or buying BTC for a risk-reward profile?
Any of the lucky treasure hunters who successfully find one of the treasure boxes will be able to win money. That is, if they don’t spend too much of the value of the loot they find to locate it.
Think of it as the SETI formula for the probability of finding intelligent life on other planets.
Doing the math
His book is now available in hardcover on Amazon from November 2024 for $47.44. But it’s the time and energy spent searching for Collins-Black’s treasure that will really cost the bounty hunters.
It was not until 2020 that a treasure hunter managed to solve the hunt and find Forrest Fenn’s treasure. In the ten years since Fenn released it, there have been many failed attempts to find gold and other prizes. From 2016 to 2020, five people even died in strange accidents while reportedly searching for Fenn’s treasure.
A treasure hunt of this nature is a lot of fun for the blockchain sector because it works very similar to the core Bitcoin protocol that secures money on the network and manages transaction orders.
To leverage the cost of electricity to the publicly verifiable state of a complete decentralized ledger, Bitcoin requires BTC mining computers to guess a random number by verifying the guesses through the SHA-256 hashing algorithm.
Just like treasure hunters, only one will find the correct number and win the Bitcoin reward. But when it does, the miner can use that reward to defray electricity costs and usually finds a profit left to keep.
Assuming electricity costs of $0.05 per kWh, at the current mining hash rate of $390 terahashes per second, running $8.66 of electricity through a Bitcoin miner will produce an average mining income of $22.48, according to data from CoinWarz that were accessed on Tuesday, December 3. That’s a 59% marginal return on investment for each unit of electricity applied.
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