As a researcher with a keen interest in both blockchain technology and fantasy-themed pursuits, I find myself captivated by the parallel adventures of Jon Collins-Black and Forrest Fenn. Much like these treasure hunters, I too have spent countless hours delving into the intricacies of smart contracts and the Bitcoin mining process, seeking hidden gems of knowledge that could potentially lead to significant rewards.
A Web3 enthusiast might say those very words about a blockchain smart contract.
Jon Collins-Black, a lifelong fan of fantasy novels and games, has used a portion of his early Bitcoin investments, worth some $2 million at the average BTC price today, to fill five treasure chests hidden throughout the United States.
Millionaire Bitcoin investor hides crypto prizes on the map
An early investor in cryptocurrency during Bitcoin’s inception would attend auctions to assemble a one-of-a-kind hoard. He claims that these chests hide valuable items such as scarce Pokémon cards, historical maritime artifacts, sports mementos, and gold and other precious metals.
“I was like a kid in a candy store,” he said.
Collins-Black was influenced, to some extent, by the treasure hunt initiated by the enigmatic US Air Force veteran and art collector Forrest Fenn. Similar to Collins-Black, this larger-than-life character published a book in 2010, “The Thrill of the Chase: A Memoir,” as a means to publicize the treasure hunt.
The search was focused on a solitary hoard, filled with gold chunks, precious metal coins, valuable pieces of jewelry, and precious gemstones.
In terms of a risk-reward comparison, the quest for Fenn’s hidden treasure is similar to the process of Bitcoin mining or purchasing Bitcoins. Both activities involve an initial investment (time and resources in hunting for the treasure, money in purchasing Bitcoin), with the potential for significant returns if successful. However, the success rate is relatively low in both cases, making them high-risk ventures. The primary difference lies in the nature of the rewards: Fenn’s treasure is a tangible item, while Bitcoin provides a digital, financial asset.
Those fortunate enough to discover one of the hidden treasure chests could potentially earn a substantial amount of money, provided they don’t spend more than the worth of the found treasure in their search for it.
Think of it like the SETI formula for the probability of finding intelligent life on other planets.
Doing The Math
Since November 2024, his book can be found in hardcover on Amazon priced at $47.44. However, the effort and resources expended in searching for the Collins-Black treasure are what true bounty hunters will find truly expensive.
The Forrest Fenn treasure remained undiscovered until the year 2020. Since Fenn announced the hunt a decade ago, numerous attempts to find the gold and other rewards failed. Tragically, between 2016 and 2020, five individuals lost their lives in strange accidents during their pursuit of the Fenn treasure.
Engaging in a treasure hunt of this sort brings excitement to the blockchain community, as its operation bears a striking resemblance to the Bitcoin mainnet protocol. This protocol ensures the security of funds within the network and organizes transaction sequences in a similar manner.
To validate transactions across a distributed network and verify each transaction’s legitimacy on a decentralized ledger called the blockchain, Bitcoin uses specialized mining computers. These computers attempt to find a specific solution (a randomly generated number) by running calculations using the SHA-256 hashing function. This process is essential for verifying the cost of electricity associated with every transaction on the network and ensuring transparency.
Just as treasure seekers, only one will discover the accurate number to claim the Bitcoin prize. However, once claimed, the miner can utilize this reward to offset energy expenses, often leaving additional earnings for continued operation.
Under the assumption that electricity costs $0.05 per kWh and with a mining hash rate of approximately 390 trillion hashes per second, utilizing $8.66 worth of electricity in a Bitcoin miner would yield an average mining income of around $22.48. This represents a 59% return on investment for every electrical unit expended, based on data retrieved from CoinWarz on Tuesday, Dec. 3.
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2024-12-08 15:04