Meet The Author
Meet The Author
Mike Duniec
Mike, the author, has been mining Bitcoin since 2011 while an undergrad in a crazy free-for-all era of prices around $.07 a coin. Mt. Gox is the Coinbase of the day, mining pools, GPU running full blast, the Silk Road driving BTC prices, and selling my spoils on the open market for some sweet fiat United States Dollars. Only a year or so elapsed, and he experienced the Mt. Gox hack (multiple), bankruptcy, and the Silk Road being shut down.
This led him in another direction, focusing on the underlying technology of Blockchain and buying coins on the market vs mining them using a cost analysis of hardware & power vs open market buying. Learning about and using self-custody, security principles, and cold wallet storage to keep assets safe.
You may be thinking that if Mike was mining at $.07 a Bitcoin, he must be rich because Bitcoin is now averaging $65,000 a coin. You may be surprised at the time with such an early market, hacks, and instability; he was happy mining and selling coins for a few thousand a month, paying the power bill, and coding the most efficient mining code. While he wishes to have a time machine to hold on to the thousands of BTC he personally mined, it is not possible.
This was the biggest lesson he had learned about innovation seeking. When everyone thinks you’re crazy, it’s a good sign you’re onto something innovative. His Bitcoin mining operation consisted of 10 GPU cards vented from a cardboard box, exhausting heat out the window of his college apartment running the mining software. All his friends did not understand this new internet money created by running computer code mining on the SHA256 encryption algorithm. At this point, you may be on to a lucrative opportunity at the “innovator” stage of the technology adoption lifecycle.
This book gives an early-day history of crypto, a quick dive into monetary principles, Government policies, and new topics to research and learn about in the crypto space and if investing in it is tight for you. There are still many opportunities in DeFi, Web 3.0, and other Blockchain projects being created with fast transactions and low fees.
His crypto journey of almost 13+ years in the space and the untapped opportunities available is what inspired him to share his knowledge and write this book. Learning about this space and having a Bitcoin mindset will help you see the many opportunities, give you an overview of the fast-moving technology, and highlight the crypto projects being created every day.