Bitcoin Pizza Day 2.1 PH/s Auction
It's May 22nd aka Bitcoin Pizza Day, when we all look back in awe at the great trade of 10,000 BTC for 2 pizzas.
We have a special auction for Rigly bidders, details below.
How it happened
Back in 2010, Laszlo Hanyecz, a programmer in Florida, successfully purchased 2 pizzas for 10,000 BTC. He had posted an offer on the Bitcoin Talk forum on May 18th, expressing his willingness to pay 10,000 bitcoins - which were worth about $41 at the time - for pizza.
It took four days to find a buyer, and on May 22, Jeremy Sturdivant (bitcointalk username "jercos") accepted the offer and arranged for 2 pizzas to be delivered from Papa John's. This transaction was a key moment in Bitcoin history as it demonstrated its use in real-world commerce.
Hanyecz accumulated such a large amount of Bitcoin because he was an early adopter and miner. At that time, mining Bitcoin was less competitive, and Hanyecz was able to amass a significant amount.
Today, the 10,000 BTC spent on the pizza would be worth $698 million dollars.
Wow.
In addition to this historic pizza purchase, Laszlo Hanyecz is also notable for his contribution to Bitcoin mining. He was one of the pioneers in utilizing graphics processing units (GPUs) for mining, which significantly increased the speed of mining and network difficulty. Before Hanyecz's innovation, bitcoin mining was typically done using CPU mining, which was far slower. By harnessing the parallel processing power of GPUs, Hanyecz and other early miners were able to generate hashes much more quickly, leading to greater rewards.
This advancement played a crucial role in the evolution of Bitcoin mining, making it more competitive and inspired the development of specialized mining rigs - aka ASICs (Application-Specific Integrated Circuits). Laszlo's innovation also set the stage for mining centralization, where large miners with access to cheap power and hardware at scale are the majority of hashrate.
Decentralize Mining with Rigly
Mining is centralized today, but it doesn't have to be. Now you can bid on hashrate from mining farms and send it wherever you like.
This pizza day, you can bring mining back to its one-cpu-one-vote roots with a special auction starting at just 10,000 sats.
2,100 TH/s @ 24 hours
1 day of spot hashrate from this USA based mining farm. Starting bid is 10,000 sats
Will we see you in Prague?
Rigly will be presenting in the BTC Prague startup competition.
Will you be at the conference? If so, reply to this email and let's meet up!
Happy Wednesday and thanks for reading all the way,
Team Rigly