CEO of MyEtherWallet: I paid house rent by Bitcoin mining
- The founder of MyEtherWallet says Bitcoin mining facilitated him to pay off his rent in Los Angeles.
- Bitcoin mining has become a common phenomenon around the globe.
- Bitcoin mining takes place worldwide and it is on the rise as Bitcoin price accumulates.
The founder of MyEtherWallet, Kosala Hemachandra claims that he paid his house rent through Bitcoin mining. Hemachandra lived in California in 2014 and 2015 and while his presence there, he was able to convert mined coins into fiat currency and put them into actual use.
A step towards Bitcoin mining
Notably, MyEtherWallet founder bought Bitcoin mining tools and rented a room in his struggling days. In an interview, Hemachandra Said:
Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.
“I bought a Bitcoin miner and then I had it in my room. I was mining it and the amount that I earned through Bitcoin mining was enough to pay the rent for that room, so it was basically free, and then I did not have to pay extra for electricity.”
In Hemachandra’s opinion, Bitcoin mining was far more easy and profitable back in the earlier years of Bitcoin. Noting that mining equipment is comparatively advanced now and has become a little hectic for newcomers.
Back in earlier days of Bitcoin, mining was a profitable gamble but nowadays the mining is not as tranquil as it was. Furthermore, Hemachandra states mining was not completely fun yet gave living life in Los Angeles a cozy experience.
“It’s not as fun as it sounds, explaining that the San Fernando Valley where he lived frequently hosted outside temperatures near 90 degrees Fahrenheit. Since I’m running a Bitcoin miner in my room, it goes above that, and then the air conditioner I had, it was barely working. It was barely able to keep it at a level that was survivable.”
Looking back at the journey of Hemachandra is an encouragement in itself.
He has always been bullish on Bitcoin and an active proponent, however, he disagrees with the fact that DeFi taking over the financial system. Hemachandra states BTC/USD cannot be outperformed by the DeFi sector as it is less risky than DeFi tokens.
There are countless stories about Bitcoin fanatics and how they used their digital holding in other creative and impressive ways.