Qiwi CTO mined 500,000 bitcoins or 2.4% of all Bitcoins

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2018-07-31
Qiwi CTO mined 500,000 bitcoins or 2.4% of all Bitcoins

During a meeting at the Moscow School of Communications the head of Qiwi company Sergey Solonin told how Bitcoin was mined on Qiwi terminals. According to Solonin, his employee secretly minted 500,000 BTC on Qiwi terminals 7 years ago. At that time CPU was used for mining and the first software GPU-miner appeared, but it was very buggy and worked only on several models of Nvidia cards:

“In 2011, we had more than 100,000 self-service terminals. Once the security chief came to me and said that the terminals are working very intensively at night. In 3 months our employee mined 500 thousand bitcoins worth 5 million dollars. And nowadays he is a billionaire!” said Sergey Solonin.

Sergey Solonin became very interested in the blockchain technology and mining. It turned out that the technical director earned on using terminals more than the company itself earned on the commission from payments through these terminals. In other words, CTO has found a more efficient way to use these terminals. Solonin told the CTO “What the hell are you doing? Do you realize that you are using Qiwi terminals illegally?”. After the conversation the CTO wrote a statement of dismissal and left his position. Sergei let him go, because there was nothing to be done: there was no direct loss, he did not inflict any damage-only to landlords who pay electricity somewhere.

Sergey Solonin

Solonin urgently called the managers and said that all terminals should mine Bitcoins. Three months later the project was launched, but it was too late. The complexity of mining increased sharply.

Now we are dealing with a chip that accelerates Artificial Intelligence and should multiply the throughput of neural networks … The world creates an enormous infrastructure: we do not see it, but it’s really large”.

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