28 May 2018

Wired Magazine report they have lost 13 bitcoins they mined from 2013

A photo representation of the Bitcoin event, Wired Magazine report they have lost 13 bitcoins they mined from 2013

In 2013, Wired Magazine had received a Bitcoin miner from Butterfly Labs, presumably for review purposes, and set it up to join the Eclipse Mining Consortium, a Bitcoin mining group.
 

As the miner churned away, it successfully mined 13.35 BTC over a few weeks, a sum that was worth approximately €1,260 at the time. However, the magazine faced an ethical dilemma: what to do with the money? There were suggestions to donate it to charity, but ultimately, Wired decided that the most appropriate action would be to destroy the private keys, effectively locking away the bitcoins forever.
 

This decision was rooted in the magazine’s desire to maintain journalistic integrity and avoid any potential conflicts of interest that could arise from profiting from the technology they were reviewing. By destroying the private keys, Wired ensured that they, nor anyone else, could access the bitcoins, thus removing any financial incentive from their coverage of Bitcoin.
 

The story resurfaced years later as the value of Bitcoin soared, turning those 13.35 BTC into a small fortune. In 2018 Wired shared this story publicly in an article.


Want to submit an event? Contact us through our submission form.