Real story or PR stunt? A bit of math can help to see the truth

Real story or PR stunt? A bit of math can help to see the truth

According to Sergey Solonin, the CEO of QIWI, Russian payments provider, his employee used the company’s idle terminals, to mine Bitcoins, in 2011

The total amount of Bitcoins mined exceeded 500,000, and after his firing, the employee didn't return any funds. What happened to these Bitcoins remains unknown, but most likely, they were lost on Mt.Gox.

This story doesn't look convincing. In 2011, QIWI had thousands of payment terminals in Russia. But if you think about it, 500,000 sounds like an unrealistic number. In today's money it would be equal to $4 billion. Just look at this number. Even in 2011 a person would be considered a whale to own so many Bitcoins. It's 2.3% of all Bitcoins that could be mined ever. Is it possible that this tremendous amount of Bitcoins dissolved somewhere during these years?

Of course, this employee could have sold it many years ago to other investors. But is it possible that he could have some Bitcoins left? He could still have some, but only few of them, as the richest Bitcoin address has only 170,000 BTC.

The identity of this employee is well-known to many people inside of QIWI company, if this story is true. In Russia he would have been robbed pretty fast if he would have kept his coins. But he didn't.

Another concern here is the fact that this story surfaced only recently, and all these seven years there wasn't any leak about it. So the question is: did it ever happen?

DISCLAIMER: all the articles are based on personal opinions of their authors and shouldn't be considered as investment recommendations. neither supports nor opposes any project or strategy, users must consider all relevant risk factors including their own personal financial situation.


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