Australian Man Explains How Crypto Helped Him to Buy Brisbane House Mortgage Free
Australian Crypto Miner
Modified Date:- Published Date:-Categories: Cryptocurrency
AustralianMan Explains How Crypto Helped Him to Buy Brisbane House Mortgage Free
Australiancrypto miner Joe Bridge recently explained how he was able to buy hisfirst house, boats, and motorcycles using the small fortune he amassed fromcrypto mining.
According to a report by Australias ABC published on June 30,the 38-year-old first became involved in crypto mining in 2013 while living with hisparents in Brisbane. At the time, Bridge was studying law and had littleeducation in IT. However, he was able to run the mining software on threecomputers — using 10 graphics cards — to earn Litecoin and Dogecoin.
Bridge says the mining caused the temperature of his house tospike to 50 degrees Celsius at times, while his power bill topped $600 a month,even with the use of a “fairly advanced solar system” on the roof. Bridge wasable to trade the mined $LTC and $DOGE for over a dozen bitcoins.
Bridge held onto his $BTC for four years, hardly payingattention to the price until it began to skyrocket in mid 2017. He decided tosell a portion of his $BTC holdings for the purchase of several motorcycles andboats, while betting that the price would continue to rise.
Bridge said he was looking to buy a home around the time Bitcoin’s pricepeaked in November 2021. He ended up selling 85% of his holdings —around 11 bitcoins — at AUD 80,000 each, for a total of AUD 880,000, to buy thehome mortgage-free. He also sold off several $BTC in order to pay for thecapital gains taxes on his investment, which he estimated to be aroundAUD290,000.
Bridge now worksin IT for a finance software company, and attributes his foray into Bitcoin forallowing him to afford a mortgage-free home. Looking back, he said there was a“lot of luck” involved in his journey, and did not necessarily recommend othersfollowing in his footsteps.
Joe Bridge, who formerly worked as a senior engineer at Google and Yahoo, is now a crypto miner. He explains how he made serious money from Bitcoin and Litecoin by mining cryptocurrency on his home computer. He also explains how he used crypto to buy Brisbane house mortgage free.