Free bitcoin mining is getting a lot of attention these days.
The crypto-currency, which is being mined on computers, is seen as a safe-haven asset by some investors.
But the idea is not a new one.
It was first coined in 2006 by Peter Diamandis, the founder of Bitcoin.
“The idea was to create a safe haven for bitcoin holders,” Mr Diamatis told The Australian Financial Review.
The idea has been embraced by the Bitcoin Foundation, a global organisation of cryptocurrency enthusiasts.
It’s not the first time the idea has gained traction.
In 2012, Bitcoin’s price began to decline and Mr Dritanis wrote a blog post urging investors to invest in the cryptocurrency.
It went on to become a favourite amongst those who hold Bitcoin, as well as those who are sceptical about the technology’s future.
Bitcoin has had a tumultuous year, as fears of a currency crash and economic uncertainty have fuelled a rise in the price.
In March this year, the price hit a new record high of $US6,823, while the price for ether, a virtual currency used to buy goods and services, jumped more than 5 per cent.
That led some to question the long-term value of bitcoin, given its rapid rise.
The rally was followed by a string of high-profile crashes in March, and it led to some major losses for investors.
In early October, Mr Drematis said that he had been “taken over” by a group of investors.
He told the Financial Review: “It’s a great idea.
The price is a drag, but the value is great.
I just don’t see it going anywhere.”
In February, Bitcoin crashed over $US500 for the first, and then hit a low of $500 in March.
Since then, the Bitcoin price has soared to more than $US1,100.
Mr Daimani also told The Financial Review that he would continue to keep investing in Bitcoin.
He said: “I don’t think it’s a bubble.
It doesn’t make any sense to me.”
In March, the cryptocurrency’s price dropped as much as 8 per cent, as investors bought back their own bitcoins.
The next day, the value for the cryptocurrency, which was trading at around $US200, was reduced to $US100.
The cryptocurrency has recovered in recent weeks, but that was a long time ago.
“Bitcoin has been one of the most volatile markets since 2014, when it crashed by over 100 per cent,” Mr Kostas said.
“There is a lot riding on the price to recover.”
The outlook for bitcoin and the future of cryptocurrency is bright for the foreseeable future.
For now, the market remains in a holding pattern.
“It looks like it’s going to take a lot for it to rebound,” Mr Raghavan said.