Mining Pioneer Wang Chun Reveals Thailand Property Sale: 2,900 BTC Purchase Now Sold for Just 7 BTC
The sale of a Thai condominium by F2Pool's Wang Chun demonstrates the significant opportunity cost associated with early Bitcoin expenditures, as a property purchased for 2,900 BTC was recently sold for merely 7 BTC.
Wang Chun, a pioneering figure in Bitcoin mining, has revealed that he recently sold a Pattaya, Thailand condominium for 7 Bitcoin, representing just a tiny fraction of the 2,900 BTC he originally spent on the same property back in 2015, demonstrating the dramatic opportunity cost associated with spending cryptocurrency in its early days. The co-founder of F2Pool made the revelation through an X platform post published on Tuesday.
The apartment in North Pattaya was acquired by Chun during a period when Bitcoin (BTC) was valued at approximately $270 per coin, which meant the purchase price was valued at roughly $785,000 during the transaction, and approximately $470,000 when calculated using present-day pricing, representing a depreciation of about 40%. "In 2015, I purchased this Naklua condo in North Pattaya for 2900 BTC. It was the first home I had ever owned… Yesterday, I sold this condo for 7 BTC," he wrote.
Since that initial purchase, Bitcoin has experienced a meteoric rise to reach a peak exceeding $126,000 in October 2025 and was trading at approximately $67,000 at the time of writing, according to CoinGecko, making the original 2,900 BTC worth $365 million at its peak (a price increase of roughly 46,500%), and around $194 million today (24,800%) at current levels despite recent volatility.
The transaction also demonstrates Bitcoin's superior performance when compared to conventional assets throughout the last ten years. The price of gold has climbed from approximately $1,200 per ounce in 2015 to more than $4,500 today (a 275% increase), while the S&P 500 has delivered a cumulative return of around 284%; substantial gains that pale in comparison to Bitcoin's astronomical price increase over the same time period.
Early crypto real estate bets cut both ways
The experience of Wang represents one of a limited but notable collection of real estate transactions from the cryptocurrency era involving industry pioneers and investors, some of which have recorded the opposite scenario: liquidating their real estate holdings to invest entirely in BTC, from an early adopter on a Bitcointalk forum post, who said he sold his house for 648 BTC in 2014 to Binance founder Changpeng "CZ" Zhao.
In a February interview, Zhao disclosed that he liquidated his Shanghai apartment for approximately $900,000 and utilized the funds to acquire Bitcoin in multiple purchases at an average cost of roughly $600 a coin.
Throughout his residency in Pattaya, Chun mentioned that he successfully obtained a Saint Kitts and Nevis passport and a US visa, while building and launching F2Pool's Zcash mining pool.
"My time in Pattaya gave me my first real experience of living abroad and the courage to explore much farther parts of the world," Chun said.