An IT engineer from Newport, Wales hasn’t given up on his discarded Bitcoin fortune yet. Now he’s pursuing legal means as a last-resort effort for digging through mountains of trash to find his lost stash.
As reported by Wales Online, James Howells is now suing Newport council over local landfill access, claiming £495 million in damages—the peak value of his lost Bitcoin. Somewhere within the facility, alongside tons of rubbish, he believes his Satoshi-era coins can still be recovered.
One man’s trash can be another man’s treasure. But in this case, Howell’s hard drive, discarded in August 2013, represents what is currently a £401 million ($524 million) headache that’s growing more painful with time.
When Howells’ partner mistakenly discarded 8,000 Bitcoin over a decade ago, the asset traded hands for around $130. Now it’s trading for nearly $66,000 a coin. (Note: Some reports have pegged the total at 7,500 BTC rather than 8,000 BTC. Decrypt has reached out to Howells to clarify the matter.)
Offering Newport council 10% of the value recouped from an organized dig, which would reportedly cost around £10 million, Howells’ repeated efforts have been rebuffed. While the dig wouldn’t cost the council anything, Howells said his efforts have been “largely ignored,” with the impasse now headed to a courtroom in December.
At one point, Howell offered the council £52.5 million ($71.6 million) for access to the site. But the overture to support Newport’s COVID-19 relief fund was denied in 2021.
The IT engineer told WalesOnline that his finances are “not in the best position,” and he’s struggling along as the legal matter develops. Howells added that he’s willing to take the battle all the way to the Supreme Court, if possible, as his final shot.
Howells’ gave up his life as an IT engineer to try and recover his lost fortune, reportedly reaching an agreement with investors. Under the deal, 70% of the recovered funds’ value would go to his backers, as well as the recovery team and the Newport council.
The IT engineer continues to weigh in on the conversation surrounding Bitcon development. In May, he highlighted Bitcoin Cash’s so-called adaptive block size.
Bitcoin Scaling Update:
Bitcoin Cash $BCH now has an adaptive blocksize that will increase or decrease with demand. Providing high scale on-chain and cost effective transaction throughput enabling ‘Peer-to-Peer Electronic Cash’ for the entire world.
Bitcoin $BTC has tabs. pic.twitter.com/7r0vt32RZe
— James Howells (@howelzy) May 15, 2024
In 2020, the blockchain analytics firm Chainalysis estimated that 3.7 million Bitcoin had been lost to time, representing a significant slice of the 21 million Bitcoin that will ever be mined. However, it’s difficult to determine how much of that is due to user error or plain misfortune.
Newport has reportedly pointed to its environmental permit, having repeatedly stated the dig is not possible. Potentially leading to a negative impact on the local environment, the council has maintained that it is the only entity with authority over the landfill.
Howell acknowledged in 2021 that as time drags on, the chances of his lost hard drive remaining physically intact have significantly deteriorated. But the IT engineer has remained confident enough to continue pushing for shovels in the dirt.
Neither the Newport council nor Howell immediately responded to a request for comment from Decrypt.
Edited by Andrew Hayward
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Source: https://decrypt.co/286202/lost-bitcoin-landfill-wales-court
