It is reported that James Howells, a British man who accidentally disposed of a hard drive containing nearly 7,500 Bitcoin (BTC) in 2013, began looking for robots and humans to work together to retrieve his cryptocurrency from a local landfill.
According to a report Sunday from Business Insider, Howells offered an $11 million idea to locate and recover a lost hard drive, which may be surrounded by nearly 110,000 tons of trash. Backed by a handful of venture capitalists, the proposal involved people, robotic dogs and other machines that would pick up and sort into landfill trash for up to three years until the lost bitcoin was found, while another version of Howells’ plan would cost $6 million and take 18 months.
Many cryptocurrency users recognize Howells’ actions as a telling story of the importance of keeping track of one’s coins, whether by securely storing private keys or a physical hardware wallet. The Briton threw away his hard drive containing Bitcoin in 2013 thinking it was empty, only realizing months later that he might have lost millions of dollars in cryptocurrency.
The Newport City Council, the government body responsible for overseeing operations at the landfill presumed to contain the missing hard drive, has reportedly rejected Howells’ previous attempts to recover the device. A report from January 2021 – when the bitcoin price was above $30,000 – indicates that Howells offered the city up to 25% of the value of the lost coin as a relief donation amid rising costs due to the pandemic, but she has not yet been given the opportunity. Search.
“There is nothing Mr. Howells can give us [for approval],” said one council representative. “His proposals pose significant environmental risks, which we cannot accept and in fact are prohibited from considering the terms of our permit.”
At the time of publication, 7,500 BTC is worth approximately $163 million amid volatility in the crypto market. Reportedly, Howells’ plan, if approved and successfully implemented, would allow him to hold roughly 30% of bitcoin, with the rest going to the recovery team, investors and Newport’s 150,000 residents — roughly $60 each to group members. Last .
“If we can get the coins back, I pledge to the people of Newport that I will give the people in Newport crypto directly,” Howells said in an interview with journalist Richard Hammond. “I could spend the rest of my life working at a day job and never come close to anything of value on that hard drive.”
James Howells presents his plan to find his hard drive containing 7,500 bitcoins. Source: What next?
Howells plans to speak with the board in the coming weeks. In the event that members reject the plan, Bitcoiner reportedly said he could follow a legal path to force a landfill search by claiming that the cryptocurrency on his hard drive was illegally blocked.
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Some experts have made a name for themselves in the crypto space by recovering lost or forgotten coins worth millions of dollars. In August 2021, wallet redemption service KeychainX reported that it gained access to a six-year-old wallet containing 10 million Dogecoin (DOGE) – worth roughly $3 million at the time. Joe Grand, a computer engineer and hardware hacker, also recovered more than $2 million from his Trezor One hardware wallet in January.