A High Court judge has dismissed a man’s bid to recover a Bitcoin hard drive, which could now be worth approximately £598 million, from a Newport landfill. James Howells, who claims his former partner mistakenly disposed of the hard drive containing the valuable cryptocurrency in 2013, sought permission to access the site and recover the Bitcoin.
Howells, an early Bitcoin adopter, mined the cryptocurrency in 2009 when its value was negligible. He only rediscovered the lost wallet’s potential as Bitcoin surged in value, prompting him to organize a team of experts to search the landfill.
Howells offered the council a share of the Bitcoin if the hard drive was successfully recovered, but the Newport council, citing existing laws, argued that the hard drive became its property once it entered the landfill. They also emphasized that environmental permits prohibited excavation of the site.
Judge Keyser KC ruled there were no “reasonable grounds” for Howells’ legal claim, stating there was “no realistic prospect” of success in a full trial. The judge also dismissed the notion that there was any compelling reason to pursue the case.
The landfill, which contains over 1.4 million tonnes of waste, is believed to hold the hard drive in an area of 100,000 tonnes. While Howells speculates that the Bitcoin could reach £1 billion by next year, the court’s decision has dashed his hopes of recovering the fortune from the landfill.
What is Bitcoin?
Bitcoin is a type of digital currency, also known as a cryptocurrency, that allows people to make transactions over the internet without needing a central authority like a bank. It was created in 2009 by an anonymous person or group using the name Satoshi Nakamoto. Bitcoin works using a technology called blockchain, which is a public ledger that records all transactions made with Bitcoin.
Bitcoin is decentralized, meaning no single institution controls it. People can buy, sell, and trade Bitcoin on exchanges, and its value can fluctuate significantly. Transactions are typically made using Bitcoin wallets, which store the user’s private keys, allowing them to send and receive Bitcoin securely.
