Lost Bitcoin Mystery: 8,000 BTC Worth $768M Likely Gone for Good
A landfill site in Newport, Wales, that has been at the center of an unusual dispute over lost Bitcoin wealth is set to close, bringing an end to the hopes of recovering a hard drive supposedly containing 8,000 BTC worth an eye-watering $768 million today. The landfill has been in operation since the early 2000s. According to BBC News, it is about to close during the fiscal year 2025-26. Newport City Council is going forward with plans to cap the site and has already obtained permission for a solar farm construction on a portion of the property. Also read: Bitcoin in Focus: Strategy’s Michael Saylor Drops New BTC Chart After One Week For James Howells, the local IT professional who claims to have lost the Bitcoin-filled hard drive in 2013 after it was mistakenly discarded, this closure brings an end to his desperate attempts to recover the device. Over the last decade, Howells has launched an ongoing legal battle with the council, promising to give it a portion of the potential treasure in exchange for permission to excavate the site. However, his battle came to an end in January 2024, when a court dismissed his lawsuit, stating that he had ‘no realistic prospect’ of success. Why Did the Council Reject the Dig? Despite Howells’ claims that AI-powered technology could locate the hard drive swiftly and efficiently, at no expense to the council or taxpayers, the Newport City Council has continuously denied excavation. The primary reason given was the possible environmental concerns. Officials believe that excavating the waste would have huge negative environmental impacts, making it impossible under current licenses. Also read: US Lawmakers Tighten Grip on Stablecoins to Reinforce Dollar Hegemony Howells’ ambitious excavation plans included modern scanning technologies, robotic search teams, and even environmental safeguards, but these arguments did not persuade the authorities. With the landfill scheduled to close, it looks like the Bitcoin treasure will remain buried permanently. A Drop in the Ocean of Lost Bitcoins Though 8,000 BTC is a large figure, it represents only a small portion of the estimated 3 million missing Bitcoin, roughly 13% of the overall supply. According to Web3 executive Al Leong, these lost coins contribute significantly to Bitcoin’s deflationary tendency. Also read: US Court Orders Over $130 Million in Penalties Against EmpiresX Founders for Crypto Fraud Interestingly, Tether CEO Paolo Ardoino has stated that quantum computing could one day unlock Bitcoin in lost wallets, thus putting it back into circulation. However, crypto experts warn that such technological improvements may pose security problems and lead to bearish pressure on Bitcoin’s price. As the Newport landfill’s approaching closure, the chance of reclaiming this fortune appears to have evaporated. Though Howells’ story serves as a warning to cryptocurrency investors about the need of protecting their funds, it is also one of the most intriguing ‘what if’ stories in Bitcoin history.