Bitcoin is buried
James Howells, a UK IT worker, is offering his local borough $ 70 million to dig up a hard drive that he threw away in 2013.
Why? He believes the drive contains 7,500 bitcoins – worth about $ 275 million at today’s rates, as CNN reports.
The news comes after a programmer in San Francisco discovered he had only two password guesses left to recover 7,002 bitcoin – also worth nearly a quarter of a billion dollars.
“” I offered to donate 25% or £ 52.5 million ($ 71.7 million) to the city of Newport to distribute to all local residents living in Newport should I find and recover the bitcoins, Said Howells CNN.
Howells asked Newport City Council for special permission to excavate a particular portion of the landfill in question.
“This would work out to around £ 175 ($ 239) per person for the whole city (population 316k),” said Howells CNN. “Unfortunately they refused the offer and they won’t even have a face-to-face discussion with me on the matter.”
Digging for Treasure
It would be like looking for a needle in a haystack. “As soon as I saw the website, I thought you had no chance,” he said. “The area in question is huge.”
But Howells has a plan. “The plan would be to excavate a specific part of the landfill site based on a grid reference system and restore the hard drive while complying with all safety and environmental standards,” he told CNN.
“The drive would then be rolled out to data recovery experts who can rebuild the drive from scratch with new parts and try to recover the small piece of data I need to access the bitcoins,” he said.
Such a project would cost a fortune in itself. “The cost of excavating the landfill, storing and treating the waste could run into millions of pounds – with no guarantee that it will be found or still working,” said a spokesman for Newport City Council. CNN.
READ MORE: A man who accidentally threw out a bitcoin fortune is offering $ 70 million for permission to dig it [CNN]
More on bitcoin: Man has only Two Password Guesses to recover $ 236 million in Bitcoin