- Web3 Dot
- Posts
- The story behind losing 8000 BTC
The story behind losing 8000 BTC
Good morning, readers. How do you feel when you accidentally throw 8000 BTC into the trash? Yeap! 8000 BTC.
Let’s introduce James Howells and his heart-breaking incident.
In today’s story:
😥How he lost 8000 BTC
♻️How is his life going?
❓️FAQ related to this story
— Kamruzzaman Sagor, Editor
In This Story 📖
😥How he lost 8000 BTC:
James Howells, an early Bitcoin adopter, was able to mine 8000 BTC back in 2009.
He learned the Bitcoin system from an online forum. At that time, there were many software available that gave users free Bitcoin; in exchange, they used users’s computer processing capabilities to help the Bitcoin system create a permanent record of network transactions.
So, he used his gaming laptop to mine some Bitcoin. But he had to stop this because the process was too noisy and irritating for his partner. Also, at this time, it has no value. He just took it as a fun project.
After a year, his laptop became damaged. So, he knocked down that for parts. Most parts are thrown away or sold except the hard drive containing private keys.
In mid-2013, he had planned to clean up his desk because he would go on vacation with his family. He had 2 hard drives. One is blank and the other contains private keys (also some e-mails, music, and family photographs).
Unfortunately, He threw away the wrong one…
When he realized that, he went to the Newport City garbage. But it was too late. The hard drive is already under 4-5 feet of trash.
♻️How is his life going?
Howells still hasn’t gotten permission to dig up Newport City trash. He offered the Newport Council to donate 25% of the value of Bitcoin to Newport’s residents.
But the council stays with the previous decision…
Howells told to BBC,
Imagine how great it would be to say ‘I’ve given everyone in the city a few hundred pounds’,
❓️Frequently Asked Questions:
Who will bear the digging cost?
Howells has already managed 2 venture capitalists. They’re ready to invest $11M into this project. He also has a plan for how he’ll make the project successful.
How the hard drive will be searched?
Firstly, Howells will use AI technology to operate a mechanical arm, which will be used for filtering trash.
Next step, He will hire some data recovery and environmental experts; also, robot dogs and 24/7 CCTV will be employed so that they can keep an eye on every employee.
The happy news is a data-recovery expert (Phil Bridge) who shows interest in helping him so that he can get back his bitcoins. He said,
It would be just a fantasic success story to help him get it back and prove everyone wrong.
Does the hard drive will work?
The private keys were stored on a ‘Platter’ component. If the platter isn’t damaged, there is almost a 90% probability the data will be recovered.
Why doesn't the Council approve of his plan?
The council said the digging is against their environmental law. Also, the nature of the surrounding area would have a negative impact.
The attitude of the council does not compute, it just does not make sense
Although Howells tries to execute everything according to plan. Moreover, he lists down all the incentives he would do for Newpots’s residents.
How much BTC Howells will get?
If he manages to recover the data, he’ll get roughly 30% worth of those bitcoins.
The rest will be divided into investors, the recovery team, and Newport residents.
🔥Dot Special
That’s it for today!
For more, check out our other story covers.
If you missed the last story, covering Hal Fineey’s life story, read it here.
See you soon.
Reply