One of the most remarkable stories in the world Bitcoin (BTC) concerns Brit James Howells, a Newport-based IT specialist who accidentally threw away a hard drive years ago. There were 8,000 bitcoins on this disc, which are now astronomical in value. In this article, we take a closer look at Howells’ story and how he embarked on the extreme quest to find his lost treasure.
Who is James Howells?
James Howells had an early interest in the world of cryptocurrency and has spent much of his career in IT and blockchain technology. His adventure began in 2013 when he decided to start mining bitcoin. At that time, the value of Bitcoin was still almost negligible and Howells managed to collect a significant amount of these digital coins.
8,000 bitcoins in a landfill
The accident happened when Howells later decided to throw away one of his two identical hard drives. He accidentally chose the wrong one and his fortune ended up in the landfill as well. Of course, Howells did everything possible to find his hard drive.
Previous attempts to obtain a permit to search the landfill have been rejected on environmental and cost grounds. However, in 2021 Howells struck a deal with a hedge fund. With financial backing and technological expertise, including AI and robotic dogs, Howells was then able (on paper at least) to launch a more targeted search for his lost treasure chest.
What would BTC be worth now?
Of course, the exact amount Howells lost always depends on Bitcoin’s volatile market price. At their current value, the 8,000 bitcoins would be worth a whopping $206 million! When the BTC price is at 1 all-time high State-wise, the bitcoins would have been worth more than $550 million. It’s a sum that would give anyone nightmares and motivates Howells to keep looking, regardless of the cost and time involved. So far unfortunately without success.
James Howells’ story illustrates the inherent risks of managing your own digital assets. It also shows the volatility and potential value of Bitcoin in the modern financial world. Howells’ story is both a warning and a lesson for anyone investing in cryptocurrencies. Managing your cryptocurrency comes with great responsibility. If you lose access to your digital wallet, you really can lose everything.
Do you currently own crypto or bitcoin? Make sure you properly store, backup, and secure your passwords and/or private keys. You never know what it might be worth in the future.
