thrown away bitcoins worth

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What is it? Why is it so valuable? Should I buy some? How do I buy some? Yes, this is actually happening! And why not? Imagine a gigantic piece of paper that lists every transaction ever completed.

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Thrown away bitcoins worth

According to CNBC , the year-old claimed that there were two similar-looking hard drives that he had. Howells further added that he is optimistic to be able to use the bitcoins if he finds the device even after all these years. He thinks that the drive may be damaged externally but the platter inside would be still intact.

He is confident that the drive can be rebuilt by the data recovery experts directly from the platter. Howells said that he can regain access to the bitcoins he had if he will be able to procure the hard drive he let go eight years ago. To recover the device, he needs permission from the local council officials to hunt for the lost hardware in the garbage dump. If he is not given official permission, then searching would be considered trespassing which is a criminal offence.

A Newport City Council spokesperson said that they have been contacted about the missing device in the last eight years. He added that Howells had been told on a number of occasions that an excavation would not be permitted under the licensing permit. Thomas had stored the bitcoins in an IronKey digital wallet on a hard drive and written the password on a piece of paper, which he lost.

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But when the cryptocurrency shot up in value and he went in search of it, he discovered that he had mistakenly thrown the hard drive out with the trash. Now, with his lost bitcoin having soared even further, Howells has approached Newport City Council in Wales to ask for permission to dig a specific section of the landfill site where he believes the hard drive ended up. In return, he has offered to pay the council a quarter of the current value of the hoard, which he says could be distributed to local residents.

Read More. The digital currency was created in by an anonymous computer programmer or group of programmers known as Satoshi Nakamoto. Bitcoins are essentially computer files that are stored in a "digital wallet" on your device. They can then be used as payment, with every transaction being recorded in a public list known as blockchain. Bitcoin rally may be the 'mother of all bubbles' says BofA. Unfortunately they refused the offer and won't even have a face to face discussion with me on the matter.

After discovering the mistake, Howells went to the garbage dump to see where the hard drive might have ended up. He found what he was looking for but had inadvertently written over the hard drive — erasing his private key. Which can become a nightmare when investors pass away without having shared their private keys with their heirs. Then the partner passed away. Another theory is that he committed suicide and failed to leave the pass code behind.

If an investor remembers at least a portion of a pass code, a talented hacker could potentially use software to decrypt it. For the time being, Howells views the dump as the ultimate safe. But it also seems like a cult. There will only ever be 21 million bitcoins created and their worth fluctuates. This article was originally published on the New York Post. Log in Sign up. Log out.