Man will pay $70 million for permission to search for bitcoin

A British man accidentally threw away a hard drive loaded with bitcoin into the trash. As such, he has offered more than $70 million if the local authority will allow him to excavate the landfill site. The IT worker James Howells had a digital store of 7,500 bitcoins which he had mined 4 years prior when it held little value. However, when the bitcoin went up in value, he realized he had mistakenly thrown out the hard drive out with the trash.

Therefore, he has approached the Wales’ Newport City Council to ask for permission to dig a specific section of the landfill site where he thinks the hard drive ended up. He plans to pay a quarter of the current value of the bitcoin, which is $70 million.

At the moment, a single bitcoin is trading around $37,000.

The Council however, has reported that it is not allowed to permit the excavation, as it is not possible under the licensing permit, and the excavation would have a huge environmental impact on the surrounding area; in fact, just digging up the landfill, storing, and treating the waste could cost significant amount.

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