This isn’t a new story but it seems fitting for the period as bitcoin madness is everywhere you look. Financial outlets are covering it like it’s the best thing since sliced bread and all of the “top analyst” are giving their rightful “I told you so’s”. But do you remember the time someone threw away $9 million in bitcoin?
In 2013 there was a story that broke talking about how someone in the U.K. threw away a hard drive that contained $9 million in bitcoin. In a CNN report, James Howells said he got rid of his hard drive. This would be just a random release of garbage and clearing out the old for the new. In this case, this particular hard drive was the one that Howells used to mine bitcoin.
The IT worker mined the cryptocurrency when it was “just for geeks” and “this geek” managed to score a lot of bitcoin with 7,500 coins on the device before it met its demise. Now back in 2013 when the initial report was written, that sum of bitcoin was worth about $9million.
By any stretch of the imagination, that’s a great amount of money but this is 2017 and the year of bitcoin. As of today, one bitcoin demands about $4,300 and at today’s math, that’s over $32 million in value.
At the time, Howells was holding onto the drive for years before making the decision to clean house. He told CNN, “As soon as I saw the site, I thought you’ve got no chance. The area covered is huge.”
THE HERALD FINANCE REPORT
Start your workday the right way with the news that matters most.
Unfortunately, the drive is most likely gone. Horders looking to dive into the nearest dump will most likely be shut out as most are private with restricted access to the public. But there’s no denying that he regrets making the decision to clean up after himself to forget he had $32,250,000 worth of bitcoin literally thrown in the garbage.
Unlike traditional money, bitcoins are not managed by a central authority and exist only in cyberspace. Had there been some form of a cloud, that may have saved him but once again, this is just another example of the risks people can face by choosing bitcoin as a currency.