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- James Howell has been trying to get his lost hard drive back for 10 years
- Howell mined 8,000 Bitcoin on his laptop after learning about Bitcoin in 2009
- The council have denied Howell’s requests to dig due to “environmental concerns”
A 39-year-old man is suing Newport City Council for $646 million (£495,314,800 million) in damages after losing his hard drive at a recycling center containing 8,000 Bitcoin.
James Howell accidentally threw out his hard drive in 2013 during a household clearout. According to WalesOnline, Howell had two hard drives of the same size. One was blank, while the other contained his Bitcoin.
He mistakenly put the one containing the Bitcoin into a black bin bag, which his then-girlfriend took to the tip. At the time of his loss, his Bitcoin was worth around $1.3 million (£1 million). However, within three months, their value had risen to around $11.7 million (£9 million).
Howell has reached an agreement, leaving him with 30% of his Bitcoin if the hard drive is found. The remaining would be split between his backers, the recovery team, and the council.
Howell states that despite meeting a representative of the council in 2013, he’s been “largely ignored.”
“I’m still allocating 10% of the value for the council even though they have been problematic throughout,” he said. “That would be £41m based on today’s rate but in the future, it could be hundreds of millions.”
Environmental concerns
A court filing states that Howell’s hard drive is located in Cell 2- Area 2 of the Docksway landfill.
If the hard drive is located, the dig would take around 18 to 36 months followed by 12 months of remediation work. Yet, despite promises to safely excavate the Newport site and to modernize the landfill, the council have rejected Howell’s requests to dig due to “environmental concerns.”
Howell’s lawyers claim that the council have “simply ignored” that 10% of Bitcoin could bring “a huge and desperately needed investment in the local community.”
Lawyers for the council argue that the hard drive belongs to the council because it was dumped at the tip. However, Howell’s lawyers deny this, claiming that the hard drive was never intended to be thrown away.
Howell said he didn’t want to go to court, but “this is the final shot.”
The case is expected to be heard in December.
- TBC and Riot Platforms sue EIA over Bitcoin data demands, alleging intrusion.
- Senator Warren’s involvement is seen as part of a broader political strategy.
- Bitcoin mining faces scrutiny for energy consumption, environmental impact.
In a bold move against the US Energy Information Administration (EIA), the Texas Blockchain Council (TBC) and crypto miner Riot Platforms have filed a lawsuit, alleging unlawful data collection demands targeting the Bitcoin mining sector.
EIA’s data collection plan
Last month, the EIA announced plans to collect data on electricity consumption by certain US-based crypto miners, effective from early February. Commercial miners were mandated to disclose intricate details, including the types of machines used and the locations of their mining operations. The controversial move followed an emergency approval from the Office of Management and Budget on January 26.
We’re initiating collection of data regarding #electricity use by US #cryptocurrency miners.
We’ll ask about their electricity consumption so we can better understand their energy demands.
https://t.co/gYpZgtiD6J pic.twitter.com/pQ9ULoLAAU
— EIA (@EIAgov) January 31, 2024
TBC, a non-profit association, expressed concerns over the sensitive nature of the information requested, fearing potential public disclosure. The council sees this as a direct assault on private businesses, characterizing it as a political manoeuvre under the guise of an emergency.
The TBC points fingers at Senator Elizabeth Warren and the Biden administration, accusing them of orchestrating a targeted effort against the digital asset industry. The EIA’s push for oversight is viewed as an intrusion and a worrying escalation in monitoring and regulating the cryptocurrency sector.
As part of a broader strategy, Senator Warren and other Democratic lawmakers had previously urged major US crypto mining companies to disclose their energy usage. The current legal action represents a firm industry backlash against what is perceived as increased regulatory scrutiny.
Bitcoin Mining realities and environmental considerations
The EIA, in a report dated February 1, highlighted a significant jump in annual electricity consumption by crypto miners, from 0.6% to 2.3%. Despite the benefits of Bitcoin mining, such as network decentralization and profit opportunities, the industry faces growing scrutiny due to its environmental impact.
The Rocky Mountain Institute estimates global Bitcoin mining consumes around 127 terawatt-hours annually. This has sparked debates about the environmental sustainability of the industry. Proponents argue that compared to traditional sectors like banking, Bitcoin’s energy usage is relatively lower, but critics remain concerned about its contribution to global energy consumption.
As the legal battle unfolds, the cryptocurrency industry finds itself at the crossroads of regulatory pressures and environmental accountability, navigating the delicate balance between innovation and responsibility.
Bitcoin miners and associations came strongly against the Biden Administration’s regulatory overreach against the crypto industry by bringing a lawsuit against three United States government agencies. The move comes after the Biden Administration approved US energy agencies to collect data regarding crypto miners’ energy consumption.
Bitcoin Miners Files Lawsuit Against US Govt Energy Agencies
Texas Blockchain Council (TBC) along with Riot Platforms files a lawsuit for declaratory and injective relief against the U.S. Department of Energy (DOE) and its Energy and Information Administration (EIA), and the U.S. Office of Management and Budget (OMB). The lawsuit is filed in U.S. District Court for the Western District of Texas on February 22.
The plaintiffs argued the EIA’s emergency collection of information from many TBC members including Riot Platforms is “unlawful.” Moreover, they claim that EIA and OMB violated the Paperwork Reduction Act and its implementing regulations. Also, the government agencies are again acting arbitrarily and capriciously similar to the SEC by violating the Administrative Procedure Act.
“This is a case about sloppy government process, contrived and self-inflicted urgency, and invasive government data collection,” the filing reads.
Mines and TBC seek temporary restraining order and preliminary injunction prohibiting the US DOE and EIA from collecting data from identified commercial cryptocurrency miners. Also, vacating the OMB’s approval for data collection and prohibiting defendants from collecting any data without notice and comment.
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Crypto Industry and Congressman Critique Biden Administration
The Office of Management and Budget (OMB) approved an emergency request from the EIA for full energy usage data from 82 Bitcoin mining operations. OMB approved the request two days after receiving it from EIA on January 26, without proper notice and a comment period for miners.
House Majority Whip Tom Emmer has come out in support of the crypto industry and openly criticizing the Biden administration for this crackdown against Bitcoin mining and the crypto industry. He highlighted the abuse of power by the administration.
Recently, Texas-based crypto firm Lejilex and the Crypto Freedom Alliance of Texas (CFAT) filed lawsuit against the U.S. Securities and Exchange Commission (SEC) for regulatory overreach.
Also Read: Polygon (MATIC) Price Jumps 6% After Reddit Said Its Dabbling With the Altcoin
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Crypto News: Following a voting process on May 16, members of the Council of the European Union have given the much-anticipated Markets in Crypto-Assets (MiCA) legislation their final approval, thereby giving it the green light to become a standardized law. A total of 27 Finance Ministers representing the EU’s member states voted in favor of enacting the MiCA bill as well as modifying a number of rules and directives that are related to the new law.
EU Adopts MiCA To Regulate Crypto
The MiCA, which has already been adopted by the member states of the EU and the European parliament, stipulates that cryptocurrency businesses must obtain authorization from the EU in order to serve consumers located within the bloc, and they must also comply with protections designed to prevent money laundering (AML) and the financing of extremist organizations.
Read More: Leading Crypto Exchange Lists Shiba Inu’s BONE And BABYDOGE
Along with the ratification of MiCA by the EU parliament, two further pieces of legislation, including rules on information accompanying transfers of funds and specific crypto-assets, were also approved at the same time.
The Council has just adopted the first-ever EU rules on markets in crypto-assets and services.
The new regulation aims to improve transparency, preserve financial stability and increase consumer protection while fostering innovation. #DigitalFinanceEU #MiCA
— EU Council (@EUCouncil) May 16, 2023
MiCA Sets Standards For Crypto
According to the official statement released by the Council, the new crypto law is set to introduce a “harmonized regulatory framework” in the European Union — which given the global nature of crypto assets — will be an improvement compared to the current situation with national legislation in some member states only.
While emphasizing on bringing transparency and compliance in the broader crypto market, the EU Council was quoted as saying:
The new rules cover issuers of utility tokens, asset referenced tokens and so-called ‘stablecoins’. It also covers service providers such as trading venues and the wallets where crypto-assets are held.
Additionally, the Council noted that the approval fills a void in existing EU law by making certain that the legal framework does not create roadblocks for the use of new digital financial instruments and that these innovations are within the purview of financial regulation and risk management protocols set forth within the EU.
As reported earlier on CoinGape, the formal adoption of the MiCA legislation by the European Parliament took place on April 20, which paved the way for the Council to offer its final approval. In the wake of this crypto news, the price of Bitcoin is currently exchanging hands at $27,096, which represents a decrease of 0.41% over the past one hour, compared to a drop of 1.04% recorded over the preceding 24 hours.
Also Read: Upbit & Bithumb Crypto Exchanges Get Raided By South Korean Prosecutors
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Shinhan Bank is the first traditional financial institution in Korea to join the council, which already includes Celltrion and LG Electronics
Public blockchain platform Klatyn announced yesterday that Shinhan Bank, one of south-east Asia’s largest banks, had joined the platform’s Blockchain Governance Council.
Based in Seoul, Shinhan Bank is Korea’s oldest bank. With more than 1,000 branches globally and 176.9 trillion KRW ($156 billion) in assets under management, Shinhan Bank is one of the largest private financial institutions in Korea. Since 2017, the bank has also been developing blockchain-based financial services, such as derivative settlements, retirement pensions and government policy loans.
Klatyn is the blockchain platform of the South Korean mobile platform Kakao and launched its mainnet in June 2019. The project’s aim is to trigger mass adoption of blockchain services by providing blockchain applications (BApps) with flexible scalability and high performance.
Many projects have since been built on Klatyn, including video service Antube, image-based SNS service Pibble, and blockchain-powered games Klatyn Knights and Axie Infinity.
At the same time, the Klatyn Governance Council was formed, comprising 19 global industry leaders from the sectors of finance, IT, content, games and telecommunications. Council members are responsible for consensus node operation, platform governance and ecosystem growth, and include some of Asia’s largest companies, such as Celltrion, Netmarble and LG Electronics.
Shinhan Bank is the first Korean traditional financial institution to become a member of the Klatyn Governance Council and will be an important decision maker for the blockchain project.
Klatyn aims to be transparent in order to help drive blockchain adoption, and having Shinhan Bank on its council gives its users confidence that the blockchain platform is in compliance with regulations.
As well as joining the Klatyn Governance Council, Shinhan Bank will also be aiming to develop the fintech ecosystem by building various Klatyn-based digital services.
Klatyn has already been widely adopted by the Korean public and the team sees the possibility for global adoption of KLAY – the project’s utility token. KLAY is currently being farmed on Binance Launchpool and rose by 4% this morning, before returning to $1.02 at time of writing.
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