bitcoinlfg

Tag: Council

  • UK man sues council after denying requests to dig for lost Bitcoin hard drive in landfill

    UK man sues council after denying requests to dig for lost Bitcoin hard drive in landfill

    Crypto.com sues the US SEC after Wells notice
    • 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.

    Share this article
    Categories
    Tags

    Source link

  • Riot Platforms and Texas Blockchain Council challenge EIA’s Bitcoin Mining data demands

    Riot Platforms and Texas Blockchain Council challenge EIA’s Bitcoin Mining data demands

    • 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.

    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.

    Share this article
    Categories
    Tags



    Source link