Crypto Currency

UK judge says there’s no “reasonable grounds” for success with Bitcoin landfill hard drive case

Upon hearing the judge’s decision, Howells said “it’s the great British justice system striking again” Howells lost his hard drive in 2013 when it was accidentally thrown away at the tip He has been trying to engage with Newport City Council for 12 years to recover his hard drive, but says he’s been “largely ignored”


  • Upon hearing the judge’s decision, Howells said “it’s the great British justice system striking again”
  • Howells lost his hard drive in 2013 when it was accidentally thrown away at the tip
  • He has been trying to engage with Newport City Council for 12 years to recover his hard drive, but says he’s been “largely ignored”

James Howells has lost his case to recover a lost Bitcoin hard drive from a Welsh landfill that’s now worth around $740 million.

Howells accidentally threw out his hard drive containing 8,000 Bitcoin in 2013 during a household clearout. At the time, he 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 assets – that he mined in 2009 – were worth around $1.3 million.

In October, Howells sued Newport City Council for $646 million in damages after being denied access to the landfill due to environmental concerns.

Now, Judge Keyser KC, the Circuit Commercial Judge for Wales, has dismissed Howells’ case, stating that there are no “reasonable grounds” for succeeding at a full trial, reports the BBC.

A 12-year battle

Upon hearing the decision, Howells said he was “very upset,” adding “it’s the great British justice system striking again.”

Over the past 12 years, Howells said he has been trying to engage with Newport City Council to recover his lost hard drive, but has been “largely ignored.”

A court filing states Howells hard drive is located in Cell 2, Area 2 of the Docksway landfill. Yet, despite promises to safely excavate the Newport site and to modernize the landfill, the council have rejected Howells’ requests to dig due to “environmental concerns.”

Howells’ lawyers claim that the council have “simply ignored” that 10% of Bitcoin could bring “a huge and desperately needed investment in the local community.”

The judge’s decision comes as Bitcoin soared past $100,000 for the first time at the beginning of December, pushing to an all-time high of more than $108,000.

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Bitcoin signals potential seller exhaustion as realized losses decline

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Bitcoin signals potential seller exhaustion as realized losses decline On-chain data points to easing selling pressure, with realized losses falling and spot markets shifting toward net buying. By James Van Straten| Edited by Stephen Alpher Apr 11, 2026, 6:00 p.m. 1

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Bitcoin signals potential seller exhaustion as realized losses decline

On-chain data points to easing selling pressure, with realized losses falling and spot markets shifting toward net buying.

By James Van Straten|Edited by Stephen Alpher
Apr 11, 2026, 6:00 p.m. 1 min read
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Profit/Loss Ratio (Glassnode)

What to know:

  • Realized losses on bitcoin have dropped to around $400 million per day from peaks of $2 billion, suggesting diminishing forced selling.
  • The profit-to-loss ratio has risen to 1.4, indicating that realized profits now outweigh losses as market conditions improve

Bitcoin may be entering a phase of seller exhaustion. After bottoming near $60,000 on Feb. 5, the asset has spent more than two months consolidating, gradually grinding higher toward the $70,000 level. This came alongside macro uncertainty with the Middle East conflict pushing oil prices well above $100 a barrel.

Data from CheckonChain suggests that selling pressure is beginning to ease. Realized losses are currently around $400 million per day, still elevated compared to previous years, but trending lower in recent weeks.
Realized losses had spiked to as much as $2 billion on Nov. 21 and Feb. 5, reaching levels not seen in several years and surpassing those seen during the 2022 bear market, according to the data.

“Spot markets are shifting from aggressive selling to net buy side pressure, realized profits and losses are both declining,” said CheckonChain.

Realized Loss (CheckonChain)

Glassnode data reinforces this trend. On a seven-day moving average, realized profits are around $300 million per day, near twelve-month lows. This suggests that investors who accumulated bitcoin at $60,000 are now marginally in profit and beginning to take some gains.

Meanwhile, the realized profit-to-loss ratio has risen to 1.4, its highest level since January, according to Glassnode data. This metric, which compares the value of coins moved at a profit to those moved at a loss, shows that realized profits now outweigh losses.

These indicators point toward a market where selling pressure is fading, raising the likelihood that bitcoin is approaching a phase of seller exhaustion.

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