Somewhere in the local rubbish dump in Newport, UK, a hard drive containing 7.500 bitcoins could be found and its owner, IT expert James Howells, is determined to find it. This and more news in this handy daily summary so that you are always informed with the most recent events that occur within the crypto world.
Man insists on searching for his “Bitcoin treasure” in Newport’s local garbage dump
📍James Howells is to submit a new search plan to Newport City Council to find his lost Bitcoin treasure. James Howells is known in the crypto industry for his quest to find a hard drive of his that contained 7.500 BTC, which he accidentally threw away in 2013. Today, this amount of bitcoins is valued at over $160 million.
Howells has repeatedly asked authorities in Newport, where he lives, for permission to dig up the local garbage dump in the hope of finding the missing hard drive and, with it, its Bitcoin treasure.
Although the city has denied Howells permission, citing the cost and potential damage of excavating the landfill, he will file a new application to carry out the search with minimal environmental impact.
According to Business Insider, the new search plan James Howells' project includes high-tech robot dogs, human sorters skilled in waste management and a special AI-powered machine to search for the hard drive with the bitcoins.
The plan is valued at around $11 million and will be funded with venture capital, the outlet reported.
If Newport officials approve the plan, James Howells will be authorized to excavate up to 110.000 metric tons of garbage over about three years.
State of the crypto market
📍The price of the main cryptocurrencies on the market falls due to expectations of a new increase in interest rates. The US government's decision on interest rates this week is affecting both traditional financial markets and the cryptocurrency market, where there is great volatility.
Bitcoin, the industry's leading cryptocurrency, is currently trading at around $21.600 per BTC, down 4% on Monday after trading close to $23.000. Other major cryptocurrencies, including Ethereum, Ripple, Solana and Cardano, have fallen between 4% and 7% in the past 24 hours.
On Twitter, investment and asset management giant BlackRock said that the monetary policy implemented by the United States Federal Reserve (FED) is unlikely to curb inflation without slowing down the markets.
The Fed is expected to raise interest rates by 50 to 75 basis points at its meeting next Friday, July 29.
Vitalik Buterin recommends Ethereum Classic
📍Vitalik Buterin recommends Ethereum Classic to those who want to continue with the Proof of Work consensus. Ethereum's transition to Proof of Stake (PoS) is approaching and Vitalik Buterin, creator of the blockchain, recommends that miners who want to stay in the Proof of Work (PoW) consensus protocol migrate to Ethereum Classic, a “thin blockchain,” he noted.
As reported by this media, the arrival of The Merge, the event that will merge the current Ethereum network with the Beacon Chain, based on PoS, will put an end to block mining on the network.
Once Ethereum migrates to Proof of Stake, transactions will be confirmed by validators, rather than miners. The fundamental shift in Ethereum is coming amid the growing need to improve the network’s scalability and performance and optimize its energy consumption.
However, those who prefer to continue mining blocks have the option of migrating to Ethereum Classic, Buterin advised.
Ethereum Classic is the blockchain that was born with the hard fork from Ethereum after The DAO hack in 2016.
In Argentina, a deputy points out the benefits of integrating blockchain into social programs
📍Argentine lawmaker Darío Nieto has presented a proposal to include blockchain in the country's social programs. In his proposal, Nieto said that blockchain will bring significant improvements to social plans, helping the government deliver social aid directly to citizens, without the need for intermediaries.
On Twitter, the deputy made referencia to his proposal to “hack” social plans with blockchain technology to put an end to “the intermediaries and managers of poverty.”
Continue reading: Morgan Stanley: “The time has come to buy El Salvador bonds”
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