In a twist that seems almost too cinematic for reality, James Howells, the British IT guru who accidentally consigned 8,000 Bitcoin to a landfill in 2013, is back in the headlines. This time, he’s not sifting through trash but navigating the digital realm. Taking to X (formerly Twitter) on August 7, 2025, Howells quashed rumors that he’d abandoned his quest to recover the lost treasure, now valued at a staggering $923 million. Instead, he unveiled an ambitious plan: a new cryptocurrency venture dubbed Ceiniog Coin.
The Birth of Ceiniog Coin
James Howells is no stranger to the highs and lows of the crypto world. His latest announcement on X confirmed that he’s not giving up, despite years of setbacks. Frustrated by Newport City Council’s repeated refusals to grant him permission to search the landfill, Howells has decided to change tactics. Rather than continuing to face off with local authorities, he’s turning his focus to the creation of Ceiniog Coin (INI), a new digital currency.
Named after an ancient Welsh coin, Ceiniog will operate as a Layer 2 token on Bitcoin, maintaining a 1:1 parity with satoshis—the smallest division of Bitcoin. Howells plans to mint 800 billion INI tokens, each linked to the 8,000 BTC trapped in the landfill. Using Bitcoin’s OP_RETURN functionality, Ceiniog will integrate with Web3 projects like Stacks, Runes, and Ordinals. According to Howells, the initial coin offering (ICO) is set for later this year, with a full launch anticipated by late 2025.
Howells’ Odyssey: From Landfills to Blockchain
It’s a story that’s become part of Bitcoin folklore. In 2013, Howells accidentally discarded a hard drive containing the keys to 8,000 BTC. Realizing his blunder too late, he embarked on a relentless campaign to recover the drive. Over the next 12 years, Howells presented detailed recovery plans, including environmentally friendly cleanup operations and high-tech landfill scans. He even pledged $75 million, offering to sell 21% of the Bitcoin’s value to finance the excavation. Yet, the Newport City Council remained unmoved, citing ecological concerns and skepticism about the recovery’s feasibility.
Despite these roadblocks, Howells remains undeterred. His pivot to Ceiniog Coin reflects both a strategic adaptation and an audacious gamble. By tokenizing the lost Bitcoin, he aims to create a parallel value system where Ceiniog Coin could, theoretically, achieve the same market valuation as the BTC on his misplaced hard drive.
A New Chapter in Crypto’s Wild West
The crypto community has responded with a mix of intrigue and skepticism. Analyst Emily Tan commented, “Howells’ move is unprecedented. It’s an innovative workaround to a seemingly intractable problem, but it raises questions about token value and market adoption.” The success of Ceiniog Coin hinges on several factors: Howells’ ability to galvanize investor interest, the robustness of his tokenomics, and the unpredictable tides of the crypto market.
With the ICO on the horizon, Howells is offering early adopters a chance to buy into Ceiniog at a discount, hoping to spark initial interest and drive up the token’s value. His ultimate goal? To see Ceiniog Coin’s market cap align with that of the 8,000 Bitcoin, potentially restoring his fortune in digital form.
What Lies Ahead?
As Howells forges ahead with Ceiniog Coin, the broader crypto market watches with bated breath. This endeavor is not just about recouping lost assets; it’s a test case for the tokenization of stranded wealth. Will Howells’ vision come to fruition, or will it be yet another chapter in the annals of crypto dreams deferred?
One thing is clear: James Howells is not finished with his quest. Whether Ceiniog Coin will merely be a footnote in his saga or the key to reclaiming his fortune remains to be seen. As the ICO approaches, the crypto world will be watching closely, waiting to see if this bold new strategy will indeed rewrite the narrative of the lost Bitcoin.
Source
This article is based on: Man Who Threw Away $1 Billion In Bitcoin Debunks Rumors, Here’s The Progress
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
