Millions of dollars worth of lost bitcoin will be found with the help of robots

Bitcoin, the largest cryptocurrency by market capitalization, has made a lot of profit from many people. However, a British man, despite having a large number of bitcoins, could not sell them because he accidentally threw away a hard drive containing about 7,500 bitcoins several years ago. Software engineer James Howells plans to enlist the help of robots to find them.

Two robot dogs from American robotics design firm Boston Dynamics will be searching for these bitcoins at a location in the UK city of Newport. These robot dogs will be equipped with CCTV cameras. James is one of the people who mined coins in the early stages of bitcoin. He has received around $11 million in funding for this campaign from two venture capital firms in Europe. The expedition will be difficult for James as he must first obtain permission from the City Council to excavate the site. If he does not get this permission, then he is also ready to approach the court for this.

Even if they manage to find their hard drive, it is not a guarantee that their bitcoins will be recovered. They can be successful only if the platter that stores the data on the hard disk is secure. James pointed out that if this component of the hard disk is heavily damaged, the chances of recovery of bitcoins will be greatly reduced. Despite this setback in the early stages of crypto, he did not distance himself from this segment. James said he continues to trade in cryptocurrencies.

The price of bitcoin has been declining for the past few months. There may be a long wait for recovery. This signal is coming from some technical indicators. Firms and investors associated with the crypto market have suffered a lot due to the huge fall in the price of bitcoin. The major reasons for the decline in this most popular cryptocurrency are slowdowns and interest rates hikes by the central banks of many countries, including the US Federal Reserve. Apart from this, rising inflation is also affecting it. Recently, the price declined below its 200-week moving average of around $22,600 and its 200-day moving average of around $35,500.

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