It is the bit to a Ditch Witch.
10 years ago I found many of these just like the one in the picture; they would change them out about every 2 kilometers and just leave them right on teh ground. You could pick up about 90 of these every two miles.
Then once they got into some much softer stone they switched over to a lead bit, again you would find them about every 2 clicks or so but about 200 at the time.
The cable route went through about 70 kilometers of forest, the machine was cutting a channel about 2 foot wide and 14 feet deep.
Bits steel bits all total only landed me about 1400 Euro in scrap, the lead ones however brought in a ton of money.
I would suggest that where ever you found that used one you should consider looking around for more, or look for a path that would show signs of a large machine having though the area. Has there been any major cable laying in the area, or perhaps a large pipes laid.