Cryptocurrency exchange BitMEX, in a joint project with technology company Astrobotic, announced that it would send 1 "physical" Bitcoin to the moon. It would arrive on the surface of the Earth's satellite in the form of a physical coin with an engraved key to access the wallet where that BTC stores.
"The Bitcoin is integrated into the Peregrine-1 lunar module, which is traveling to the moon with 20 other payloads from 7 different countries," BitMEX reported.
The vehicle was launched on January 8 and was scheduled to land on the moon on February 23. However, the project, which is now in the media spotlight, is now in jeopardy due to malfunctions in the propulsion system. The 1.2-ton lunar module Peregrine-1 was launched from Cape Canaveral, Florida. NASA placed five instruments on the lunar module to study the lunar surface.
According to CoinGape, the Peregrine-1 module is currently struggling with a fuel leak in its propulsion system, raising concerns about a successful lunar landing. It turns out that a few hours after separating from the Vulcan launch vehicle, a problem was discovered with the ship's solar panel alignment that prevented it from generating power from solar radiation.
In an attempt to recharge the batteries from the sun, Peregrine-1 maintained its trajectory by flying on fuel, but the fuel could run out, and the module was in danger of falling uncontrollably. In the end, engineers were able to successfully point the module in the right direction and recharge the batteries, but then there were problems with the fuel, and the identified fuel leak made the situation even more serious.
Engineers are now trying to get the module as close to the lunar surface as possible before it loses its ability to hold its position and loses power, Astrobotic said.
Since the BitMEX project has attracted interest and attention from the crypto community, the company decided to use its mission for promotional purposes and organized a trading contest with exciting rewards.
The promotion offers a chance to win a baseball cap signed by BitMEX CEO Arthur Hayes and $100,000.
The project involves not only crypto investors but also NASA. The Lunar Module was scheduled to land on the Moon in late February, and NASA planned to conduct research on the lunar environment that would be useful for future astronaut missions.
In addition, the lunar module was to carry the cremated remains of astronaut Philip C. Chapman and Gene Roddenberry, creator of "Star Trek," to the moon.
"With such a failure in the propulsion system, the vehicle will barely be able to reach lunar orbit, but even if it does, it certainly won't be able to land and will turn into just another piece of space junk," warned Fifth Star Labs astronomer Dr. Jennifer Millard.
Read also: SEC's X account hack has triggered a wave of discontent in the crypto market
