Genesis Mining sends first Bitcoin transaction to outer space

Bitcoin has come a long way since Satoshi Nakamoto “introduced” it to a world that only existed in computer science fiction in 2008. Now, for the first time, the digital currency has entered the history of space travel.

Genesis Mining, a large Bitcoin cloud mining company, recently conducted a first-of-its-kind peer-to-peer financial transaction in space.

Looking for ways to raise awareness of Bitcoin and the benefits of owning a digital currency, Genesis Mining believes sending Bitcoin into space is the best way to accomplish this goal.

In an interview with Bitcoin Magazine, Marco Streng, CEO and founder of Genesis Mining, said that the bitcoin community has started using the catchy phrase “to the moon” to describe the digital currency’s rapid growth. The company is also using this as a way of saying their goal is achievable.

“We expect its price and the value it brings to the world to continue to grow, and we firmly believe there is no limit to its success,” Streng said.

As interest in private space programs and the possibility of space travel increases, Genesis Mining decided to demonstrate how easy it would be to send Bitcoin to space. However, with current technology, sending Bitcoin to the moon is not yet possible, Strom further said.

“It’s still very difficult to send bitcoin to the moon in the near term, and sending a cryptocurrency to near space is a major undertaking, so we’re moving forward with this project,” he said.

The small town of Sheffield, England, is surrounded by lush greenery on rolling hills. Under the blue sky, the team released a weather balloon carrying a 3D-printed Bitcoin and a Bitcoin wallet. The initial goal was to send a Bitcoin to the wallet at an altitude of 20,000 kilometers, which is the Armstrong limit (above this altitude, humans need to wear pressure-resistant clothing to survive).

Space is divided into many atmospheric layers. The so-called "near space" is the region of the Earth's atmosphere between 20,000 and 100,000 kilometers above sea level (65,000 to 328,000 feet). The Armstrong limit is about 20,000 kilometers, and higher is the Karman line, which is the starting altitude of outer space. Only flight theories that conform to astrodynamics are applicable at this altitude, and aerodynamic theories are not applicable.

When the weather balloon reached an altitude of 20,000 kilometers, the Genesis Mining team sent 1 Bitcoin to this wallet. They will continue to see how high the balloon can fly.

"We wanted it to reach 30,000 kilometers, and we did," said Strom. "Our partners told us 34,000 kilometers was the ideal altitude, and once we reached that altitude we sent the second bitcoin."

For the team, sending bitcoin into space will help raise awareness of the digital currency while demonstrating its ease of use.

“We firmly believe that technology is a tool that can make our lives better. Bitcoin will be that tool and can join a growing number of private space initiatives,” said Strom.

Original link: Toward the Moon: Genesis Mining Sends the First Bitcoin Into Space

Original author: Rebecca Campbell

Media source: BitcoinMagazine

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