It seems that the project to physically send Bitcoin to the Moon will result in a great disappointment.
The much-talked about collaboration between cryptocurrency exchange BitMEX and private technology company Astrobotic, which promises to literally take Bitcoin “to the Moon”, has run into a major problem after an issue with the vehicle's propulsion system.
According to the new statement made by Astrobotic, the launched rocket could not reach the Moon and started to return towards the Earth. According to the official statement, the rocket and the 1 BTC inside will burn in the Earth's atmosphere and disappear.
BitMEX previously announced that it was working with Astrobotic to place BTC on the lunar vehicle launched from Florida. However, according to the BBC, Peregrine 1 is “struggling with a fuel leak” and “landing on the lunar surface is no longer possible.”
The mission also included customers without cryptocurrency ties, such as the United States National Aeronautics and Space Administration, which had purchased space on the lander for various experiments.
However, BitMEX approached the situation humorously in its statement and shared what Satoshi Nakamoto said about the lost BTCs: “Each lost coin will make the coins of others more valuable, even if they are small.”
*This is not investment advice.