BitMEX’s Ambitious Bitcoin To The Moon Project In Jeopardy After Fuel Leak

BitMEX’s highly anticipated partnership with private tech company Astrobotic, aiming to send Bitcoin (BTC) literally “to the moon,” is reportedly at risk due to propulsion system issues. The lunar lander, Peregrine 1, launched from Florida on January 8, 2024, and is expected to land in February, which now seems challenging.

Also Read: BitMEX to Send 1 Physical Bitcoin (BTC) to the Moon, Here’s How

BitMEX’s Bitcoin To The Moon Plan Faces Setback

BitMEX’s Peregrine 1 is now grappling with a fuel leak, jeopardizing its ability to land on the lunar surface next month. Shortly after liftoff, engineers observed complications with the craft’s solar panel alignment. This hindered its power generation from the sun.

Struggling to charge its batteries, Peregrine 1 is forced to deplete its fuel supplies to maintain its trajectory. Once the propellant is exhausted, the lander is expected to lose power and enter a state of uncontrolled tumbling. Moreover, the apparent fuel leak makes it worse.

“At this time the goal is to get Peregrine as close to lunar distance as we can before it loses the ability to maintain its Sun-pointing position and subsequently loses power,” stated Astrobotic, according to a BBC report.

About BitMEX’s Ambitious Project

BitMEX had leveraged the mission’s publicity by hosting a trading competition with exciting rewards. The prizes included a baseball hat signed by CEO Arthur Hayes and 100,000 USDT that was distributed among top traders. The venture involves not only cryptocurrency enthusiasts but also non-cryptocurrency clients like NASA.

The 1.2-tonne lunar lander, intended to land on the Moon’s northern hemisphere in late February, was launched from Cape Canaveral, Florida. Whilst, NASA had purchased capacity on the lander for five instruments to study the lunar surface environment. The findings are expected to be useful for the planned astronaut missions later in the decade.

Furthermore, it’s worth noting that the significance of the mission extends beyond finance and technology. Peregrine 1 carries the cremated remnants of astronaut Philip K. Chapman. Additionally, it carried the remains of Gene Roddenberry, Star Trek’s creator, and other cast members from the iconic sci-fi show.

Also Read: False SEC Approval Alert — Spot Bitcoin ETF Decision Still Pending