On August 30, 2016, Bitcoin became the first cryptocurrency to literally go to space, thanks to a Bitcoin cloud mining company called Genesis Mining.
The Bitcoin cloud mining provider finally made good on their promise after weeks of teasers which claimed they were planning to send Bitcoin to the moon.
Even though they were still short by a few thousand miles, Genesis Mining succeeded in sending the first ever cryptocurrency to space.
Apart from documenting the experiment in detail on their blog, Genesis Mining also recorded the whole ordeal and posted it online for all to see the historical moment in the making.
The cloud mining company was determined to show the world that sending money to each other is just as easy as sending it to space when it comes to Bitcoin.
How They Did It
The experiment was conducted in the United Kingdom. Genesis Mining employed both physical and virtual means to aptly represent the space bound Bitcoin.
First, they fashioned a physical 3D Bitcoin which was modeled after the Bitcoin logo and then attached a paper wallet onto it to facilitate the first ever peer-to-peer transaction conducted above the atmosphere. The 3D model was then rigged onto a weather balloon and released.
Once the 3D model hit a 20-kilometer altitude (otherwise known as the Armstrong limit), history was made when they sent the first ever cryptocurrency into space successfully.
However, Genesis Mining were in the mood to break more records, and they quickly bested their own efforts a few minutes later when they sent another Bitcoin to the 3D model which was now 34 kilometers above the ground.
The experiment was a great success and a historically significant moment for Bitcoin. The blockchain for the transaction is available here.
The Bigger Picture
This is not the first time Genesis Mining has captured the eye of the public with its well-thought-out publicity stunts. In efforts to create awareness about cryptocurrency, they have gone as far as sponsoring billboards in California.
The billboards which are spread across the state say: “Your Wall Won’t Stop Bitcoin, Mr. Trump!”
Genesis Mining’s latest stunt was meant to show people how Bitcoin’s reach surpassed every conceivable geographical boundary.
Although the experiment was done purely for creating awareness for Bitcoin, Genesis Mining also booked themselves a slot in history for being the first ever mining firm to put the world’s first cryptocurrency into orbit.
A Running Start
Genesis Mining was launched in the year 2014. Its first two years of existence saw it acquire over 250,000 users and receiving inquiries worth over $100 million.
Professional investors have always been looking to jump on the Bitcoin-mining bandwagon through a reliable investment vehicle and so far, Genesis Mining has been making all the right moves.
When asked about their most recent publicity stunt, Marco Streng, CEO and co-founder of Genesis Mining, was quick to mention Bill Gates saying that he was responsible for the idea after he expressed that one of the greatest advantages of the cryptocurrency is that it is not dictated by physical constraints.
Naturally, Marco Streng could think of nowhere but up.
Earlier, Genesis Mining had announced the launch of the world’s first regulated Bitcoin mining fund.
The fund is registered with the US Securities and Exchange Commission, and it promises to significantly impact the current Bitcoin standings.
It will cater only to investment funds, accredited investors, and individuals with high net worth as well.
Real -Time Transactions
Many have viewed the experiment as a herald for better things to come especially in terms of the advancement of Bitcoin. This will no doubt have a great impact on its potential investors who have the ability to help Bitcoin explore its full potential in the years to come.
Despite the impracticality, sending cryptocurrency all the way into space in a matter of seconds proves to be a very appealing prospect for many people. Nevertheless, the attention garnered by the publicity stunt could be very crucial for the growth of Bitcoin.