Miner One Makes History By Mining Bitcoin In Space

Miner One

Cryptocurrency mining firm, Miner One, has made history as the first firm to conduct bitcoin (BTC) mining activity in space. Some observers saw this as a metaphor for the fact that the miner expects bitcoin to ?shoot for the moon? by rising in price. The spacecraft was later retrieved by the bitcoin mining firm two hours later in Lithuania. The spacecraft was made of carbon fiber and inside the capsule was an ASIC (Application-Specific Integrated Circuit) mining rig, GoPro Hero 5, Raspberry Pi 3, satellite phone and a battery.

While moving through the stratosphere the fall in air pressure made the diameter of the balloon expand from 10 meters to 2.2 meters. After the balloon was destroyed the descent of the spacecraft was aided by a parachute. To locate and retrieve the spacecraft there was the use of three independent telemetry systems which transmitted data to the crew.

Initial Coin offering

According to Miner One the stunt was intended to generate publicity for the Initial Coin Offering of Miner One where the virtual currency firm intends to raise approximately $10 million. Currently the cryptocurrency firm is working on plans to set up a cryptocurrency mining facility later this year and the environment-friendly center will be located in Northern Sweden.

Part of the reason for establishing the mining facility in Northern Sweden is due to the fact that the region enjoys low electricity costs. The area also has a cool climate and this also contributes to reducing the power needed for cooling the mining rigs are mining of virtual currencies generates a lot of heat. Benefits from the virtual currency mining facility will be shared with the token holders of Miner One (MIO).

Bullish outlook

The stunt came at a time when bitcoin was showing signs of recovery after a slump of three months. The digital currency miner has a positive outlook on bitcoin and this is supported by various surveys it has conducted.

?We are bullish on bitcoin because it remains the world?s most popular and proven application of blockchain technology. And we see growing interest and adoption, despite recent market doldrums,? the chief executive officer of Miner One, Pranas Slusnys, said in a blog post.

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