SpaceX, the aerospace company owned by Elon Musk, has completed a $257 million Bitcoin transfer, marking its second significant transaction in three months. This move has sparked rumors of a possible sale amid increasing financial and political pressures on the firm.
On Tuesday, SpaceX moved $257 million in Bitcoin (BTC), the first such activity since July.
The wallet identified as “1MDyM” sent $130 million in Bitcoin to the address “bc1qj,” while another wallet “1AXeF” transferred $127 million in Bitcoin to the address “bc1qq,” based on data from the blockchain intelligence platform Nansen.
The receiving addresses have not engaged in further transfers or sales of the Bitcoin, and SpaceX has not provided any commentary on the transactions.
This transfer is SpaceX’s second in three months, following a movement of $153 million in Bitcoin back in July, the company’s first transaction since 2022.
Cointelegraph has reached out to SpaceX for insights regarding the Bitcoin transfer.
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Despite Elon Musk’s recent praises for Bitcoin’s energy-efficient, inflation-resistant economic model, his relationship with the cryptocurrency sector is complex.
In July 2021, Musk’s SpaceX disclosed its Bitcoin holdings, which complemented the earlier $1.5 billion BTC investment by Tesla.
However, in May 2021, Tesla halted Bitcoin payments for vehicles due to environmental issues, triggering a 6% drop in Bitcoin’s price from $54,800 to approximately $51,600 within an hour.
While Tesla has largely retained its Bitcoin holdings, the automaker remains silent on the potential for resuming Bitcoin payments, a promise Musk made contingent on increased renewable energy use in mining.
As depicted in the graph, Bitcoin mining’s sustainable energy consumption has surpassed 55%, according to data from climate tech investor Daniel Batten and Bitcoin analyst Willy Woo.
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Increased Pressure on SpaceX Amid NASA’s Moon Lander Contract Opening
SpaceX’s Bitcoin reserves have drawn heightened scrutiny as the company confronts escalating political and financial challenges.
NASA’s acting chief, Sean Duffy, announced on Monday that the agency will extend the moon lander contract opportunity to other competitors beyond SpaceX, which has been facing delays in its Starship lunar lander schedule.
“We are competing with China, so we need the best company to land on the moon as soon as possible. SpaceX has secured the contract for HLS, but advancements have been sluggish,” stated Duffy in a CNBC interview.
In 2021, SpaceX entered a $4.4 billion deal with NASA, which included a target for a moon landing by 2027 using its fully-reusable Starship vehicle.
Blue Origin and Lockheed Martin are anticipated to compete for the same contract against SpaceX.
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