Bitcoin Funds Historic Tall Ship Replica in San Diego
A historic tall ship is being built in San Diego thanks to an anonymous donor who's funding its construction with Bitcoin. The Pilgrim III will be a replica of the original Pilgrim, which was built in Medford, Massachusetts in 1825 and featured in Richard Henry Dana Jr.'s memoir 'Two Years Before the Mast.'
The new ship is being built at a cost of 120 to 150 Bitcoin, equivalent to around $10 million depending on the day's price. The project has a crew of volunteers and paid employees working on it, with purpleheart wood sourced from Africa and other materials used in its construction.
The Pilgrim III will be 149 feet long, 25 feet wide, and have a tallest mast reaching 104 feet above the water. It will also have 8,692 square feet of sails and a 'sailing school vessel' designation from the Coast Guard.