Hardware restoration is becoming a reality.
After spending a year restoring the first bitcoin ATMs in South Africa, Bitcoin ATM company, Bitcoin Hardware, have now secured a contract with the government to repair the machines.
The company have now been awarded a $2.5 million grant from the South African government to restore the machines, which were built by a private company in South Korea in the early 2000s.
The restoration work, which is being carried out by the company’s former technical director, Daniel Lee, is being supported by the South Africa Cyber Security Authority, which was set up to safeguard the countrys cyber security.
The grant will be used to purchase the machines from the private firm and build a new network of ATMs, the company said in a statement.
Bitcoin Hardware CEO Daniel Lee says the company will restore and refurbish all of the machines as soon as the machines are repaired.
“Our goal is to restore them within a week,” Mr Lee told The Independent.
“We are working on a timeline to get the machines back online within three months.”
The machines were designed by Korean company Cyberpreet, which had previously made a bitcoin ATM, which it also operated.
The machines used magnetic strips to transmit bitcoins, which could then be spent at ATMs and vending machines.
Bitcoin ATMs were widely used in South African communities, with a number of them in the capital, Pretoria.
They were initially installed by local residents, but after the country’s first national bitcoin ATM was installed in 2008, the government started cracking down on the technology.
A similar system, operated by a South African bitcoin company, is now in use at many banks.
“This is an historic day for South Africa,” Mr Kang said.
This was a matter of national security.” “
The government has demonstrated a great deal of expertise and dedication to cybersecurity.
This was a matter of national security.”
Bitcoin ATM founder Daniel Lee said the machine’s restoration was important because it showed that governments could restore technology to a level where it was safe to use.
“In the past, we have been dealing with technology that was insecure, insecure in many respects, and we have had to spend a lot of time in the middle,” he said.
Mr Lee said he was “delighted” to have the money from the government.
“For the first half of this year, we’ve spent a lot on equipment, we were looking to upgrade the network, but it was a very expensive investment,” he added.
Bitcoin ATM operator Daniel Lee told the Independent the company was “disappointed” that the money would not be spent on the machines and the government was not doing its job.
“They need to work on their own cyber security and make sure that they’re doing their own vetting process to ensure that there’s nothing wrong with the technology,” Mr Loo said.