Mining for Gold in Space
Asteroid mining sounds like something straight out of science fiction.
But with robots getting smarter and space travel becoming more and more common in the private industry…
Asteroid mining could potentially become a reality sooner rather than later.
What’s become clear, though, is there are a lot of obstacles to get past if we’re ever going to make this a reality.
So you have to wonder if it’s even worth it.
Today we address that question and show you how you could potentially profit off this wild venture.
The End of Resource Scarcity
Let’s address why we should even consider asteroid mining in the first place.
The first reason is convenience.
Carrying materials to space is extremely expensive because of the amount of energy needed to get out of Earth’s atmosphere.
If we were to somehow extend missions in space without ever having to return to Earth, we would be able to save a massive amount of money.
Asteroids would be able to provide raw materials necessary to build structures in space. And spent comets would act as space “gas stations,” providing water in the form of ice.
Plenty of companies and governments right now have the goal of making it to Mars. And waypoints on the way could provide critical refueling and repair points in space for astronauts and spacecraft.
The second reason to consider asteroid mining is the resources themselves.
Earth is a huge mass but has a very limited amount of precious metals.
For instance, if you melted down all of the platinum in the world and put it in an Olympic-size pool, it would barely reach your ankles.
This is because many of the precious metals are located deep within the earth. And extracting them would prove more costly than any space travel.
Asteroids, on the other hand, are much smaller — the biggest only being a couple hundred miles across and the smallest only 30 feet.
The extraction of precious metals from asteroids would be much more cost-effective. And it’s estimated that the asteroid belt has $100 billion worth in resources per person.
It only makes sense that we would try to tap into some of these resources.
One Small Catch
There’s a lot of wealth up there. And legally, companies have been able to claim resources from space since 2015.
So what’s the holdup?
The answer is cost.
As we said before, it’s still very expensive to launch materials out of Earth’s atmosphere. Only in the past few years have we seen consistent success, with SpaceX leading the charge.
Not only that, but you first need to develop the extraction units, get them to an asteroid, build the infrastructure on the asteroid, extract the material, get it back to Earth and hope that you don’t run out of money at any point in the process.
A couple years back, two promising startups hoped to be the first to start extracting materials from asteroids. They were named Planetary Resources and Deep Space Industries.
At first, both showed hope — even getting names like Amazon’s Jeff Bezos excited about what they could do.
They received funding from governments and other entities to achieve their goals of asteroid mining.
Then, only a few years later, both were bought out by larger firms because of financial costs.
Reality set in that space was just too costly for a startup firm to try to break into.
But I’m here to tell you the hope is still alive.
Because of how young it is, the space industry is ripe with profit potential.
And while asteroid mining seems like it’s far away right now…
The steps to get there are entirely doable.
There’s so much tech out there that could soon be released to the public.
And right now you have the chance to cash in on one new technology that could revolutionize the world.
To a bright future,