Did you know that different companies have already started mining asteroids? Yes, you heard that right. Companies are using these floating chunks of rocks for excavation.
As it turns out, these asteroids aren’t as simple as dead rocks moving around our planet. In fact, they’re essentially very efficient and useful.
This certain type is called X-type asteroids. They’re made purely of metal and behold! One such asteroid is actually near Earth and is believed to hold more platinum than ever mined in human history not to mention the unlimited supply of gold out there. The cost to reach the asteroid is even much cheaper than going to Mars or Moon. And our planet shares a very similar composition to it. Need I say more?
An abundant supply of energy is also just laying around in asteroid ice and these can be used as hydrogen fuel cells, powering the mining equipment. In fact this industry is not entirely new. However, continued technological advancements in the area of space exploration have made it more popular than ever. In fact, different companies like Planetary Resources and Deep Space Industries have been investing millions of dollars to fund these asteroid explorations. A small but extremely rich European country, Luxembourg, actually made it legal for any company to own space rocks they find, promises reimbursement of up to 45% for all R&D and have invested at least 200 million euros for research and future equity purchases.
The idea of space mining might have previously caused chuckles thinking this ‘futuristic notion’ seemed impossible or just funded by billionaires with nothing else better to do with their money. Nonetheless, technological advancements proved that wrong. Today’s costs of materials for these explorations are instead dropping, and investors have found a reason to start meaningful funding rounds, making asteroid mining a reality, with lots of benefits. Who would’ve known that this “rocks” we’ve learned from books can actually save us from the Mad Max wasteland people have imagined being the future. Indeed, the new frontier is off earth and we’re exploring possibilities literally outside our horizons.