Self-Motivation
David Goggins
Former Navy Seal
Career Development
Bryan Cranston
Actor
Critical Thinking
Liv Boeree
International Poker Champion
Emotional Intelligence
Amaryllis Fox
Former CIA Clandestine Operative
Management
Chris Hadfield
Retired Canadian Astronaut & Author
Learn
from the world's big
thinkers
Start Learning

16 Psyche: The asteroid that could make every person on Earth a billionaire

Could 16 Psyche make every person on Earth a billionaire? The space mining race is heating up.

16 Psyche: The asteroid that could make every person on Earth a billionaire

16 Psyche

Maxar/ASU/P. Rubin/NASA/JPL-Caltech
  • 16 Psyche is an asteroid full of metal in the asteroid belt that could be worth $700 quintillion.
  • NASA plans to visit 16 Psyche by 2026.
  • Commercial mining of faraway asteroids could still be decades away and some set closer targets, like the moon.


Would you like to be a billionaire? All you have to do is figure out how to go into space and mine 16 Psyche, an asteroid made of gold and other metals like iron and nickel. Flying somewhere between Mars and Jupiter, this amazing space rock is estimated to be worth as much as $700 quintillion, thanks to all the metals it contains.

Quintillion, if you are wondering, is 1 with 18 zeroes. It's such a large amount of money that if you divide it up between everyone alive on Earth currently, each person would get about $93 billion.

Of course, don't pack your bags for your new palace just yet – the prospect of actually getting such a giant chunk of precious metals back to Earth is difficult and hasn't been accomplished yet even on much smaller scales. And 16 Psyche is a truly massive space rock at over 200 km (120 mi) in diameter. It is one of the largest asteroids flying in the asteroid belt.

Experts, like Professor Zarnecki of the Royal Astronomical Society, conjecture we may be up to 50 years away from being able to carry out commercial mining operations of that size. To start things off, NASA is planning to send a Discovery Mission to the asteroid in 2022, which will arrive there by 2026.

Some skeptics also don't believe the asteroid is as full of expensive things as we think, with Peter Schiff of Euro Pacific Capital tweeting that 16 Psyche may just be "made almost entirely of an iron-nickel alloy, with small amounts of other metals, likely to include gold." He thinks the news about the asteroid are just out there to help bitcoin, which would benefit from the price of gold going down.

There are also other questions to consider – if it really is so full of gold and other riches, the asteroid could actually crash Earth's economy, which at $75.5 trillion is a pittance against the amount of money one could get from the asteroid.

Artist's conceptual drawing of the Psyche spacecraft, which will be used to directly explore 16 Psyche.

Maxar/ASU/P. Rubin/NASA/JPL-Caltech

Veteran miner Scott Moore, CEO of the mining company EuroSun Mining, explained to Oil Price that: "The 'Titans of Gold' now control hundreds of the best-producing properties around the world, but the 4-5 million ounces of gold they bring to the market every year pales in comparison to the conquests available in space."

Of course, the thinking that a space gold rush that discovers a vast amount of heavy metals could bring down Earth's affairs is based on the current state of economy and the needs of the present day. Decades from now our requirements for metal might be entirely different.

16 Psyche was actually discovered back in 1852 by the Italian astronomer Annibale de Gasparis, and named after the Greek mythological character Psyche.

Besides this giant rock in the asteroid belt, there are other mining opportunities much closer to Earth. Moore points out that while Psyche "may be the Holy Grail of space exploration for gold," near-Earth asteroids are much better first targets for mining. Even our moon might be a better place to start such operations. It also has gold as well as platinum and other rare earth metals.

In other nearer goals, Deep Space Industries and Planetary Resources each plan to mine the 2011 UW158 asteroid, worth up to $5.7 trillion.

Lest you think this is all science fiction, Morgan Stanley projects the global space economy to be already worth $350 billion, which it thinks will grow to trillions by 2040. The race is on between the U.S., China, Japan and even small Luxembourg, which has 10 space-mining companies registered.

Why is NASA sending a spacecraft to a metal world? - Linda T. Elkins-Tanton

Take your career to the next level by raising your EQ

Emotional intelligence is a skill sought by many employers. Here's how to raise yours.

Gear
  • Daniel Goleman's 1995 book Emotional Intelligence catapulted the term into widespread use in the business world.
  • One study found that EQ (emotional intelligence) is the top predictor of performance and accounts for 58% of success across all job types.
  • EQ has been found to increase annual pay by around $29,000 and be present in 90% of top performers.
Keep reading Show less

Yale scientists restore cellular function in 32 dead pig brains

Researchers hope the technology will further our understanding of the brain, but lawmakers may not be ready for the ethical challenges.

Still from John Stephenson's 1999 rendition of Animal Farm.
Surprising Science
  • Researchers at the Yale School of Medicine successfully restored some functions to pig brains that had been dead for hours.
  • They hope the technology will advance our understanding of the brain, potentially developing new treatments for debilitating diseases and disorders.
  • The research raises many ethical questions and puts to the test our current understanding of death.
Keep reading Show less

Here’s a map of Mars with as much water as Earth

A 71% wet Mars would have two major land masses and one giant 'Medimartian Sea.'

Just imagine: a Mars that's as wet as Earth.

Image: A.R. Bhattarai, reproduced with kind permission
Strange Maps
  • Sci-fi visions of Mars have changed over time, in step with humanity's own obsessions.
  • Once the source of alien invaders, the Red Planet is now deemed ripe for terraforming.
  • Here's an extreme example: Mars with exactly as much surface water as Earth.
Keep reading Show less

The entrepreneur's guide to success: Follow these tips

Starting and running a business takes more than a good idea and the desire to not have a boss.

Videos
  • Anyone can start a business and be an entrepreneur, but the reality is that most businesses will fail. Building something successful from the ground up takes hard work, passion, intelligence, and a network of people who are equally as smart and passionate as you are. It also requires the ability to accept and learn from your failures.
  • In this video, entrepreneurs in various industries including 3D printing, fashion, hygiene, capital investments, aerospace, and biotechnology share what they've learned over the years about relationships, setting and attaining goals, growth, and what happens when things don't go according to plan.
  • "People who start businesses for the exit, most of them will fail because there's just no true passion behind it," says Miki Agrawal, co-founder of THINX and TUSHY. A key point of Agrawal's advice is that if you can't see yourself in something for 10 years, you shouldn't do it.

Scroll down to load more…
Quantcast