In 2023, NASA launched a mission to study one of the most intriguing objects in our solar system—asteroid 16 Psyche. Located 2.5 billion miles from Earth, this enormous asteroid is believed to be worth a staggering $10 quadrillion. It’s composed of valuable metals like gold, iron, and nickel, prompting speculation about the potential for mining it.
The original author of this science news, Lucy Devine, posted it on unilad.com on Wednesday.
If the asteroid’s wealth were to be shared among the world’s population, each person could hypothetically receive over $1.2 billion.
While this might sound like a dream come true, experts warn that the reality of extracting those riches from space is far more complicated.
NASA’s interest in 16 Psyche lies in its unique composition. Unlike most asteroids, which are made of rock or ice, Psyche is thought to be mostly metal, possibly the exposed core of an ancient planetesimal. But the idea of mining these metals is not as simple as it sounds.
One major problem is the sheer distance. At 2.5 billion miles away, Psyche is far beyond the reach of current mining technology.
Even with a spacecraft travelling to the asteroid, the costs of extraction would be astronomical. According to Live Science, the technical and logistical challenges of mining such a distant object make it economically unfeasible for now. Even if the metals could somehow be brought back to Earth, there’s another big issue: market impact. The current valuation of Psyche at $10 quadrillion is based on today's metal prices. However, experts caution that introducing such an immense supply of precious metals could crash global markets. A flood of gold, iron, and nickel could cause prices to plummet, making the asteroid’s worth much less than anticipated.
The Monday Morning Economist explained that an oversupply of valuable materials could destabilise the economy, much like if every person on Earth won a lottery jackpot all at once.
Despite these challenges, NASA’s mission to study 16 Psyche is still a groundbreaking endeavour.
The spacecraft will help scientists better understand the asteroid’s composition, offering valuable insights into the early solar system.
However, while the idea of mining Psyche’s metals may be exciting, turning that fantasy into reality is a long way off.
