Asteroid Mining: How to Become a QUADRILLIONAIRE in Space - The Comprehensive Minds

Asteroid Mining: How to Become a QUADRILLIONAIRE in Space

Asteroid Mining: How to Become a QUADRILLIONAIRE in Space

Asteroid Mining: Futurlogy


“Money, money, money- it’s so funny in a rich man’s world.” or so goes the famous song. Oftentimes, spaceflight, and other activities in space are seen as a drain of money instead of a profit-making activity. 


Yet, what if I were to tell you that space may not only be a way for individuals and our society to make money but also maybe the WAY for us humans to generate money and material resources. “But Ethan?” you may ask. “Don’t you see those big, expensive rockets consuming all that expensive rocket fuel? Don’t those cost money?” And the answer is, “yes”, they do cost money and lots of it too. 


But an often-overlooked resource exists in space that we humans have not tapped yet that may make the quadrillionaire corporation or person- asteroids. Yes, I’m talking about those big rocks in space. 


The way to get rich in space- or REALLY rich in any way- is to mine those asteroids. Why are we able to make money in asteroids? Well, it’s because the asteroids contain minerals that are used in many industries on Earth. 


Future technology


These minerals include precious metals that can be brought back to Earth and used as components for electronics. Likewise, they also contain iron group metals that can be used for space construction. 


Finally, there is also ice on those asteroids that may be used to create rocket fuel in-space after being turned into water. But first, I’d like to talk about the first type of materials we can gain from asteroids- precious metals that are rare and running out on Earth. 


Minerals that can be mined from asteroids include cobalt, platinum, antimony, zinc, nickel, and gold. Some of these minerals are expected to run out on Earth within the next 50 to 60 years due to increased consumption in developing and developed nations. “That’s all fine and good,” you may say. “But what we want to know is HOW RICH are we going to get from asteroid mining?” And that’s a question that I would be glad to answer. 


To put things in perspective, the asteroid Ryugu is estimated to have a value of $83 billion, and an estimated profit of $30 billion from mining. From just one asteroid alone! And this asteroid only has a diameter of 0.87km! 


Now let’s talk about really big money- how much money we can get from ALL of the asteroids in the asteroid belt. The answer to that question is A LOT. In the over 1 million asteroids in the asteroid belt, there is about $700 QUINTILLION dollars worth of resources! And just to give you a sense of how big this number is, this is over 7 million times the ENTIRE WORLD’s economic output for the year 2018! Or to put it in another perspective, this is about $100 billion worth of value for every person alive today! 


Asteroid mining: Technology


By now, you probably agree with me that space is the way to get rich. But it gets even better from here. With proper “space conservation” techniques, we can make it so that we- as a human society- get rich FOR THOUSANDS OF YEARS or ALMOST FOREVER. 


Now, some of you might be thinking “Spaceconservation? Why not just mine all these asteroids right away and bring it all back to Earth tomorrow so that everyone can become multi-billionaires within a few decades? Why do we have to conserve these resources?” And the sad answer to that is inflation. 


According to basic economics, the value of something is based on how useful it is to humanity- the demand- and how little of it there is- or the supply. 


While the precious metals I described earlier will always remain useful to humanity because of their usage as electronics and industrial components, they are so valuable today because they are in short supply. 


Thus, if we were to suddenly dump so many precious metals into humanity’s economy, we would have an oversupply of these resources. The result of that would be that these resources would lose their value and would no longer be worth $700 quintillion dollars by our society. 


Furthermore, we will begin consuming those resources at a much faster rate than before because they became so cheap. As such, if we’re not careful, having all of these precious metals at our disposal at once would mean that we would use them up so quickly that we may return to a position of scarcity again within a few hundred years. 


As such, the principle here is “balance”. We want to mine enough of these asteroids so that we significantly bolster our world’s economy and potentially have enough resources to eradicate poverty as a society if the resource allocation is managed properly. 


However, we do not want to mine so many of these asteroids that we make them lose their value and over-consume them. 


As such, we will have to practice “space conservation”- perhaps taking out enough asteroids every year to triple our world economic value; enough to potentially eradicate poverty but not so much that we waste all our resources. 


And as mentioned earlier, an added benefit of space conservation is that we become rich for thousands and thousands of years. But because this channel is named “The FuturistTom”, let’s shift directions from how rich we can get from mining asteroids to what the future world will look like once we begin mining asteroids. 


latest technology: Asteroid Mining


First and foremost, I will be assuming a 100%efficient global response to the import of precious metals from asteroids. Of course, this assumes that we have one human government deciding these factors- a topic I will discuss in the future article. The future world will first and foremost see the end of sketchy and environmentally- damaging Earth mining. 


The reason why I call Earth mining “sketchy” is because it is oftentimes done in the poorest regions of the world where much child labor is used. However, asteroid mining, on the other hand, will be done by robots. 


Likewise, because Earth mining destroys ecosystems and forests, it is environmentally degrading. So beyond making people rich, asteroid mining is also good for the world because it saves the environment and the children. 


But beyond that, we will see a complete overhaul of the Earth’s industries. Operating on the assumption that Earth will adapt perfectly to asteroid mining, I predict the following 3 changes: Earth becoming an agricultural hub, the asteroid belt becoming a mining hub, and space colonies becoming a manufacturing hub. Well, that is all for this article. I hope you enjoyed it.


photo credits: Google Images

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