Asteroid mining has long existed as a futuristic thing, something more like science fiction and a few bold TED talks than present day technology. But a small startup named AstroForge is trying to change that. While others have tried and failed, the company believes it’s not just chasing profit but taking a step toward humanity’s long term survival. Its goal is to extract rare metals from asteroids in space, reducing our dependence on Earth’s decreasing resources and the environmental damage caused by mining.
The idea isn’t new. In fact, back in 2015, astrophysicist Neil deGrasse Tyson predicted that the first trillionaire would emerge from space mining. But so far, entrepreneurs have not been so lucky. Companies broke away from asteroid mining after facing technological and financial challenges. Even AstroForge’s early missions have failed. Brokkr-1 lost contact shortly after launch. The follow-up, Odin, had the same fate. Still, AstroForge isn’t backing down.
NASA’s upcoming mission to the asteroid Psyche 16 may lend scientific momentum to efforts like AstroForge’s. Announced to arrive in 2029, the probe will analyze the composition of this metallic asteroid, believed by some estimates to contain $700 quintillion worth of metals. Though, the company acknowledges the high risk nature of its missions. Before launching Odin, it gave the spacecraft only a 30% chance of success.
“This isn’t a f=)king rocket,” Gialich says, explaining the difference between rocket engineering and building sustainable and functional space mining platforms.
If AstroForge succeeds, it could dramatically change the economics of mining, and maybe the dynamics of global inequality. Some fear a new kind of resource rush, one that could widen the gap between those with access to space and those without. Yet others argue that tapping into the vast resources of the cosmos could benefit all of humanity, unlocking materials that fuel everything from smartphones to satellites.
Related Stories:
https://en.wikipedia.org/wiki/Asteroid_mining
https://hir.harvard.edu/economics-of-the-stars/
https://www.bbc.com/future/article/20250320-how-close-are-we-really-to-mining-asteroids
https://web.mit.edu/12.000/www/m2016/finalwebsite/solutions/asteroids.html
https://phys.org/news/2024-10-asteroid-potential-trillion-dollar-industry.html
Take Action:
https://www.herox.com/blog/381-us-house-of-representatives-passes-asteroid-mining
https://newhumanist.org.uk/articles/6185/how-to-mine-an-asteroid
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