An asteroid hitting Earth (Representative image: Canva)

Imagine a cosmic treasure chest moving across the vast expanse of space, containing enough wealth to make every person on Earth a billionaire. This is not a science fiction novel but a real possibility. All thanks to the discovery of the 16th asteroid!
Known as 16 Psyche, this asteroid is located in the belt between Mars and Jupiter. 16 Psyche is unlike any other asteroid ever discovered. It is a massive metallic body thought to be the exposed core of a protoplanet and is made almost entirely of nickel and iron. However, what is exceptional about the 16 Psyche is its staggering estimated value.
When was this gem-like asteroid discovered?
16 Psyche was discovered in 1852 by the Italian astronomer Annibale de Gasparis. Named after the Greek mythological figure Psyche, this asteroid has been the subject of discussion among scientists and astronomers for decades. According to research, this asteroid is approximately 226 kilometers (140 miles) in diameter. Some scientists believe it could also contain significant amounts of gold, platinum and rare earths, making it an extremely valuable object in our solar system.

An asteroid hitting Earth (Representative image: Canva)

What is the estimated value of the 16 psyches?
Exploiting the asteroid and then distributing its resources could pave the way for an unprecedented economic revolution. Her total estimated worth is $10,000 quadrillion, and 16 Psyche’s wealth can theoretically make every person on Earth a billionaire. However, mining an asteroid is incredibly complex and also poses significant challenges in terms of logistics and feasibility.
To gather more information about the asteroid, NASA launched the Psyche spacecraft in October 2023. The spacecraft must travel a distance of 3.5 billion kilometers to reach its destination, with the goal set for August 2029 .

Representative image

What are the economic and ethical considerations?
A new era of asteroid mining raises major economic and ethical questions. What would happen to the money created by such activity? Will it predict unprecedented economic inequality or will it usher in a new era of prosperity for all? Another environmental aspect is the impact that these mining operations could have on the space as a whole. A balance must be maintained so that mining does not create space debris.