Who Wants To Be A Trillionaire?

Who Wants To Be A Trillionaire?


Iron, Gold, Copper. Minerals are the lifeblood
of the world’s economy. From the Arctic circle
to the Sahara desert. The $1.7 trillion mining
industry supplies raw materials needed for everything from
sky scrapers to smart phones. But mining also comes with an increasingly
critical environmental cost. One that may require us to
think about off planet solutions before it’s too late. Asteroids, moons and planets
in our own solar system hold an essentially unlimited
supply of untapped resources. The first trillionaires, will be those who mine asteroids. Resources like gold, platinum and rare Earth metals make some of those asteroids
incredibly high priced but the most valuable element
may be our most basic one. What you want to mine in space
is what you need a lot of. And while humans have been mining for thousands of years. Mining in space requires new, innovative technologies to
realize any potential business and economic opportunities. Such technologies might
just allow humanity to expand operations off Earth. And take that next giant leap. These tiny dots represent
the millions of asteroids in our solar system. Over the past two decades government and private aerospace companies have been investigating their composition, location and even possible
pay offs to mine them. This one, known as Bennu has an estimated value of $669 million. Ryugu, $82 billion. Better yet, an asteroid called Davida which is valued at more
than $100 trillion. And the reason for these high price tags, they’re made up of valuable metals like platinum, gold and iron. We believe that asteroids
have platinum group metals, rare Earth metals in higher percentages than you might find on
the Moon, for instance. Only once in human history has an astroid sample been
brought back to Earth. On the Japan Aerospace
Exploration Agency’s Hayabusa mission in 2010. And even then, the return sample
was merely dust particles. And the total cost of that mission, approximately $250 million. One problem is that compared to the Moon, there’s very little gravity. So somehow you have to attach
yourself to the asteroid whereas on the Moon, the gravity will hold your
processing equipment in place. So, the general answer to the question, can we bring mining materials
from space back to Earth? The general answer is no. Bringing things from space to Earth, only makes sense if what is retrieved is so extraordinarily valuable and just not available on Earth. And even returning the
most valuable asteroids could drastically devalue those materials. Take asteroid 16 Psyche, for instance. NASA is constructing a
probe to launch in 2022. To study the potato shaped object which is roughly 95% metals. Nickel iron, platinum and even gold. Some estimates value the
asteroid at $700 quintillion. NASA says it may be the inner
core of a developing planet that somehow lost its outer layers. Offering incredible insight
into how planets are formed. If someone did manage
to bring large amounts of this asteroid back to Earth, supply of the resources would sky rocket. Meaning we’d have more of the material than we would have use for. Causing the price to crash to almost zero. Once we erode the rarity of a
high value metal or mineral. The value of that terrestrially
could drop significantly. Experts agree that a more likely scenario is materials mined in
space will stay in space. Jump starting a whole new
money making industry. Any space nation will have
looked at what’s called in-situ resource utilization. Which is a very common space term meaning you use the
resources where you are. So taking that model of if you need it in space, mine it in space. What would you be mining? Mostly you need fuel. There’s something else much more valuable for use in space that’s abundant on Earth. Water. Not only can water sustain
human and plant life for future manned space missions. The components of water, hydrogen and oxygen can also be separated and reassembled to make fuel. The zero emission fuel
called hydrogen fuel is the same used in spacecraft propulsion and fuel cell vehicles. Hydrogen fuel research
in this new space race could also spur new technologies that can help fight climate change by speeding the elimination
of fossil fuel use on Earth. And there’s already a high demand for it and an immediate business opportunity for risk tolerant companies
wishing to make a fortune. In a 2018 paper by industry, government and academic experts, they estimated that for an
initial $4 billion investment in the Moon water mining operation. Which is about the cost of
a luxury hotel in Las Vegas. About $2.4 billion in revenue
could be generated annually. The sort of business case
101 for mining in space is if you’re gonna launch
something from Earth, it’s gonna cost you about
$10000, $20000 per kilo to get it into space. So if you need water
for something in space. And you can produce it for
less than $10000 a kilo then do it in space. Do you know Launch Alliance, ULA? They have put a price
on the water in space. They have said “We’ll give you this amount
of money for the water.” Which means people who’re going out and trying to produce that
water now have a customer. In 2016 the ULA announced
it’s willing to pay around $3000 per kilogram
for propellant in an orbit less than 2000 kilometers in altitude. Called low Earth orbit. Compared with the estimated
price of $4000 per kilogram to deliver the propellant from Earth. Most experts believe the Moon is a logical starting point for this. It has more gravity than an asteroid, making it easier to land. And it’s poles are thought to hold vast amounts of water ice. That potential volume of
water has made it the focus of NASA’s Artemis program Which aims to land astronauts
on the Moon’s southern pole. And also make the space agency
a critical first customer for any water harvested on the Moon. China, India, Israel. The U.S., Europe. Everyone is now sort of
focusing on the Moon. And all of these government programs are looking to set up shop
for a water mining future. A fueling station on the Moon could ultimately make
space ventures much cheaper and make future space missions possible. Although entirely
theoretical at this point, here’s how it could play out. Water is mined on the Moon and
a fueling station is set up. This would provide the first customers, most likely government agencies with water for human consumption
and fuel for spacecraft. Water derived fuel could also
be harvested on an asteroid. Propellant transports then carry the fuel from the surfaces to
a stable storage point between the Earth and the Moon. Fueling stations can also
be set up in low Earth orbit making it accessible to
satellites and other space craft. As of now, satellites that run out of
fuel are decommissioned. Extra fuel would allow them
to stay in their orbits. Increasing their life span. Since using a rocket to get fuel out of Earths
atmosphere is expensive, refueling in low Earth orbit
can greatly improve the size, type and cost of missions in space. The commercial launch industry like Spacex would also benefit from these fuel depots. The use of lunar based
propellant and commodities may also provide a stepping stone for interplanetary exploration. But while there has been a
renewed interest in the Moon, it hasn’t been easy. In just 2019, missions
to the Moons surface by both India and Israel
resulted in landing failures. And the technology to mine and extract these potential water reserves on the Moon and beyond is still unproven. But some entrepreneurs
are still optimistic. The answer is yes. The technology exists. We can put something together, we can send something to the
Moon that can mine water. So we are sort of like the trail blazers trying to figure out what’s
going on on the Moon. What’s below the surface? Meet Honeybee Robotics. They’ve designed drills used
in NASA’s past Mars missions and have sampling and mining systems going on future planned
missions to the Moon, Saturn’s moon Titan. Mars moon Phobos and
Jupiter’s moon Europa. We’ve been focusing on
developing high end, fully autonomous drilling systems from literally iPhone sized
all the way to the size that cannot fit inside this
vacuum chamber behind me. And that’s why NASA has long relied on their expertise. Unlike your everyday drill
from the hardware store, their drills overcome the
numerous limitations of space. Which include extreme
temperatures and low gravity. That means you have to be
very, very imaginative. Very innovative. To solve these problems. He is actually trying to
do what we do here on Earth but with a fraction of the power. With a fraction of the mass, with a fraction of the volume and drilling is unforgiving. If you get stuck, if something goes wrong, there is no second chance. The difficulty in drilling
would delay placement of the second probe until the next day. One of their innovative
ideas called PlanetVac, uses compressed gas to shoot material into a sample container. It’s ergonomic design allows it to be inside
the foot of a lander. And was chosen to go with NASA
funded payloads to the Moon and the Mars moon Phobos. For mining and extracting
water on the Moon, they’ve created the
planetary volatiles extractor or PVEX. And it not only drills, it mines. It’s based of a drill that
removes a cylinder material called a coring drill. But it’s not just any coring drill. It’s a system with heaters on the inside. So you drill down, the required depth. You heat up the material that’s on the inside of the coring drill. And ice turns into vapor and
vapor moves up the coring drill into the cold finger. So you’re capturing water
vapor like for example, in your freezer when
you have condensation. PVEX is a mining system. It can actually get into the soil. It can actually extract water, it can actually capture this
water in a separate container. We have all the pieces together. And we can go to the
Moon or Mars and mine it. When it’s tested on the Moon which may happen in the
next couple of years, PVEX will be the first
end to end mining system deployed in space. And they have even more
futuristic ambitions, to use a PVEX drill, like this one. That not only extracts and stores water but uses it to propel
itself like a flying kettle. WINE or is stands for
the world is not enough. It’s a James Bond style,
it’s very futuristic. It’s a new concept of space exploration. The main idea is to send hundreds of low
cost WINE spacecrafts all over the solar system to
give a clear atlas of asteroids that have water resources. Honeybee Robotics is one
of the many start ups that NASA is depending on to
develop new, innovative ideas. WINE is a strong, strong,
private public partnership with NASA right now. To come up with lenders that
we can send twice a year. But will put payloads to the Moon. Payloads like instruments, like rovers and also humans. We’re doing it. It’s happening right now. Very, very exciting times. By giving out multiple contracts, NASA reduces the cost for themselves and the entire industry. We wanna have numerous providers that are competing against each other. On cost and innovation. Driving down the cost and
increasing access to space and industrializing. Start up TransAstra with a new infusion of $2 million from NASA has teamed up with other space start ups and educational institutions
to prove its process for harvesting and utilizing
water from asteroids without even touching them. Optical mining is our
patent pending process for using highly concentrated sunlight or light from another source
to excavate the surface without having to use
digging tools to dig into it. And this is very important in space. Especially for asteroids. To help develop and prove this technology, they’ve teamed up with the
Colorado School of Mines. It’s known as the optical mining test bed. First, they put the simulated
asteroid in a vacuum chamber to recreate the conditions of space. Then they use liquid nitrogen to cool the surface inside
the tank called a cryo trap. Then they turn on the giant light bulbs which imitates sunlight
that they then concentrate into a beam. Resulting in very high temperatures. The beam of light hits
the asteroid target, fractures a sample and then water and other
materials are released and frozen onto the cryo trap. The volatile materials
which include water, methane, carbon dioxide. Other valuable materials that are common and cheap here on the ground but very valuable in space,
trapped on our cryo trap. That’s pretty nice. The same way that we would trap
those chemicals in space for a real asteroid mining mission. Optical mining bypasses the daunting task of trying to land on an
object with such low gravity that it could simply
break apart when touched. And there’s no drill to
potentially get stuck. But for this to work, they’re targeting small asteroids
the size of a beach ball for their tech demonstrator model. With plans to accommodate rocks the size of a cubic tennis court and bigger in future models. We think the right thing to do is to rendezvous with the asteroid, match rotation with it. Put a thin film bag around it, cinch that bag down and
then de spin the astroid. And now you have the
astroid in a container so you can work with
it in a practical way. TransAstra believes that harvesting water on asteroids will not only make
space travel more affordable for private industry but it will make NASA’s proposed missions to take astronauts to the Moon, Mars and even asteroids possible. Within a budget that the U.S. congress may be willing to provide. We can cut out hundreds
of billions of dollars and actually make it possible for NASA to do all those exciting missions in a period of just 20 years or so by harnessing the asteroids. Now what’s really cool about it, is that by using public
private partnership and working with
companies like TransAstra. The infrastructure for
space resource harvesting and commercial transport
in space can be developed. So by NASA doing it this way and NASA becoming the first
user of these resources and this infrastructure for
its exploration missions then that infrastructure
is left behind for industry and that can create massive
industries in space. Like it even becomes cost
effective to build a space hotel. TransAstra and partner Momentus will be on a two year contract with NASA to build an asteroid mining and in space transportation prototype called mini B to provide
optical mining in space. We live in a very exciting time where we’re gonna be able
to take that to space. And the resources in space
are literally unlimited. And those unlimited resources are what some universities are betting on. At the Colorado School of Mines where the TransAstra does
it’s optical mining research they now offer a graduate
degree in space resources. Our space resources program
is the first of its kind in the world. There is anticipated to be
a growing number of jobs directly in space resources. But the skills and
practices of space resources can be applied to lots of other things. And a huge benefit to
space mining research is that a lot of this
technology can be beneficial here on Earth. Like their 3D printer, that uses materials on the
Moon or Mars to make structures and is modeled after
start up icons 3D printer that is used to make homes on Earth. Their penetrometer is tool
on the end of a robotic arm that’s being developed to
take measurements on the Moon but has applications for mining companies. And even a rover in a lunar test bed that can drill and prospect
for resources has its benefits. There are places on Earth
where mining companies and equipment manufacturers
are looking at applying smart, robotic systems in terrestrial mines. They could go into places
that are not safe for humans. They could work in much more
confined, toxic environments than a person could. And one country is doing just that. And hopes to leverage their
expertise in robotic systems for mining remote in
inhospitable locations that are almost Mars like. Recently, the administrator of NASA when the head of the Australian
Space Agency visited, was saying that the U.S.
is looking to Australia to be doing development
in this area of extracting resources in space. One of the reasons that we in Australia want to get into this area is because of the strength
of our mining industry. The strength of our mining automation and the strength of our mining research and we see it as a way that
Australia can establish a niche space capability. Australia’s high wages have caused some of the
largest mining operations in the world to seek cost
savings by using automation. Rio Tinto, the worlds second
largest mining company has fitted operations in Australia with fleets of autonomous trucks, drills and even the first
driverless freight train network. Adapting these technologies could prove useful to space programs. And the use of space technology
in mining’s such as robotics would be useful on Earth. The Australian Center for
Space Engineering research at the University of New
South Wales in Sydney was founded in 2010 and has 15 PHD current
or graduated students researching space
resource ventures related to Australia’s needs and expertise. What we’re trying to do at
the moment is reduce the risk, perceived by a large company,
mining company for instance. When they approach this type of venture. I think one of the main reasons that terrestrial mining
companies should be looking at this problem is that they will benefit their terrestrial operations by learning some of these lessons. So, if they look at the way that you need to automate on the Moon, that will help their
terrestrial operation. If you look at the way you would analyze risk
for this type of mine, they must learn new lessons which should hopefully flow back to their risk analysis
for terrestrial mines. Although mining companies have terrestrial mining expertise
and monetary advantages. Only time will tell who will be the first to provide a fueling station in space. In terms of making it happen, I actually don’t think
it’ll be a start up, I don’t think it’ll be a space agency, I don’t think it’ll be a mining company. But I think it will be a big company probably driven by a
high network individual. A company like Blue Origin Spacex. A company like that. Not necessarily them
but something like that. Proving that this kind
of mining is feasible could trigger an influx
of profit minded companies migrating off the Earth. Just one industry that would stake a claim on the vast wealth of space. Not only is the universe
a place for exploration, for private companies it’s a new resource. The key which will
unlock new possibilities in technology, manufacturing,
living and working both at home and beyond Earth. And all of this will be the
result of our next giant leap.

You May Also Like

About the Author: Oren Garnes

100 Comments

  1. We Humans are so busy at fighting over little bits of land that we call countries upon a round Earth that belongs to nobody except the creator himself, we are so busy fighting over just a little bit of gold or diamonds; but just look up above you into the night skies and you will see a heaven full of land and a heaven full of uncountable wealth more than anybody could count just be patient for our time will come begin to love each other and our time will come that much more quickly lets us all love and work together for the benefit of Humankind and for all of the creatures upon our dear Earth who we should look out for and take with us wherever we should go further to this we should try to bring all those back from the dead that have past and long since gone when our technology reaches the level to do so for we shall need them all in order to colonise space

  2. Nonsense, anything losing its rarity over night and becoming as abundant similar to water isn't worth "700 Quintillion" anymore.
    Bloomberg loves to hyper inflate anything out of thin air, just remember that Diamonds were once upon a time quite worthless.

  3. This is interesting and I definitely want in, having practiced in many videogames already, however notice how there seems to be no benefit at all for the majority of people.

  4. Very very dangerous idea. The earth is in essence a closed loop system (give or take a few meteorites and the trash we already leave in space). Humans transform its materials but the total quantity does not change. In theory, with enough technology (lets say as much technology as required for space mining) things can be reverted to earlier states and reused. Space mining will add masses to the planet and we have simply no idea where that will lead.

  5. If somehow space travel becomes easy, the criminals who flee their countries now would be fleeing the planet! 😅

  6. Now we know why Elon's company SpaceX is racing to be the first company to send humans to Mars. It is not only to bring civilisation to Mars but to start a huge mining company.

  7. lol you say is not worth it because u spend way too much money on the space ship, you could cut the costs in 80% byt recycling and using autonomous parts, Spacex can build a mining space ship for 50 M dollars, and reuse most of it, spending average 30M a travel, you could make a lot more money by mining, you can mine asteroids u just need graple hooks and suit equipment, you can even break big parts of the asteroids and bring them in a ship, it might seem not worth it but if u have enough space in a space ship you can bring more value than the cost of the ship in 1 travel depending on the chemical value of the Asteroid, but you would make a lot more money if u mined asteroids near the moon and build a base there, by having one, the minion procedures would be a lot ffaster and u could use ships to orbit arround the moon, you would spend a lot less fuel langing and shooting out of the moon, 6 times lass than on Earth, you would just need a big ship to bring the spoils from the moon to Earth, you would also save more money if u refined the materials on the moon, disposing of all useless mass, that is a trillion dollar business, with that money you could evolve technologies and build bases everywhere in our system and make a quadrillion dolar buisness, by evolving our technology, it would open a door for human prosperity, as we would be evolved enough to travel to other planets like earth in diferent solar systems, finding exotic particles and evolving our technologies even more, then being a intersolar species, and maybe one day be intergalactic, the problem about mining space is that it will create a lot more of injustice and unbalance, but that wont mater because our population i not sustainable, we will need the tech to travel to other living systems. Mining space will also give power to the corporations and they will rule governments as in politics, due to the fact the hold the power(money), that will create a war of corportions and human kind will divide, and spread all over the galaxy.This is my oppinion, at least if we survive our own evolution.

  8. extract water reserve on the moon? ffs this is also gonna affect the earth. the polarization will be out of balance. first people do it for the sake of knowledge, then someone turn it into profit focus and fuck things up. think global warming is bad? wait till they fuck up the moon. i'll be long gone by then….so should i even really care?

  9. Quadrillionaire*
    Sure prices would go down, but when there is 1000s of times as many of every resource you can think of, the wealth pie gets that much bigger

  10. Who lives near a beach and is now scared if they bring more water back potentially flooding all port and beach citys in the world and decreasing land 😳 which could cause a war because people will become desperate especially if salt water effects crops

  11. Need a extraordinary unique astronomical asteroid mining business to start myself with the best of the best visionaries

  12. didn’t think I’d feel so educated and interested by a Bloomberg video being this stoned… incredibly well done video

  13. So Elon musk has a drilling company TBC & space X could supply him with all the cobalt that tesla needs….. …
    Who wants to be a trillionare . He does! Space dust only $1billion per kg.

  14. There’s a great new company called Wayland-Yutani at the forefront of this. They had a slight incident on the moon LV246, but nothing investors need to worry about.

  15. 15:30 yeah, ok, what happens when you've sapped the juice from them, do you mark them? (i hope so) that way people in the future arent wasting resources trying to draw water from stones you've already depleted.

    How about you fuck off with hydrogen and harness electricity better, leave water for drinking.

  16. We need a space elevator or orbital elevator station to transport all that material back to earth, it would be more cheaper and safer than a rocket gathering materials from rocks and flying them back to earth, down into orbit.

  17. We just need to move the trajectory of an asteroid a bit to make it hit a moon. Then we can mine it on the moon using it's gravity.

  18. wouldnt these rare minerals have such high levels of radiation from being exposed to space with no atmosphere that they would give you cancer rendering them nearly worthless in current context?

  19. If it's made up of mostly precious metals it has magnetic properties. A spaceship with a magnetic tow could pull it into orbit of the earth like a moon. Once it's in orbit it can be harvested. The moon isn't an object that can be harvested because it is hollow. When it's struck it rings like a bell which is hollow for that purpose.

  20. There already trillioniares etc dictators,Kings, and sultans but it will cost trillions or quintillion’s to mine this asteroids so we’ll never be able to mine them

  21. India has gotten 65 billion dollars in economic aid from the US. And the Ganges is one of the most polluted rivers in the world. I think they should be focusing on the water home. Not on the moon.

  22. @ 10:25 "it's ergonomic design allows it to be placed in the foot of a lander" I don't think that is what Ergonomic means.

  23. This has been the Bloomberg Baby Bloomers argument for years, don't worry about using up earth's resources because we can get everything we need from outer space. Absolute BS. The resources we use today are taken away from future generations so lets be smarter and more compassionate than Boomers, and consume less.

  24. Space mining will remove scarcity, without scarcity our idea of value changes. It changes so drastically that systems like Corporatism cant even exist. At least not for long.

  25. This has always been obvious to me. However… what happens when the mass we are literally adding to our planet by way of using outside resources begins to add up? Like, I imagine even a 1% change in the earths mass will have an effect, and I imagine we’d reach that very soon if were just brining in asterisks ti use their metal

  26. What a depressing and unimaginative title for a video about astroid mining. I would hope that by the time we are mining astroids we will have done away with extreme wealth inequality. We shouldn't have billionaires let alone trillionaires. New technology, if owned and controlled publicly, would enrich us all, not just a select few of parasitic capitalists.

  27. i m curious they will make war also for land on other planets? the Aliens will look at us like… "uhhh the country side / primitive beings arrived here now? let's show them a lesson" :))) I vote to send Trump negociate with them haha

  28. Wait, didn't the Spanish try to increase the supply of gold and it went completely wrong? Wouldn't increase the supply m ake the price go down? I'm confused

  29. So this is the capitalist synthesis – transcending humanity and all traditional structures of hierarchy to reach a place where no guillotine can reach you, and ruling from the turret of the highest castle imaginable. Bone-chilling.

  30. Trillionaires are finding asteroids on space cams and naming them so when a certain frequency memory-less system take affect they say a nearby asteroid is coming and get money from the evil empires that should make technology right away to go to Mars! Reagan made fun of them with Reaganomics and space wars which space balls made fun of thinking it was someone else saying that leading to what the heck was Reagan talking about?

  31. WATER, is the most valuable asset on planet Earth. Nothing would exist on this planet without it. Join or die. Join or die. Join, or die.

  32. It will also bankrupt almost all economies on the planet that rely on mining unless we can find alternative revenue streams that can sustain them.

  33. In-SiTU Resource Utilization simply means they will hold back the supply in order to manipulate the market value. The De beers did this with diamonds. They have entire vaults filled with thousands of diamonds, that if hit the market would plumet the value. Same thing with oil, gold, silver and so on. The whole fucking thing is a racket

  34. Neil Degrassie Tyson was wrong the instant he said "The first trillionaires will be those who mine asteroids."
    NO Neil… The first trillionaires already exist. They are bankers. Their patriarch is quoted as having said… "Permit me to issue and control the money of a nation, and I care not who makes its laws."

  35. All this space talk is cute but the foreseeable future is daunting to say the least regarding foreign policy and our nation's sovereignty.

  36. …who owns the moon?…who will claim it as theirs in years to come??…you can clearly see the possibility for conflict…

  37. This means once water is gone in the world only the rich would be able to have water food and all they are even growing food in spca now with water

Leave a Reply

Your email address will not be published. Required fields are marked *