Asteroid mining gets sold as a trillion-dollar gold rush, but the economics point the other way: hauling platinum back to Earth would crash its price, so the only prize that adds up is mining water an

The trillion-dollar asteroid fortune collapses the moment you do the math on bringing platinum home.

Asteroid mining has been touted as a trillion-dollar industry, with companies like Planetary Resources and Deep Space Industries leading the charge. However, the economics of hauling platinum back to Earth do not add up, as it would flood the market and crash the price. According to experts, a single asteroid like 16 Psyche, which is estimated to contain $700 quintillion worth of metals, could supply the entire world's platinum demand for centuries. This would render the metal virtually worthless.

The collapse of the platinum market would have a direct impact on the automotive industry, which relies heavily on the metal for catalytic converters. A significant decrease in platinum prices would lead to a reduction in the cost of producing these converters, potentially saving car manufacturers millions of dollars. This, in turn, could lead to lower car prices for consumers. For example, a decrease in platinum prices could save companies like Toyota and Ford up to $100 per vehicle.

The concept of asteroid mining has been around since the 1970s, but it gained significant traction in the 2010s with the formation of companies like Planetary Resources. However, insiders have long been aware of the economic challenges associated with bringing precious metals back to Earth. The focus has since shifted to mining water and other resources that can be used to support deep space missions. This shift in focus has been driven by companies like NASA and the European Space Agency, which have been investing heavily in asteroid mining technology.

The next major development in asteroid mining is expected to come from the European Space Agency's Hera mission, which is scheduled to launch in 2024. The mission will send a spacecraft to the Didymos asteroid system to test asteroid deflection techniques. However, what is less well-known is that the mission will also be testing the feasibility of mining water from asteroids, which could potentially be used to support future human missions to Mars. The success of this mission could pave the way for a new era of space-based resource extraction.