Asteroid mining: Cryptocurrency to dominate space with new venture

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MINING: There are plans to mine asteroids for precious resources (Pic: GETTY)

ConsenSys, which is best-known for computer platform Ethereum and its cryptocurrency Ether, has reportedly purchased company Planetary Resources Inc.

The space venture was initially backed by a number of billionaires but later suffered a funding shortfall without ever mining a single space rock.

ConsenSys calls itself as a “blockchain venture production studio focused on building and scaling tools, disruptive startups, and enterprise software products powered by decentralized technology, specifically Ethereum.” 

Joseph Lubin, who founded the company, said: “Bringing deep space capabilities into the ConsenSys ecosystem reflects our belief in the potential for Ethereum to help humanity craft new societal rule systems through automated trust and guaranteed execution.

“And it reflects our belief in democratizing and decentralizing space endeavors to unite our species and unlock untapped human potential.”

According to Space News, a number of key individuals from Planetary Resources will be bringing across their expertise for the new venture.

These include its President and chief executive, Chris Lewicki, as well as Brian Israel, the company’s general counsel.

Lewicki said in the statement: “I am proud of our team’s extraordinary accomplishments, grateful to our visionary supporters, and delighted to join ConsenSys in building atop our work to expand humanity’s economic sphere of influence into the solar system.”

asteroid mining


PRICELESS: Some asteroids have billions of dollars worth of precious metals in them (Pic: GETTY)

ethereum


CRYTOCURRENCY: ConsenSys is behind the currency platform Ethereum which is similar to Bitcoin (Pic: GETTY)

Just last month, it was predicted the United States would end up dominating the space mining industry.

A report predicted the emerging market will explode within the next decade as more and more private companies plan missions to space.

Asteroids have previously been dubbed “flying gold mines” because of the value of the metals contained within them.

One the technology to mine the space rocks has been developed, it is thought these metals can be extracted and brought back to Earth.



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