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Everything you need to know about the asteroid that could bankrupt the world

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READ MORE: Moon could hold enough water for moonbase and rocket fuel, boffins believeThat’s because the asteroid is believed to be carrying $10,000 quadrillion (£8,250 quadrillion) worth of minerals that could completely transform the future of whichever country gets there first, but the problem is, mining it would cost more than the global economy.So, before we decide to recklessly throw in all our chips to win the grand prize, maybe we should take some time to get to know what the stakes are.16 Psyche is an M-type asteroid, which means it appears to contain higher concentrations of metal phases, in this case, iron, nickel and gold.

It is one of the most massive asteroids in our solar system, with a diameter of approximately 140 miles, and has even been hypothesised to be the exposed core of a protoplanet.16 Psyche is located in the asteroid belt of our Solar System, which lies between Mars and Jupiter.

The asteroid alone makes up around one percent of the mass of the entire asteroid belt. It orbits the sun once every five years at a distance ranging from 235 million to 309 million miles, making it three times further from the sun than Earth is.16 Psyche was first spotted in 1852 by Italian astronomer Annibale de Gasparis, who was observing the sky from Naples.

He named the asteroid after Psyche, the mythological Greek goddess of the soul.There has not yet been any space mission deployed to learn about 16 Psyche, but scientists have observed the asteroid through infrared wavelengths and radar, leading them to believe it is rather shaped like a potato.The short answer to that is, yes.

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