Why Moon and Space Mining (and other moon and space businesses) Failed to gain traction
Introduction
Even though SpaceX and Blue Origin are quite famous for prospects for space, this was not the first time that space travel was in the air. Around a decade ago, moon and space mining were famous. Despite space housing many minerals like lanthanum, the huge possibility of refueling ships from ice-rich asteroids, and the aspect of space tourism, moon and space mining failed, and thus many companies fell. Here’s why moon and space mining failed to gain traction.
Policy
Many people in government were unsure about how to react to space-mining. There were many legal issues-should we let miners' have freedom, or should we restrict it? This was just one of the issues of having moon and space businesses.
Too Expensive
Whenever space is involved, huge amounts of money follows. NASA and SpaceX spent millions, possibly billions of dollars in their research and testing. There is no doubt that moon and space mining would cost billions of dollars. This is about mining asteroids and the moon. Making the technology to make tourist ships would cost a lot, as well as sending ships to mine for important minerals.
Not enough scientific technology available
If you know about SpaceX a lot, you know that they failed multiple times-in just making their rockets land again. And that was recent. These moon and space companies were around a decade ago. One key reason that they failed was that they just didn’t have enough technology, just like Theranos. If they started one or two decades later, it may have worked out.
Lessons for the future
These companies have failed, but there is still great scientific advancement in space. Recently, India launched their Chandrayaan - 3 mission to the south pole of the moon to discover the uncharted south pole, Japan has sent their “moon sniper” to the moon, India sent their Aditya - L1 probe to investigate the sun, and many companies are trying their best.
These failures has shown us that there is still more to be done and the successes of recent space missions has highlighted that more will be done.
Conclusion
These are the main reasons as to why these companies fell. Even though the economic opportunities were great, there were things that halted their progress. However, some say that moon and space companies can come up again, and that is good news. This will grow the economies of the world record fast and that can potentially affect everyone positively. Thank you and have a great day!
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