The reason why asteroid being captured by NASA is worth $10,000,000,000,000,000,000

Ever thought why the much talked about asteroid being captured by NASA is worth $10,000,000,000,000,000,000? Well, thankfully we have an answer for you.

You may have heard last year that the space agency announced that it was going to set off for the faraway asteroid named 16 Psyche, which is thought to contain precious metals, including gold, iron and nickel.

"Teams of engineers and technicians are working almost around the clock to ensure the orbiter is ready to journey 2.5 billion miles to a metal-rich asteroid that may tell us more about planetary cores and how planets form," NASA said in a statement released in July 2023.

The mission began last year. (CHANDAN KHANNA/AFP via Getty Images)

The mission officially got going in October 2023 as the spacecraft was launched from NASA's Kennedy Space Center in Cape Canaveral, Florida.

The impressive vessel has been travelling a journey of 3.5 billion km at a speed of approximately 84,000mph through space.

It is expected to reach the valuable asteroid in August 2029.

So, why is the asteroid worth the whopping $10,000,000,000,000,000,000?

Well, experts believe it is worth so much because of it being made up of elements including platinum and palladium.

Such precious metals are essential to cars and electronics.

Now it's just about mining the goods so we can bring them back to Earth and take advantage of them.

But of course, that's still a few years away.

In the latest update provided by NASA, the spacecraft is now in 'full cruise' mode.

With no atmospheric drag to slow it down, the vessel will eventually reach even faster speeds of 124,000 mph (200,000 kph).

A model of Psyche. (CHANDAN KHANNA/AFP via Getty Images)

"For the next year, the spacecraft will be in what mission planners call 'full cruise' mode, when its electric thrusters take over and propel the orbiter toward the asteroid belt," NASA explained.

"The thrusters work by expelling charged atoms, or ions, of xenon, emitting a brilliant blue glow that trails behind the spacecraft."

Some companies are already looking into building mines on Psyche, but the technology could do with a push to make that become a reality.

Philip Metzger, a planetary physicist at the University of Central Florida, told Live Science: "The technologies need to be advanced [...] before we're ready to start building a flight mission. What's lacking right now is funding."

The space expert added we could see a small-scale mining operation if money is pumped in now.