Over 40 million ounces of gold are ‚discovered‘ in Siberia

28. Oktober 2020   |   by admin

While new gold reserves are discovered, increasing their supply, there is less Bitcoin to be mined each day.

More than 540 million tons of ore, containing an estimated 40 million troy ounces of gold with an average content of 2.3 grams of gold per ton of ore, have been „discovered“ in Sukhoi Log’s reserves in Siberia, according to the Polyus mining company.

If the Russian company’s revelation is true, Sukhoi Log’s reserves will become the largest in the world.

Before the „discovery“ there was already an estimate of how much gold the place could hold, up to 1/5 of Russia’s reserves, i.e. far below the revealed estimate.

„This estimate ranks Sukhoi Log as the largest gold deposit between greenfield assets and operating gold mines,“ Polyus said in a statement.

Sukhoi Log, located in the isolated Irkutsk region of Siberia, was discovered by Soviet geologists in 1961 and studied in the 1970s. The government had long considered exploring the deposit and, in 2017, sold the field at auction to Polyus and a state partner, whose stake was later bought by the mining company.

While gold ‚has no end‘ Bitcoin is scarce

The revelation about the trillion dollar amount of gold in Siberia (each troy ounce of gold is valued at $1,400 at the time of writing) shows that the argument that gold would be a scarce material with limited supply may not be so valid.

Although the underground stock of gold reserves in the world is currently estimated at about 50,000 tons, according to the US Geological Survey new gold deposits have been discovered every year.

Furthermore, in the case of gold mining there are „two types“ of „production“: mineral reserves, which are the economically viable gold to extract at the listed price; and mineral resources, which are the gold that will become economically viable after further research or at a higher price.

In this way it is practically impossible to determine how much gold there really is and how much can be extracted.

While „new gold“ is discovered every day and with it its supply only increases in the case of Bitcoin is the reverse: every day there are fewer Bitcoins to be mined and there will never be the discovery of „new Bitcoins“ beyond the supply estimated in the 21 million code.

According to data from the Coindance portal 18,525,931.25 Bitcoins have already been mined, so at the time of writing there are only 2,474,068.8 Bitcoins to be discovered.

With a post-halving rate of 900 Bitcoins mined per day, at the time of writing 88,219% of possible Bitcoins have already been discovered.

So if the main argument of gold as a store of value is the shortage of ore, the Bitcoin Trend App outperforms the precious metal as it will never be possible to „create“ more Bitcoins than the 21 million programmed in the code created by Satoshi Nakamoto.

Gold in space

If it weren’t for the quantity of gold still undefined on Earth, entrepreneurs and researchers are already keeping an eye on the gold that is outside our world.

Along these lines, US President Donald Trump and the founder of Tesla, Elon Musk, already have a strategy planned.

This year, the US president signed an executive order declaring that the US can mine mineral resources on the Moon or on any asteroid.

The order called „Encouraging International Support for the Recovery and Use of Space Resources“ also allows US companies to collect, exploit and ‚pull‘ any resource from any natural satellite and also from asteroids in the Solar System.

Trump’s act includes the 16 Psyche asteroid, which contains no less than $10,000,000,000,000 in gold and precious metals.

Located between Mars and Jupiter, orbiting the Sun, the asteroid is virtually an entire structure made of gold and metals.

It is about 120 kilometres wide made of gold, nickel, iron, platinum and other metals.

The American space agency, NASA, and SpaceX of Elon Musk signed an agreement to launch the Psyche probe (the same name as the asteroid) in 2022, which should reach the asteroid ground in 2026.

According to NASA, the objective of the mission is to study the structure of the 16 Psyche and not to ‚mine‘ it, however, neither NASA nor SpaceX has guaranteed that no asteroid artifacts will be brought to Earth.