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Monthly Archives: June 2017
Project TITANIUM: The EU’s Plan to Decloak Cryptocurrency – Bitcoin Magazine
Posted: June 19, 2017 at 6:51 pm
Bitcoin Magazine | Project TITANIUM: The EU's Plan to Decloak Cryptocurrency Bitcoin Magazine Project TITANIUM will develop tools and best practices for criminal investigations involving cryptocurrency in Europe, which, up to now, most law enforcement agencies have pursued on an ad-hoc basis. The project plans to create forensic tools to spot ... |
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Bitcoin hits a bump – VICE News
Posted: at 6:51 pm
More cryptomoney, more problems.
Technical glitches, competition, and Wall Street skepticism have walloped the value of bitcoins lately, a rare setback in the digital currencys otherwise steady rise.
The question now is whether the selloff will ultimately prove to be a temporary bout of growing pains or a more significant turning point in bitcoins evolution.
Bitcoin prices have approximately tripled this year, touching a monthly closing high above $3,000 on June 11. But theyve since fallen near $2,600, down more than 13 percent from the high, according to the cryptocurrency site CoinDesk.
Bitcoins woes started last week with a massive headache for traders as the popular bitcoin exchange Coinbase experienced an outage due to heavy volume. The incident highlighted how popular cryptocurrencies have become, with the global market now topping $100 billion. But it also renewed concerns about whether the ecosystem around bitcoin and its peers is mature and stable enough to truly challenge more traditional means of exchange issued by governments.
Coincidentally, the grandaddy of government-issued fiat currencies, the U.S. dollar, got a shot in the arm Wednesday when the Federal Reserves policy committee raised its key interest-rate target by a quarter percentage-point, to a range of 1 percent to 1.25 percent.
The Feds move was aimed at fighting inflation, but it will also effectively limit the supply of dollars moving through the global economy in the months ahead. That tends to support the greenbacks value against rivals, including digital upstarts like bitcoin.
The cryptocurrency market is also seeing an influx of new competitors, notably the Ethereum platform. Its currency, the ether, is already the second-most-popular cryptocurrency after bitcoin and is generally regarded as more flexible as a tool for building applications.
The ether also has taken a hit lately, off about 12 percent after hitting a monthly high over $400 last Monday. But that pullback has been slightly less than bitcoins, and the ethers rally for the year has been much steeper, up more than 40 times its 2016 year-end value.
In a note to clients last Monday, Goldman Sachs head of technical strategy Sheba Jafari warned that a number of signals in the bitcoin market are looking broadly heavy.
A few days later, Morgan Stanley analysts floated an idea thats perhaps even more unthinkable in the freewheeling cryptocurrency market that more regulation might be needed to help bitcoin and its peers realize their potential as actual transaction tools to conduct commerce.
For now, they still function more as playthings for speculative investors. And theyhave been selling.
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It looks like cryptocurrency mining is driving up Nvidia graphics card prices too – PC Gamer
Posted: at 6:51 pm
We pointed out a couple of weeks ago that cryptocurrency miners are largely to blame for the scarcity of AMD Radeon RX 580 and 570 graphics cards. That has not changedfinding an RX 580/570 in stock and without a grossly inflated price tag is a near-impossible taskbut what has changed is that miners now seem to be driving up the price of Nvidia's GeForce GTX 1060 and 1070 cards too.
A user on Reddit lamented that GTX 1060 pricing is "skyrocketing," which is an exaggeration of the situation, though not totally off base.
"I just checked Jet and their cheapest 6GB 1060 was $280 when yesterday it was $246. On Newegg, the cheapest was $226 and now it's $270? Is this because of mining? Should I buy one now before the prices get higher? I'm freaking out guys!," Lions_for_Life posted.
He also pointed out that he had the opportunity to grab a GeForce GTX 1060 card the other day for $210, only to now see that prices have jumped across the board. Is there any merit to his claim? We decided to do some digging and as it turns out, he appears to be onto something.
One of the cheaper GTX 1060 cards out there is MSI's GTX 1060 Aero ITX 6TG OC. It is the least expensive 6GB 1060 on Newegg, which as the Reddit user noted is priced at $270. Over at Amazon, only third-party vendors offer the same card, albeit starting at $294yikes!
We headed over to CamelCamelCamel to see how this card has been trending, and sure enough the asking price is as high as it's ever been.
About a month and a half ago, this same card sold for around $220 on Amazon, via third-parties. So in other words, pricing has risen 34 percent in the span of about six weeks.
A similar situation seems to playing out in GeForce GTX 1070 territory as well. Take the Asus GeForce GTX 1070 8GB ROG Strix OC Edition (STRIX-GTX1070-O8G-GAMING). Amazon has this one in stock for $470, versus $399 as recently as May 22. Have a look:
For the most part, this fluctuated between $420 and $450 for several months for dipping down to $399, but has now ballooned to a new high.
So what does all of this mean? We can't say with 100 percent certainty that cryptocurrency miners are the culprit, but it sure seems that way. That's where AMD's hardware partners pinned the blame the shortage of Radeon RX 580 and 570 cards, and with those being out of stock, it makes sense that miners would turn to alternative hardwarein this case, GeForce GTX 1060 and 1070 cards.
In case you're new to all of this, cryptocurrency participants use graphics cards to "mine" various coins, which can be traded for Bitcoin and then sold for actual cash. The right hardware can pay for itself within months, and at that point anything that is mined is pure profit (minus the power bill).
This was not an issue for gamers over the past few years because miners had turned to ASIC hardware built specifically for mining. However, GPUs are popular again because of newer hashing algorithms, like Ethereum's DaggerHashimoto or ZCash's Equihash, which are resistant to ASIC hardware. On top of that, there has been a spike in the value of Ethereum and Bitcoin lately, the latter of which recently topped the $3,000 mark for the first time.
Another reason we're seeing this play out among Pascal cards is that Nvidia GPUs are proving nearly as profitable as AMD GPUs with some cryptocurrencies. While AMD's GPUs are still generally better, some of Nvidia's card's are cheaper and consume less power.
Hopefully AMD and Nvidia both can get handle on things by increasing production and/or building a separate set of cards specifically intended for miners. Otherwise, your best bet is to pounce on a good deal when you find one, as the aforementioned Reddit user wishes he had done.
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It looks like cryptocurrency mining is driving up Nvidia graphics card prices too - PC Gamer
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AvaTrade Launches New Tradable Cryptocurrency Pairs | Finance … – Finance Magnates
Posted: at 6:51 pm
AvaTrade, a forex and CFDs brokerage, has announced the addition of cryptocurrency pairs to its asset list on its website, and noted its intention to add more in the future. As of now, the online trading firm offers Ethereum Classic versus the American dollar (ETH/USD), and the Bitcoin versus the euro (BTC/EUR).
The London Summit 2017 is coming, get involved!
The allure of cryptocurrencies appears to be their high volatility, as well as the ability of their value to soar to new highs even when other markets are not volatile. About two weeks ago, Finance Magnates covered the Bitcoin versus the dollar exchange rate reaching $2877. Being able to trade cryptocurrencies within currency pairs rather than just as individual assets may be a sign of more advanced stages to come.
Dire Ferguson, the CEO of AvaTrade, commented: These are exciting times; the trading world is changing in front of our eyes, and we are glad to play a major role in it. Cryptocurrencies are the future, and AvaTrade stands in the frontline of brokers when it comes to trading them. We work hard to insure we offer our clients the best trading conditions and possibilities.
AvaTrade is a brokerage offering forex and contracts for difference (CFDs) trading. The company was established back in 2006, and is authorized and licensed to offer financial advice and online trading services to clients by several regulatory authorities such as the Central Bank of Ireland (Reference No.: C53877).
Last week, Finance Magnates reported HYCMs having added cryptocurrency pair Bitcoin versus the American dollar to its asset list. The reason behind adding these new currency pairs is the increase in demand for them from traders.
This morning, Finance Magnates covered XTBs having added several cryptocurrency pairs of its own.
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How To Buy Bitcoin, Now That It’s Reached An All-Time High – Forbes
Posted: at 6:50 pm
Forbes | How To Buy Bitcoin, Now That It's Reached An All-Time High Forbes This story appeared in the June 19, 2017 issue of Level Up by Forbes newsletter. Subscribe. If you've ever exchanged dollars for euros, you expect the exchange rate to be nearly equal, give or take a few cents. Knowing that, it's easy to see why ... |
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Bitcoin Price Analysis: Understanding the BTC-USD Price Correction – Bitcoin Magazine
Posted: at 6:50 pm
Note: This analysis does not attempt to speculate on the market implications of news events. This is a pure analysis of the market data.
The unprecedented rise in the BTC-USD market to near $3,000 even caught many of the more bullish traders by surprise. However, this quick rise in value did not come cheaply: once BTC finally ran out of steam, the market correction not only affected BTC-USD prices, but it was felt throughout the entire crypto-space as entire market cap took a massive plunge from $49B to $36B over the course of three days.
Figure 1: Market Cap PreBitcoin Price Correction
Figure 2: Market Cap PostBitcoin Price Correction
There are two ways of viewing the BTC-USD run to near $3,000 levels:
The top can be viewed as the absolute top of the market ($2,948)
The top can viewed as the peak at $2,726.50 with a healthy 127 percent Fibonacci Extension
Im going to analyze the market from the view of option 2 because I feel this provides a more sober outlook on the direction of the BTC-USD market. In strong Bull Runs, it is very common for markets to take a 50 percent correction; a 100 percent Retracement of the initial downward move (if its a very strong Bull Run), followed by a 127 percent Fibonacci Extension will provide another test to see how the market feels in the new market highs. In our case, we didnt quite make it to the 127 percent Extension (shown in orange in Figures 3 and 4).
Figure 3: BTC-USD, GDAX, 6-hr Candles, the Relative Market Top With Accompanying Extension
Figure 4: BTC-USD, GDAX, 2-hr Candles, Failed 127 Percent Fibonacci Extension
Currently, BTC-USD is finding support on the 50 percent Fibonacci Retracement of the Bear Run from $3,000 (labeled in green). It made a test of the 61 percent line (labeled in red) and it was ultimately rejected. This rejection and subsequent support test of the 50 percent line coincides with a decrease in volume and a near flip of the four-hour MACD from Bullish to Bearish (labeled in yellow). These market moves show that, unless significant volume hits the BTC-USD markets, there is a likely test of the lower Fibonacci Retracement Lines in its future.
Figure 5: BTC-USD, GDAX, 4-hr Candles, Fibonacci Retracement of Bear Run
After our initial market high around $2,700, multiple momentum indicators began to reveal that, although the price was increasing, the market was beginning to lose upward momentum this type of price activity is called Divergence and can be seen across the RSI, MACD and Volume. The long-term outlook for BTC-USD indicates a possibility of lower lows in its future. On the higher time-scales (refer to Figure 3), the momentum indicators are pointing toward more downward movement as the price is currently failing to make a new high and seeing decreased market volume. Its totally possible that the market could move sideways or even see price growth on decreasing volume markets arent always rational. However, if you want to know whether the price growth is sustainable and reliable, keep an eye on the momentum indicators and watch for volume to accompany price growth in the coming days. For the time being, I find it very unlikely that BTC-USD will see any significant price growth. But, after all, this is cryptocurrency; anything is possible.
Short-term indicators are showing a possible move to the lower Fibonacci Retracement values ($2,500, $2,400, $2,280).
Long-term indicators are showing a loss of upward momentum. Until more volume hits the markets, very little price growth is likely.
Trading and investing in digital assets like bitcoin and ether is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTCMedia related sites do not necessarily reflect the opinion of BTCMedia and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.
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International Space Station: Facts, History & Tracking
Posted: at 6:49 pm
The International Space Station, as photographed by crewmembers aboard the space shuttle Endeavour in 2010.
The International Space Station (ISS) is the most complex international scientific and engineering project in history and the largest structure humans have ever put into space. This high-flying satellite is a laboratory for new technologies and an observation platform for astronomical, environmental and geological research. As a permanently occupied outpost in outer space, it serves as a stepping-stone for further space exploration. This includes Mars, which NASA is now stating is its goal for human space exploration.
The space station flies at an average altitude of 248 miles (400 kilometers) above Earth. It circles the globe every 90 minutes at a speed of about 17,500 mph (28,000 kph). In one day, the station travels about the distance it would take to go from Earth to the moon and back. The space station can rival the brilliant planet Venus in brightness and appears as a bright moving light across the night sky. It can be seen from Earth without the use of a telescope by night sky observers who know when and where to look. You canuse our Satellite Tracker pagepowered byN2YO.comto find out when to see the space station.
Five different space agencies representing 15 countries built the $100-billion International Space Station and continue to operate it today.NASA, Russia's Roscosmos State Corporation for Space Activities (Roscosmos), theEuropean Space Agency, theCanadian Space Agencyand theJapan Aerospace Exploration Agencyare the primary space agency partners on the project.
The International Space Station was taken into space piece-by-piece and graduallybuilt in orbit. It consists of modules and connecting nodes that contain living quarters andlaboratories, as well as exterior trusses that provide structural support, and solar panels that provide power. The first module, Russia's Zarya module, launched in 1998.The station has been continuously occupied since Nov. 2, 2000.
[Infographic: The International Space Station: Inside and Out]
Starting in 2015, changes to the ISS were performed to prepare the complex for crewed commercial spacecraft, which will begin arriving as early as 2017.Two international docking adapterswill be added to the station. Additionally, an inflatable module from Bigelow Aerospace isscheduled to arrive in 2016.
Current plans call for the space station to be operated through at least 2020. NASA has requested an extension until 2024. Discussions to extend the space station's lifetime are ongoing among all international partners; several countries, such as Canada, Russia and Japan, have expressed their support for extending the station's operations.
During the space station's major construction phase, some Russian modules and docking ports were launched directly to the orbiting lab, while other NASA and international components (including Russian hardware) were delivered on U.S. space shuttles. [Rare Photos: Space Shuttle at Space Station]
The space station, including its large solar arrays, spans the area of a U.S. football field, including the end zones, and weighs 861,804 lbs. (391,000 kilograms), not including visiting vehicles. The complex now has more livable room than a conventional five-bedroom house, and has two bathrooms, gym facilities and a 360-degree bay window. Astronauts have also compared the space station's living space to the cabin of a Boeing 747 jumbo jet.
A six-person expedition crew typically stays four to six months aboard the ISS. The first space station crews were three-person teams, though after the tragicColumbia shuttle disasterthe crew size temporarily dropped to two-person teams. The space station reached its full six-person crew size in 2009 as new modules, laboratories and facilities were brought online.
Also in 2009, the record for the largest gathering in space was set during NASA's STS-127 shuttle mission aboard Endeavour. When Endeavour docked with the International Space Station, the shuttle's seven-person crew went aboard the orbiting lab, joining the six spaceflyers already there. The 13-person party was the largest-ever gathering of people in space at the same time. While subsequent NASA shuttle and station crews matched the 13-person record, it has never been topped. [Related: The Most Extreme Human Spaceflight Records]
With a full complement of six crewmembers, the station operates as a full research facility. In recent years, technology such as 3-D printing, autonomous Earth imaging, laser communications and mini-satellite launchers have been added to the station; some are controlled by crewmembers, and some controlled by the ground. Additionally, there are dozens of ongoing investigations looking at the health of astronauts staying on the station for several months. [Related: Weightlessness and Its Effect on Astronauts]
Crews are not only responsible for science, but also for maintaining the station. Sometimes, this requires that they venture on spacewalks to perform repairs. From time to time, these repairs can be urgent such as when a part of the ammonia system fails, which has happened a couple of times.
Spacewalk safety procedures were changed after apotentially deadly 2013 incidentwhen astronaut Luca Parmitano's helmet filled with water while he was working outside the station. NASA now responds quickly to water incursion incidents. It also has added pads to the spacesuits to soak up the liquid, and a tube to provide an alternate breathing location should the helmet fill with water. NASA is also testing technology that could supplement or replace astronaut spacewalks. One example is Robonaut. A prototype currently on board the station is able to flip switches and do other routine tasks under supervision, and may be modified at some point to work outside as well. [Infographic: Meet Robonaut 2, NASA's Space Droid]
If the crew needs to evacuate the station, they can return to Earth aboard two Russian Soyuz vehicles docked to the ISS. Additional crewmembers are transported to the ISS by Soyuz. Prior to the retirement of NASA's space shuttle fleet in 2011, new space station crewmembers were also ferried to and from the station during shuttle missions. In 2017 or so, NASA expects to replace most Soyuz flights with SpaceX's crewedDragon spacecraftandBoeing's CST-100.
Crews aboard the ISS are assisted by mission control centers in Houston and Moscow and a payload control center in Huntsville, Ala. Other international mission control centers support the space station from Japan, Canada and Europe. The ISS can also be controlled from mission control centers in Houston or Moscow. [Photos:Space Station's Expedition 32 Mission]
The ISS hosted its first one-year crew in 2015-16, with NASA's Scott Kelly and Roscosmos' Mikhail Kornienko, which drew international attention and acclaim. The agencies have expressed interest in running more one-year missions in the future, but have not made a commitment to date.
The International Space Station is the largest structure in space ever built by humans. Let's see how much you know about the basics of this science laboratory in the sky.
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Cosmic Quiz: Do You Know the International Space St...
The International Space Station is the largest structure in space ever built by humans. Let's see how much you know about the basics of this science laboratory in the sky.
Additional reporting by Elizabeth Howell, Space.com Contributor.
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International Space Station hosts Alta Loma middle school students … – Inland Valley Daily Bulletin
Posted: at 6:49 pm
ALTA LOMA >> Forget putting a class project on the refrigerator: A group of Alta Loma Christian middle school students have their work orbiting the Earth aboard the International Space Station.
Aboard the ISS is a cube designed and programmed by the Alta Loma SpaceEagles space science and engineering team. The cube has a light that turns on and off based on input from a pair of heat sensors. Alta Loma Christian was one of 11 middle schools nationwide taking part in the Quest for Space Beta ISS Project, organized by the San Jose-based Quest Institute for Quality Education.
It was a bag of parts, made for prototyping, said Boeing engineer Jim DellaNeve, who was an adviser for the students.
Students used software from Lego Mindstorms and Microsoft to develop their project, which was then copied onto hardware that was launched into space June 3 aboard SpaceX mission CRS-11 from the Kennedy Space Center in Florida.
I knew going into it, that if it was going to be a stretch, we had the perfect kids coming to handle it, said science teacher and STEM (Science Technology Engineering and Math) coordinator Michelle Martinez. And they did amazing.
The SpaceEagles got a more authentic engineering experience than the project developers envisioned.
It also didnt help that Quest didnt have the right diagrams at first, said Jeffrey Kotz, 14, who served as project manager and head electrical engineer as a then-eighth grader. I tried to build my own, but it didnt work any better.
Things going wrong, of course, was an education all its own.
More of my role than anything was peacemaker when things got stressful, said math teacher Jasmine Royse. There was absolutely just as much learning in the teamwork process and in the team building process as in the engineering process.
And those skills were needed:
I can be challenging working with a team, laughed Samuel Bement, 14, who was an eighth grader during the projects construction and who served as one of two coders on the project. But it was a great experience, learning how to work with people.
And ultimately, thats the most valuable skill learned on an ambitious project like the Quest for Space.
When the pressures on, do you behave yourself, do you finger point? Those are real-world things that are invaluable, DellaNeve said.
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This likely wont be the last time Alta Lomas SpaceEagles fly:
When its time to re-up, we wont wait, said Vance Nichols, Alta Loma Christians Head of School, whose father was an aerospace design engineer. Were in as soon as its available.
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Aspiring Space-Based Nation to Start with Baby Steps – NBCNews.com
Posted: at 6:49 pm
Jun.19.2017 / 10:35 AM ET
While it plans to someday host a moon colony and space station, the proposed space-based nation Asgardia is starting small: The project will launch its first satellite this fall to store data for the nation's newly selected citizens. Some 200,000 were chosen from the more than 500,000 applicants.
During a press conference in Hong Kong on June 13, Asgardia's founder, Igor Ashurbeyli, revealed concrete details about the satellite: Asgardia-1 will be deployed from Orbital ATK's Cygnus OA-8 resupply spacecraft launching in September.
Related: Private Space Stations of the Future Imagined
The satellite is 10 x 20 x 20 centimeters (3.9 x 7.9 x 7.9 inches) and has eight batteries and four deployable solar arrays. It will orbit at up to 500 kilometers (310 miles) above Earth. Texas-based space-services firm NanoRacks acts as the satellite's prime contractor and operator.
Someday, Ashurbeyli said, he hopes to create a planetary-defense constellation that will help protect against asteroids, solar flares and human-made space debris; this satellite is just the first step.
During the conference, Ashurbeyli also described plans for a space station and moon colony. "We plan to have this station in space and on the moon," he said. "It will be a four-level orbital station. I think the technical details will be defined by the Ministry of Science, which I hope we will have in the autumn of this year."
Ashurbeyli didn't provide additional details, but Asgardia has released imagery of the potential off-Earth locations. One image shows a rotating-wheel space station alongside an interplanetary rocket, and another shows, presumably, the interior of that space station with a wall of windows, a canal and greenery. The rocket has a habitation module and a lunar lander that looks like a cross between the NASA Orion spacecraft and the 1960s Apollo program lunar lander.
The approved applicants for Asgardian citizenship will be invited to vote on a constitution for the space-based nation on June 18. At that time, Ashurbeyli said, the organs of the proposed state the ministries, parliament and executive branch should be created. Ashurbeyli is calling June 18 Asgardian National Unity Day, and the date will be a public holiday if the state is realized.
Related: Incredible Technology: How to Build a Space Station Colony
More than 500,000 people applied for Asgardian citizenship online within 20 days when the project was announced in October last year. The organizers removed ineligible people, such as children, and were left with almost 200,000 people from about 200 countries. (Now, the website lists more than 210,000.) The approved applicants have each received personal certificates of Asgardia and can vote to approve the lawyer-designed constitution on June 18. The constitution was published on June 13.
Of the citizenship applicants, 80 percent are men, and the largest demographic comprises 18- to 35-year-olds. While there are applicants from almost every country on Earth, China has the most applicants, followed by Turkey, then the United States and then Italy. People can register as prospective Asgardians on the website.
Asgardia is being funded by Ashurbeyli's nonprofit Aerospace International Research Center (AIRC), based in Vienna. He said he expects that once Asgardia's constitution is approved, the state will be built by its citizen volunteers and Asgardia will become self-funding. Ashurbeyli said he expects to file for United Nations recognition by April 2018, if Asgardia's parliament and government have been set up and the satellite launched before then, he said during the conference.
In the meantime, AIRC owns Asgardian intellectual property. The company will collect, analyze and fund ideas and startups in space technology for the benefit of Asgardia. Ashurbeyli is also offering 300KB of free data storage on board Asgardia-1 for Asgardian citizens. Family members, up to a maximum of 400,000 people, will get 200KB. Another 1 million people will get 100KB.
"Sixty years after the launch of the first-ever artificial satellite, Sputnik, our own space satellite, Asgardia-1, will mark the beginning of a new space era, taking our citizens into space in virtual form, at first," Ashurbeyli said.
Ram Jakhu, the director of McGill University's Institute of Air and Space Law in Montreal, is the Asgardia project team legal expert. During the conference, he told the press that the Asgardian data stored on Asgardia-1 would be subject to U.S. privacy laws. The Asgardians' data will also be stored on future Asgardian satellites.
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Aspiring Space-Based Nation to Start with Baby Steps - NBCNews.com
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Elon Musk claims Mars colony dreams critical to avoid ‘Doomsday’ event – ZDNet
Posted: at 6:49 pm
Elon Musk
SpaceX CEO Elon Musk has claimed that building a self-sustaining colony on Mars is necessary to our future survival as a species.
Musk's blueprint, titled "Making Humans a Multi-Planetary Species," outlines the executive's vision for making the human race a multi-planetary, space-faring society.
The paper, a summary of Musk's presentation at the 67th International Astronautical Congress in Guadalajara last year, suggests that a future Doomsday event will force us to look at other planets to stave off extinction.
Out of all the options currently open to us, Venus is a cooking pot of pressure and acid, Mercury is too close to the sun and the planet's moons are difficult to reach, and our own moon is small and has no atmosphere.
Musk argues that Mars, despite the distance, is the best option -- especially if we are able to warm the planet up to thicken the atmosphere and access the planet's frozen oceans.
With a day and night cycle similar to our own planet, we may also be able to cultivate plants as the atmosphere is primarily CO2, nitrogen, argon, and a few trace elements.
"It would be quite fun to be on Mars because you would have gravity that is about 37 percent of that of Earth, so you would be able to lift heavy things and bound around, furthermore, the day is remarkably close to that of Earth," Musk says. "We just need to change the populations because currently, we have seven billion people on Earth and none on Mars."
The cost of such travel, however, must come into the equation. It is estimated that sending a single person to Mars could cost up to $10 billion at the moment. To create a self-sustaining community, the cost must be significantly reduced, as very few people could afford to join the project.
Therefore, Musk wants to eventually reduce the cost to the average price of a house in the US -- roughly $200,000 -- but in order to reach this goal and slash the expense by five million percent, a number of steps will need to be taken.
Musk says that the so-called "interplanetary spaceship" used to get to Mars would need to launch with fuel tanks that are basically empty in order to refuel while in space to keep costs down.
It will also be necessary to make the tankers and rockets reusable at least for a few return trips and to create propellant on Mars rather than make constant trips back and from Earth for fuel.
The executive says that due to Mars' atmosphere and elements already available, it is possible to produce the methane and oxygen required. Kerosene will not work without oil reserves on the planet and methane is cheap enough.
"It would be pretty absurd to try to build a city on Mars if your spaceships just stayed on Mars and did not go back to Earth," Musk writes. "You would have a massive graveyard of ships; you have to do something with them."
The Raptor engine and rocket booster, used in the spaceship, are some of the most challenging elements of the Mars vision.
Not only will the Raptor engine be the "highest chamber pressure engine of any kind ever built," but the full-flow combustion engine will need to condense oxygen and methane for fuel, have capacity for 100 passengers, and multiple ships will need to leave Earth during each launch window to Mars to shuttle one million people to the Red planet in a matter of decades, rather than centuries, to make colonization a success.
The ship's characteristics are described below:
The rocket will also need to be extremely powerful and far beyond what we have produced so far.
"We are talking about a lift-off thrust of 13,000 tons, so it will be quite tectonic when it takes off," Musk writes. "This is really intended to carry huge numbers of people, ultimately millions of tons of cargo to Mars."
SpaceX hopes that with engineering and research over the coming years, the cost to reach Mars could eventually be reduced further to $100,000.
See also: Musk storms out of Trump advisory council over climate change decision
The executive is intentionally vague when it comes to timing in the paper, but Musk hopes to complete the first development spaceship in roughly four years. At that point SpaceX will begin testing the ship in suborbital flights.
"If things go super-well, it might be in the 10-year timeframe, but I do not want to say that is when it will occur," Musk says. "There is a huge amount of risk. It is going to cost a lot. There is a good chance we will not succeed, but we are going to do our best and try to make as much progress as possible."
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Elon Musk claims Mars colony dreams critical to avoid 'Doomsday' event - ZDNet
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