Bitcoin mining is not as simple as it might seem at first glance. Not even all countries approve of such a process and support these technologies, not to mention other issues: cost, efficiency, and resource consumption. There are already several cases in the world when trusted crypto mining is prohibited in the territory of entire states. And others, in turn, are trying to slow down the development of this area by increasing taxation or other restrictions that significantly affect the result.
All these changes leave behind the question – what is the future of bitcoin mining, and is it worth joining this trend now? Will it still be in demand and relevant in a few years? Let’s see together in this article.
Bitcoin Mining: The Origin Story
How does bitcoin come about? In simple terms, this is a kind of “reward” to miners for a solved mathematical problem, which is also called a “block subsidy.”
Can the mining process continue indefinitely? Unfortunately no. Like any other finite resource, bitcoin also has its limits. Sooner or later, the last bitcoin will be mined, and we can’t change it.
Bitcoin began its existence back in 2009 and for 13 years has continued to grow stronger, develop, improve security measures and attract more and more new holders.
The Proof-of-Work PR War
Among other things, there are some negative and conflicting sides to the issue of bitcoin mining. For example, quite a few opponents of this process have arisen due to the fact that mining requires a lot of electricity. Especially in modern realities, when people are trying to minimize these costs and make resource consumption more rational, such waste seems simply unacceptable.
Many well-known politicians are also increasingly calling on citizens to be socially responsible, care for the environment and prevent an ecological disasters. Let these conversations influence the future of bitcoin, but in the coming years, it is unlikely that this will be able to significantly affect mining algorithms.
Eco-Friendly Evolution
Still, all of the above factors provoke a number of problems for the trusted crypto mining sites, but at the same time, solutions also come. Quite often you can hear about new and modern solutions in bitcoin mining, which in the future will help to abandon the Proof-of-Work process and switch to more rational and profitable conditions for consuming electricity. Even now, according to statistics, mining that takes place on renewable energy sources is about 60% of the total, which is pretty good. But the likelihood that Bitcoin will completely abandon the costly process is incredibly small.
Looking to the Future
As for the future, this is a rather broad question, but based on the previous considerations, several conclusions can be drawn. For example, since the reward for mined bitcoins is constantly decreasing, this can only mean one thing – the price of bitcoin will only increase in order to justify its value and significance for those who are engaged in it. In addition, the conversation around bitcoin is unlikely to stop anytime soon, both energetically and socio-politically, as the legal basis for mining still requires further discussion.
