will it become impossible to mine cryptocurrencies in the future?

funmi

Verified member
Mining cryptocurrency is one of the easiest and most common ways by which to earn the various coins, and with the prices of cryptocurrency increasing drastically over the last few months it is not uncommon for people to get infested into mining.

In fact there are many people that are looking to it and seeing that the energy costs are actually lower than what you are able to generate because of the high prices.

And as you know as you mine cryptocurrency there is a halving event that makes mining cryptocurrencies even more difficult. However is this the only thing that will make cryptocurrency mining harder? Do you think that as we get closer towards reaching the complete supply, it may affect specific cryptocurrency that different measures will be implemented in order to increase its difficulty as well?
Apart from the halving event of course.

What do you think about this?
 

Sotherefore

VIP Contributor
Stop repeating the same words or phrases
I don't know of any cryptocurrency, but it will be very difficult to mine a cryptocurrency like bitcoins in the nearest future because everyday the mining rate of bitcoins is reduced and sometimes there is a possibility that in the nearest future the mining of cryptocurrency like bitcoins will completely stopped.
 
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Good-Guy

VIP Contributor
The big problem is the mining difficulty and difficulty is increasing every year. Moreover, there are other expenses related to mining. For example, electricity expenses and hardware expenses. I believe that mining is indeed hard right now and it will become harder in the future if difficulty increases like this.
 
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btaliat

VIP Contributor
And if the mining is reduced or even stopped as a result of many factors that are explicit or implicit, what will be the implication? To me I think there should be high increment in the price of any coins that's affected by these mining tussle since it measn the coins will scarce and many people will still want to be the holders of thay coin. I am just saying.
 
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Good-Guy

VIP Contributor
And if the mining is reduced or even stopped as a result of many factors that are explicit or implicit, what will be the implication? To me I think there should be high increment in the price of any coins that's affected by these mining tussle since it measn the coins will scarce and many people will still want to be the holders of thay coin. I am just saying.

I think the mining can be reduced when the government of a particular country starts banning mining crypto and this has been happening in a lot of countries around the world. This can indeed make mining more difficult as more people will start mining cryptos illegally. Illegal mining rigs is something that many people will face trouble starting because of law problems. I am NOT saying that illegal mining rigs are something that is good rather what I am trying to say is that countries should legalize crypto mining because there is NO harm in mining cryptos.
 
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Kingsley

Valued Contributor
Mining cryptocurrency is one of the easiest and most common ways by which to earn the various coins, and with the prices of cryptocurrency increasing drastically over the last few months it is not uncommon for people to get infested into mining.

In fact there are many people that are looking to it and seeing that the energy costs are actually lower than what you are able to generate because of the high prices.

And as you know as you mine cryptocurrency there is a halving event that makes mining cryptocurrencies even more difficult. However is this the only thing that will make cryptocurrency mining harder? Do you think that as we get closer towards reaching the complete supply, it may affect specific cryptocurrency that different measures will be implemented in order to increase its difficulty as well?
Apart from the halving event of course.

What do you think about this?
Minning of crypto currencies is not going away any time soon as people will always stick their nose in where they derive their money, it will really take a very long time before we start talking about the stoppage of mining activities in crypto currencies and when we have gotten a full supply and there is no more demand which is still somany years away.
 
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Yugocean

Moderator
Staff member
It is not appropriate to use a word like "impossible" here, every cryptocurrency that is built on the PoW algorithm will continue to be mined. If a new PoW cryptocurrency comes along, it will also be minable. Right now the world is also considering green energy, as time will change, mining cryptocurrency will not be impossible.
 
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Sherman198

VIP Contributor
Mining is easy with some cryptocurrencies but some others its not. There are some crypto currencies that you can mine on your phone, but those coins are yet to have a real substantial value.... You can mine Phoneum, Pi network etc. But those ones have a little value or no value at all.

But if you talk about Bitcoin, this one is very hard to mine because you will need a mining equipments to mine or you can mine through some companies who has equipments.
 
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