Bitcoin mining in the 22nd century: What the Future Holds
As soon as the price of Bitcoin falls, here and there you can hear the prophecies that the mining industry is dying and the miners are about to turn off the equipment en masse and begin to capitulate. This was the case in May last year when the crypto market experienced one of the most powerful crashes in history, and more recently, when the price of BTC dropped below $30,000.
However, after Bitcoin set a new all-time high, no one began to turn off the mining equipment – on the contrary, it has risen in price several times, but even with inflated prices, it is still not enough devices for everyone.
The pioneers mined the crypto using the computer’s central processor. This method turned out to be ineffective since large capacities were required. So the era of video cards and ASICs began. As for the latter, entire companies have been opened in the USA to manufacture it. In particular, we are talking about ASICminer, Avalon, and Butterfly Labs.
Every year they update the lineup to keep up with the development of technology. Mining equipment has come a long way and continues to develop and improve to this day. Today, most professional miners invest heavily in GPU and ASIC farms, as well as in mining conditions, cooling systems, and uninterruptible power supply. Technology does not stand still and history is being written every day.
What awaits miners and equipment manufacturers in the future?
- Reducing energy costs per unit of power. With a more efficient device, it will take less electricity to mine one block, the generation of which is still harmful to the environment. Moreover, there is now an active transition to renewable energy sources and special equipment for this.
- Mining centralization. The hash rate and power will be concentrated in one or several hands because now it is not profitable to mine alone. Therefore, miners will unite in pools, by 2100 the number of pools may be reduced, and the quality may increase.
- Involving blockchain projects in an “arms race” with equipment manufacturers. Due to centralization issues and reputational risks, blockchain project developers are looking to move away from mainstream mining hardware and seek to develop their algorithms. On the other hand, both algorithm developers and hardware manufacturers are forced to constantly improve their products to remain competitive. Such conditions cause technological progress.
One thing is for sure – technology will develop with lightning speed, and the last BTC will be mined before 2140 (official count). There is no problem that a person who acts for profit would not solve. In addition, after the “technological victory”, mining will have to overcome two main obstacles: government adaptation, ecology, and accessibility.
If we talk about the legal side of mining, then this is no longer an anonymous activity that no one knows anything about. Many governments are happy to accept miners and arrange suitable conditions for them – benefits and a simplified tax. Some, like China, are blocking and hindering this industry. However, over time, everyone all over the world will accept the blockchain and its development.
The issue of ecology has been actively resolved over the past decade, and today many people choose renewable energy sources – the sun, wind, and hydrogen. This has a positive effect not only on the environment but also on the profitability of mining in general, which develops the industry. In the future, every mining farm will be only on renewable energy sources.
The last issue is accessibility. How fast is society accepting cryptocurrencies and mining in particular? Today, it seems that this business is only for chosen ones: equipment selection, configuration, maintenance, process control – we can say that this is not for everyone. In order not to lose your investments, this should be left to professionals.
The number of people wishing to get involved in the cryptocurrency mining process far exceeds the possibility of entering this market, the reasons are different – both the complexity of the process and the high barriers of entry. What will happen with miners in 2100?
Taking into account our analysis above, we can say that the 22nd century will be the era of cloud mining – large centralized pools will rent their power to everyone who wants to become part of a huge ecosystem and get cryptocurrency.
Over the past 3-4 years, cloud mining has become the most profitable cryptocurrency mining option for an ordinary user or investor. It allows you to receive Bitcoin and other cryptocurrencies by renting computing power (hash rate) from a specialized service in a remote data center. This completely solves the issue of accessibility for everyone from any corner of our globe. It is enough to have access to the Internet and a device – professionals will do all the work for you.
Sunmining company confidently develops the cloud mining industry and becomes an example for others – an advanced service that uses green energy – the sun, to maximize the effectiveness of its equipment and not harm the environment. The latest equipment, a team of blockchain experts, and an advanced approach will always be on-trend.
To use the services of Sunmining and start mining cryptocurrency, just go to their website, register an account and choose one of the many contracts: an abundance of choices allows everyone to mine their share of the cryptocurrency. Payments take place in BTC to secure and speed up the system. Use the referral link and tell your friends about the project – create the future of crypto-mining here and now.
