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Will Mining Ever Become Obsolete In The Future?

  • Thread starter Thread starter Good-Person
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Good-Person

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Cryptocurrency mining is a really new concept. Well, we could say that it is a new concept because it is at least 15 or 16 years old. However, do you really think that a time will come when mining shall become obsolete by the passage of time? What do you think?
 
Good-Person said:
Cryptocurrency mining is a really new concept. Well, we could say that it is a new concept because it is at least 15 or 16 years old. However, do you really think that a time will come when mining shall become obsolete by the passage of time? What do you think?
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I don't think that would be possible because mining is the only was the supply of fresh coins is established.
And if it is not in place the coin might eventually become scarce because some might be lost .
 
The coins that have a Proof of Work Consensus mechanism need to be mined in order to be created. How can mining be absolute? However, once the coins have been mined completely, they might become obsolete though.
 
Good-Person said:
Cryptocurrency mining is a really new concept. Well, we could say that it is a new concept because it is at least 15 or 16 years old. However, do you really think that a time will come when mining shall become obsolete by the passage of time? What do you think?
Click to expand...
Mining will probably become less popular as more effective ways of confirming deals are created, as the bitcoin industry continues to progress and modern inventions appear. Also, as the sector develops, the benefits of mining will probably become less enticing to miners.
 
It will definitely reach a stage where mining would become obsolete as it does not have that futuristic tendency and with the rate of consumption of electricity I believe it would soon become outdated
 
Mining is dependent on technology, and since it is evolving then mining will continue to go on as well. So I believe it will forever exists and even evolve better.
 
Mining can never be com obsolete, there's no any cryptocurrency that will enter market and its a big project except it has mine for a particular period of time in the past
 
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