I'm wondering if miners will go away in the next few years ???

avikz

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Quote from: My_KindRetards on March 15, 2021, 10:32:05 AM

POW coins like Bitcoin / Litecoin / Monero will not disappear soon.

But it's always good to see POS alternatives like Ethereum / Nano / DIVI coin, etc... It helps environmentally conscious investors get in.

Insert: Change my mind Campus Sign lol

It's quite possible to be honest! The POW algorithm is power hungry and it is showing a steady increase in its hunger. So in few years, only very deep pocket people will be able to get into mining. Small miners are already out of the play for coins like bitcoin and ETH. So if this remains as it is, POW coins will soon become very centralized. So if you rrally want to participate in a decentralized environment, POS coins will be your best bet in few years.

geegaw

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For the future I think for the miners will still be present in the crypto world even though they already have a very good coin but I am sure for the future there must be a new coin present, and they will definitely continue to mine in the coin, if everything they want has been achieved then that's when they will plan to retire.

Miners will never retire if they still get good results from their work and will continue to work with the mining equipment they have made, so the matter of the goals they have achieved is only as a target, while the work will continue.

Well, not a single miner feels their money is too much and they need to retire, they just feel that everything is never enough, from the equipment to the amount of mining per day, too little for them and every time they have more capital and profits, they will be willing to expand more new farms. People don't need to think about scarcity and mining that doesn't make profits, profitability is just a matter of time while crypto is still growing, and too many targets can be mined, unless crypto disappears, otherwise, miners will still do their job every day, too leisurely and passive work, retirement is a distant thing

Bergh44

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Don't get me wrong in that I do like BTC and some PoW Coins, but ultimately I think PoS is the future of algos for the time being. I really like what Divi is doing to simplify things to allow non/new-coiners to earn rewards passively with no technical knowledge. No rigs to set up, just slide the staking toggle on and your staking. Can't get much easier.

max6575

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as miners have with distinctive on customs with the work on collecting token, the return gives with the difference as miners to gains of return with the profit as with the future different alternative of miners medium helps miners to work with the collection of token as their decision of entrance into the world of crypto.

reality18

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What is actually keeping the PoW trend is BTC. In case BTC decides to switch to PoS or brings up a new consensus algorithm, then we can kiss PoW good because this is not environmental friendly. Aside from not being environmental friendly, it is also not user friendly. Unlike PoS assets like $DIVI, $DASH, $BPS etc that use simple clicks and user-friendly wallets to allow everyone to adopt and use, POW requires a certain level of skill and knowledge in tech.

poodle63

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BTC still exist and has no intention of switching into POS, the miners will stay. Although PoS is now on fire and considered as more environment friendly since it doesn't require as much energy as PoW but there's gonna be always some new coin that choose PoW instead of PoS although might be significantly fewer than it is compared in the past year. I doubt the miners gonna go away even a decade later.

leea-1334

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I wonder why this issue about environmental effects of mining keeps surfacing after every couple of years,,, yes the energy is intensive for Bitcoin PoW but it is the most secure network and for an asset that now costs almost $55000 you better be sure the network is super secure!

PoS is not as mature or secure to my knowledge:)

Mauser

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Quote from: My_KindRetards on March 15, 2021, 10:32:05 AM

POW coins like Bitcoin / Litecoin / Monero will not disappear soon.

But it's always good to see POS alternatives like Ethereum / Nano / DIVI coin, etc... It helps environmentally conscious investors get in.

Insert: Change my mind Campus Sign lol

No, I don't think miners are going to disappear anytime soon. As long as their is demand for a coin and it's being actively trader than there will be people mining it. Also as long as prices are rising, mining should be profitable. And who knows how energy prices are going to look in the future, maybe they are going to fall again.

Bravehash

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Quote from: Fivestar4everMVP on March 15, 2021, 12:26:31 PM

Miners will definitely go out ones there's nothing to mine anymore, though I believe it will still take a few years before all bitcoins will be mined, other coins that are minable will still also take several years, but if the entire crypto system should switch to proof of stake system, this means that sooner or later, all crypto that are minable will have their coins mined and there will be no more coins to mine and miners will definitely go away and look for other things to do for a living.

That is if no more new PoW coins are created anymore and all the old Pow coins go PoS, I don't believe this will happen though because mining is huge compare to PoS for so many, it just works and it's oldy too, I believe both PoS and PoW algorithm will be here for ever as crypto stays alive

Luffygroove

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of course, it's possible. The world change, people changes, the crypto demand change. When people aware of our earth conservation more and when the crypto development becomes more advanced it is possible POW would be left. But I'm sure it's not in near future as long as they can still scooping many fortunes from mining and the level of difficulty is still makes sense. People tend to follow the trend, so if it's still so comfortable for them to look for money by mining and no external pressure, they still would do it.

vladimirhf

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Quote from: shinratensei_ on March 15, 2021, 10:22:01 PM

Miners will go away someday when bitcoin reached its maximum supply and there will be no more popular POW coin like bitcoin. The miners have no choice other than migrate into another POW coin.
This time POS is more popular compared with POW.

I don't believe that POW will still exist by 2140. Look into the past to see how much technology has evolved in 100 years. There were not even computers. Bitcoin mining will be seen as we see steam locomotives nowadays...

This crazy race for more powerful machines is unsustainable financially and ecologically. Mining is profitable where the state subsidizes energy, should I remind you too?

shinratensei_

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Quote from: AVolp on March 15, 2021, 07:27:19 PM

I cant answer whether miners will disappear it would seem that some are trying to implement PoS algo to their chains but I like the PoS concept and ease of which it can produce good rewards without the expensive hardware required with PoS - i'm currently staking various coins and producing some handy rewards and over time these will amount to significant gains

That's the main reason why some POW platforms were migrating to the POS like ethereum caused by POS is much more conservative and the buyers will also get benefit from its token.
The token holders were deserving benefit from what they have bought with their money.

Miners will go away someday when bitcoin reached its maximum supply and there will be no more popular POW coin like bitcoin. The miners have no choice other than migrate into another POW coin.
This time POS is more popular compared with POW.

meanwords

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Quote from: bassbity on March 15, 2021, 11:34:55 AM

maybe after the mined coins run out, they have prepared everything for retirement.

I don't think it'll stop miners from mining because of that. There's still transaction fees to profit of (assuming that Bitcoin is at the price for the transaction fees alone to be profitable). I think the only way I see is for Bitcoin and all other PoW coins were somehow, in the future, were to migrate in PoS for some reason. Now, there's no way miners will go away even if we reach max supply.

FairUser

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Maybe or not, when in the next few years we don't know where this market will go. But I am more likely to be the case, where mining becomes more and more difficult, and I believe in the near future there will be a lot of FUD attacks on POW. We now have better options for mining, and maybe the time at which mining will be more limited and controlled.

AVolp

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I cant answer whether miners will disappear it would seem that some are trying to implement PoS algo to their chains but I like the PoS concept and ease of which it can produce good rewards without the expensive hardware required with PoS - i'm currently staking various coins and producing some handy rewards and over time these will amount to significant gains

Fivestar4everMVP

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Miners will definitely go out ones there's nothing to mine anymore, though I believe it will still take a few years before all bitcoins will be mined, other coins that are minable will still also take several years, but if the entire crypto system should switch to proof of stake system, this means that sooner or later, all crypto that are minable will have their coins mined and there will be no more coins to mine and miners will definitely go away and look for other things to do for a living.

pawanjain

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Quote from: My_KindRetards on March 15, 2021, 10:32:05 AM

POW coins like Bitcoin / Litecoin / Monero will not disappear soon.

But it's always good to see POS alternatives like Ethereum / Nano / DIVI coin, etc... It helps environmentally conscious investors get in.

Insert: Change my mind Campus Sign lol

PoS coins are good and will probably last for the long but that doesn't mean PoW miners will start to diminish.
Although PoW is very difficult for coins like bitcoin, it's still affordable for coins like Monero due to their algorithm.
Monero can be CPU/GPU mined with their PoW algorithm and will stay like this for long.

menoiazei

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high energy consuming mining is not eco friendly and also not good for coin community as people need great resources to mine the coin successfully
i dont think original creator(s) of bitcoin had seen this aspect of it at the early stages
however pow is good and efficient way to create coins and verify transactions
monero POW is different and more energy efficient and maybe thats where mining will go in the future
low energy consumption pow that anyone can do with just a cpu

xanxus.kun

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You have to get what you want your own way.

Definitely, they will retire millionaire. Though Bitcoin is about to run out now, miners still have an alternative however mining community will really decline. Can't wait for the day they will stop - for the GPUs will surely drop its prices.

makishart

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NANO is using dag and it's a bit different compared with POS and NANO is totally centralized. Some POW coins are trying to consider move into the POS like ethereum.
The miners have no choice rather than try to search an alternative coin to mine like doge with its unlimited supply or litecoin.
Mostly miners will be going to the cryptonight coins. Miners will not go away but less and less miners consider we will rarely seen any new coin that use POW

Kitaiev

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POW coins like Bitcoin / Litecoin / Monero well show that technology is reliable and works well and let the technology have a minus but i believe in the future some of these problems will solve many programmers work over the correction of these problems. Other algorithms will be hard to achieve confidence because there is no such confidence that is in the POW.

dhemasm

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Yes it is! Some Mainstream cryptocurrency like Bitcoin, Litecoin with PoW Algo will mainly running and mined by some Big Mining farm and Pools, There is no place for small Miners. PoS is much better on every factor and it will attract more people especially "Green" People and Investor to contribute on the network. Well it's just my opinion, Let's wait and see what will happen next.

bassbity

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maybe after the mined coins run out, they have prepared everything for retirement. obviously they have put some coins in the wallet mainly for future collateral. but new miners are always coming and have the right kind of miners which has good potential. they will retire when it is over.

But what we need to remember, after all the coins have been mined, there will be new coins that will be targeted.

My_KindRetards

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POW coins like Bitcoin / Litecoin / Monero will not disappear soon.

But it's always good to see POS alternatives like Ethereum / Nano / DIVI coin, etc... It helps environmentally conscious investors get in.

Insert: Change my mind Campus Sign lol

Topic: I'm wondering if miners will go away in the next few years ??? (Read 227 times)