I think we all know the fact that BTC mining consumes lot of electricity and many cities/countries are banning Bitcoin mining or charging heavy bills. The cost of mining is rising, places to mine are become less. And this will only get worse as the mining difficulty will rise. And not only that, as per this Cointelegram post, the profit margin has drastically lowered.
https://cointelegraph.comHow do you think this will impact Bitcoin mining and Bitcoin itself. Do you think mining will become way more centralized due to this? Do you think mining difficulty will be brought down (I know this option is almost impossible)? Maybe we will have new mining hardware? Or mining will become a loss service and there will be almost no Bitcoin miners left?
I would really like to hear your opinions on this topic.
Bitcoin mining operation is very important to run the transactions of bitcoin smoothly. So there is no question about the bitcoin mining getting vanished at all. If no mining then how could you transact and who will confirm your transaction. There will be no meaning to the whole idea behind the bitcoin running on the blockchain.
Considering the electricity consumption, I think big industries do take up heavy electricity for their products and services. It doesn't matter if bitcoin mining is consuming lot of electricity. I mean there are big IT companies in the world who consume lot more electricity than the bitcoin mining operation, they have more heavy instrumentation which get cost of electricity hyped to higher rates. I dont think any country will have any problem with that as long as they are getting paid from the consumer.