Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: kristine-john on January 25, 2021, 05:29:19 AM
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Crisis upon crisis. The world is suffering from a global chip shortage the most affected sectors are the bitcoin mining sector and the automotive industry. how will the world overcome this crisis?
will the cryptocurrency industry face a downfall because of such a dilemma?
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I think cryptocurrency will not face this. Because it is too popular now and after the end of mining all bitcoins, there will be a huge price increase.
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In my opinion, new hardware devices are used to expand and enhance the mining capacity of mining farms. Without new hardware devices, blockchains will continue to be maintained for many yearse as not all mining systems have to be replaced every 1-2 years. Even old mining systems can still make a profit when the price of BTC is above $15K.
In case the mining farms have to close, we will mine BTC on our laptop :)
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The worst of all this is going to be the increased cost of manufacturing materials. Planned obsolescence (or built-in obsolescence) is another of the great problems that we live in this world, we want new and more powerful things every day and as always the end user will pay more for everything when buying a smartphone, a car or a Bitcoin miner. In the end, as @MrSpasybo says, we will have to mine Bitcoin with a laptop or with a Nokia 3310.
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This chip supply problem will not be affecting Bitcoin mining for now as we already have the equipment and facilities running, and they can still last for years. Now, this crisis am sure will result into more expensive products in the market and lucky are those who still have the stocks. Let's hope this will not be exploited by unscrupulous businessmen who are just out there to make all the money they can. Indeed, crisis after crisis it seems the world is not getting tired of problems and in 2021 we still are clueless of the many challenges ahead as we are still battling the Covid-19 menace.
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Crisis upon crisis. The world is suffering from a global chip shortage the most affected sectors are the bitcoin mining sector and the automotive industry. how will the world overcome this crisis?
will the cryptocurrency industry face a downfall because of such a dilemma?
All these problems are regulated by the laws of business and they are always temporary. If in one place there is not enough of a certain product, it or they begin to import it even from another area, because it is economically profitable at prices, and if this product is completely absent on the market, then its production is relatively quickly established, because its production becomes economically profitable due to its shortage and rising prices. This is how relatively quickly everything is regulated by the market by itself.
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I think this problem was already addressed, chip manufacturers are already increasing their output, that's why it is not a problem anymore. Anyway, I believe if this chip shortage problem will continue I can say that it will also affect cryptocurrency mining temporarily but not for long since only the new crypto mining farms have been affected and not the existing mining facility.