What Bitcoin Mining Will Look Like In 2019

A new year brings with it new changes to the marketplace and 2019 is set to disrupt the cryptocurrency market, thanks to innovations in Bitcoin mining.

Despite the fact that the world's greatest cryptocurrency has tumbled from its all-time high, crypto enthusiasts everywhere are still betting big on Bitcoin's long-term success by throwing their weight behind mining operations that could one day turn a huge profit. Before cryptocurrency investors or enthusiasts anywhere can wrap their heads around Bitcoin mining, however, they need to understand the changes to the practice that 2019 will bring.

Here's what Bitcoin mining will look like in 2019, and how it's set to change in the near future.

More Efficient Rigs Are Coming

As time goes on, it's only natural that technology improves, proliferates, and becomes cheaper, and nowhere in the market is this truer than in the cryptocurrency industry. Countless technical innovations have buoyed cryptocurrency markets for years now, and 2019 will be no different, especially that mining rigs are about to become more efficient than ever before.

The research firm Fundstrat Global Advisors recently noted that improvements in Bitcoin mining could drastically bolster the cryptocurrency's price by the end of the year, though their high estimate is bullish compared to most. Regardless of whether you buy into Fundstrat's claim that the more efficient rigs Bitcoin miners are utilizing today will buoy prices when you can see on Luno, it's indisputable that the technology driving cryptocurrencies forward is perpetually getting better and better.

Blockchain technology and popular cryptocurrencies like Bitcoin and Ethereum have become more than mere trends in the market, having accrued sizable amounts of momentum and financial interest behind them. With Bitcoin's price dipping, however, miners everywhere are still worried about their long-term prospects.

With miners shutting down their hardware and pulling out of networks for want of profit, it's reasonable to assume that 2019 could mark a downturn in Bitcoin mining overall. Miners may find it difficult to break even, for instance, despite the fact that contemporary rigs are oftentimes more powerful than we could have dreamed of even just a few years ago. With mining monopolies beginning to dwindle, however, there's a strong argument to be made that Bitcoin mining is about to enter a new, more positive era.

A New Era Of Bitcoin Mining Is Here

One of the defining trends of the cryptocurrency market in 2019 will be the fact that Bitcoin monopolies are slowly crumbling away. Bitcoin mining as a whole is becoming vastly decentralized as big players in the market who once held the reins of power are now finding it hard to prevent newcomers from hedging in on their turf. As technology becomes cheaper and knowhow surrounding cryptocurrency mining continues to proliferate, expect it to become harder for existing monopolies to maintain their hold on power as the market slowly but surely expands.

If Bitcoin's overall price keeps dropping, however, new miners will find it increasingly hard to turn a profit; the digital token's rapid depreciation has made it arguably downright impossible to turn a profit on a mining operation, according to some sources. The energy-intensive mining process continues to be publicly unpalatable, too, with many headlines boasting that the creation process for cryptocurrencies is too wasteful to stomach. Whether the claims surrounding Bitcoin mining are legitimate or not doesn't matter, as the public will likely shy away from the process regardless of the validity of the claims.

As time goes on, expect Bitcoin monopolies to fade, but don't expect it to single-handedly revitalize the mining process. Modern Bitcoin mining is simply too hazardous for many, with the incentivizing profits that once lured newcomers to the market now has vanished. Unless Bitcoin's price sizably inflates over the course of 2019, expect the overall mining industry to continue its steady struggle to break even.