I’ve been wondering recently whether there could be a way to stop hash rates for cryptocurrency mining increasing in difficulty and staying at the same level? That way, earning power would remain stable.
If the difficulty stays the same then an unlimited amount of coins will be able to be mined with existing equipment. By increasing difficulty, it has the analogy of mining a precious metal. As more gets mined, the supply gets lower. As it becomes more scarce and difficult to find it becomes more valuable because more work has to go into finding it.
We will see more cryptocurrencies adopting proof-of-stake instead of proof-of-work over the next couple of years, and block difficulty will become obsolete.