Its evolving. Most of new currencies have other mining principles like proof of stake. They dont need 1000s of miners.
I do believe in the future of crypto. I think steemit is a great example of nxt level crypto.
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Yes a principle proof of stake is a step forward. But Pow is still in place now. Many crypto currencies started with PoW and then switched to PoS. Pos principle is not so good at initial stage of cryptocurrency lifecircle.