No one can easily forget the fearsome creature that was the Balrog of Moria.
The menacing shadow giant, Gandalf was forced to battle to save the Fellowship of the Ring. Those knowledgeable about the origins of Moria will already be aware that this is the same Dwarven city of Khazad-dûm, which has made several appearances throughout the first season of 'The Rings of Power'. If this Dwarven haven becomes the tomb the fellowship struggles to escape from, fans are wondering about the chances of the infamous Balrog appearing within the series itself.
A quick history of the Balrogs starts with the creation of their kind as early as the Years of the Trees when Middle-Earth was first formed. They began as Maiar, primordial spirits who were corrupted by Melkor/Morgoth to become the feared forms that we now know. After their defeat at the end of the First Age, many fled deep underground, where they remained until awakened. One notorious return of a Balrog was during the Third Age. The Dwarves of Khazad-dûm, whose greed for Mithril had grown, dug too deep into the mines looking for their precious ore. In doing so they awoke a Balrog, which consequently drove the Dwarves away from the mountain and slayed their King Durin VI. Khazad-dûm became known thereafter as Moria (The Black Pit).
So what is the likelihood of a Balrog appearing within the series? Based on the time frame alone, it is far too early for the Balrog of Moria to appear within the depths of Khazad-dûm. There are still centuries before that event even takes place. And although the references to the Balrog and the mining of Mithril are already heavily present within the story, we're a couple of Durins too early for the show to be progressing that far. Of course, the show is an original story, only based around the events of the novels. The series could still alter the timeline of Tolkien lore to show the rise of the Balrog and the fall of the Dwarves all within the space of a single storyline. Yet this possibility seems unpopular among fans of Reddit, who point out that such a substantial change confuses the plot of the books.
One other possibility is that there is another Balrog entirely that could be featured on the show, separate from the one present in 'The Fellowship of the Ring'. There was an undeniable roar at the end of the previous episode, which is likely a reference to a Balrog. But could this be an entirely new Balrog altogether?
It's difficult to say for certain if a Balrog will appear in the series at all. Maybe the mere mention of its presence, overshadowing the fate of the Dwarves will be all we see of it within the entirety of The Rings of Power? We'll just have to keep watching to find out for sure.