At what point does mining stop? - page 2.

Tipsters

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Quote from: Adnanzzz on February 05, 2018, 03:48:50 AM

With the price plummeting I am wondering at what price will Bitcoin not be profitable to mine anymore? What is the break-even point?
What happens when the price is so low that it costs the miners more to mine BTC than it rewards them? What happens if they pull the plug? BTC is dead then?

There is no break-even point because at this point, bitcoin will not reach below 1000 USD since it is very famous. But if what you are saying is given the chance to happen, miners will just modify the type of coin they are mining and still the crypto market will be alive without bitcoin. Plus, they can't pull the plug since it is their investment and they will find a way to mine for bitcoins again with a profitable reward.

Matildada

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Quote from: Adnanzzz on February 05, 2018, 03:48:50 AM

With the price plummeting I am wondering at what price will Bitcoin not be profitable to mine anymore? What is the break-even point?
What happens when the price is so low that it costs the miners more to mine BTC than it rewards them? What happens if they pull the plug? BTC is dead then?

I don't think the miners will stop digging for bitcoin. Now the price of bitcoin is much higher than the cost of digging up bitcoin, and when profits are down, they will not stop, they will choose to continue.

dvillier

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As for my research is concerned I have searched it out that There are only 21 million Bitcoins in the mining site. When all these crypto currencies are all mined then no new digital currency will be prepared. So no one can exact predict that at which point this mining will stop as more people are getting towards it so it seems like it never be stop.

Deddy_Kazekage

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Mining never stops .. just from a slow mine for an income depends on the market price of a digitized digital currency.

gandhe83

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Quote from: Smith871 on February 23, 2018, 11:08:51 PM

To see what happens when everyone stop mining bitcoin, let’s see how transactions are created in the bitcoin network. When this is perfectly clear, we can deduce what the first thing is that will happen after everyone stops mining. Next, we can speculate about what happens after that point in time

Yes, The mining industry will stop if the cryptocurrency market no longer exists. Because it does not create any value. That means the mysterious code has been eliminated all over the world, including ICO projects. This is unlikely because cryptocurrency is increasingly accepted by the international community for real and utility value.

heureca

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Quote from: Adnanzzz on February 05, 2018, 03:48:50 AM

With the price plummeting I am wondering at what price will Bitcoin not be profitable to mine anymore? What is the break-even point?
What happens when the price is so low that it costs the miners more to mine BTC than it rewards them? What happens if they pull the plug? BTC is dead then?

At present I think it is around 2k $ for 1 BTC. However, it is also the reason that BTC price will not be less than 2-3k $

Heisenberg_Hunter

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Mining of coins will continue until the block reward is as low as 1 satoshi. Block reward reduces every 4 years and as the days passes by the block reward becomes so low and the last satoshi will be mined. When the block reward reduces from time to time the miners who are running out of profits will include their mining fees on the transactions and the fees for the transaction will sky rocket. So, to prevent such thing, segwits were introduced which reduces the size of each transaction and large number of transactions can be fit inside a 1mb block.
Once when the mining concludes(i.e last satoshi is mined and no more block rewards), new technologies such as Lightning network comes into existence and hence the transactions may be done off chain and the fees may be saved.

Troysen

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I think mining Bitcoin will only stop when the set limit of coins is achieved, however even if the miners pulled the plug, bitcoin wouldn't be dead just yet, the available mined coins will continue to circulate even if being traded at low prices.

jj007

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Bitcoin mining refers to the process of hashing, or using computers to solve complex algorithms. When an algorithm is solved, a new block of transactions is created and added to the blockchain. The blockchain is the public record, or ledger, of all Bitcoin transactions.Whenever Bitcoin transactions are carried out, they’re first broadcasted to the whole network and then get added to the blockchain via the miners. The process of hashing is therefore vital to deciding which transaction takes precedence (since not all transactions can fit inside a single block). If miners stopped mining, the entire Bitcoin system might actually collapse. Wink

Smith871

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To see what happens when everyone stop mining bitcoin, let’s see how transactions are created in the bitcoin network. When this is perfectly clear, we can deduce what the first thing is that will happen after everyone stops mining. Next, we can speculate about what happens after that point in time

heisenberg0000

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Quote from: Adnanzzz on February 05, 2018, 03:48:50 AM

With the price plummeting I am wondering at what price will Bitcoin not be profitable to mine anymore? What is the break-even point?
What happens when the price is so low that it costs the miners more to mine BTC than it rewards them? What happens if they pull the plug? BTC is dead then?

I dont think there is a certain stop point at mining. Because at the end of the day we cannot focus mining into btc only. There are a lot of other coins which is profitable for mining. So I think the only way mining would stop is if there would be a new technology that could phase out mining itself. Probably something that would no longer require GPU's and computers and would consume lest energy.

HeRetiK

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Quote from: moiseeva on February 05, 2018, 04:57:48 AM

It will stop till the set number of Bitcoins is mined. Regarding profitability, the price will keep rising and it would be profitable.

Bitcoin mining will continue even after the last bit of block reward has been distributed. That's what the transaction fees are for.

Quote from: RNC on February 05, 2018, 05:21:06 AM

Other coins don't all use mining so why does Bitcoin anyway and if the miners make money from new coins then
how come they robbed us with transactions fees costing me $37.22 last month because something does not seem
right about this.

Because without the likes of PoW and arguably PoS you don't achieve a secure, decentralized consensus. Those alts that did away with PoW without introducing a different PoX algorithm are depending on either central verification or a set of trusted third parties, at which points you might as well use Credit Cards or Microsoft Points.

Quote from: talkbitcoin on February 05, 2018, 05:27:22 AM

mining will never stop because that is how the design works. it can stop only if every single person the the planet stopped using bitcoin.

the "design" is that if for any reason some miners stop mining (for example like the time when they switched to mine bitcoin cash and dump it for bigger profit) the difficulty will drop and make it easier for the rest of the miners to find blocks at a normal rate (1 block every 10 min on average). and it is adjusted every 2 weeks if i understood the adjustment correctly.

Correct. Mining equilibrium will always be reached. How else would Bitcoin have been secured when it was priced at just a few cents?

Note that the difficulty adjustment period is calculated in blocks, so those 2 weeks can be shorter or longer, depending on whether the hashrate grows or declines. Same goes for the 4 year halving period.

talkbitcoin

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All I know is that I know nothing.

mining will never stop because that is how the design works. it can stop only if every single person the the planet stopped using bitcoin.

the "design" is that if for any reason some miners stop mining (for example like the time when they switched to mine bitcoin cash and dump it for bigger profit) the difficulty will drop and make it easier for the rest of the miners to find blocks at a normal rate (1 block every 10 min on average). and it is adjusted every 2 weeks if i understood the adjustment correctly.

RNC

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Quote from: Adnanzzz on February 05, 2018, 03:48:50 AM

With the price plummeting I am wondering at what price will Bitcoin not be profitable to mine anymore? What is the break-even point?
What happens when the price is so low that it costs the miners more to mine BTC than it rewards them? What happens if they pull the plug? BTC is dead then?

Other coins don't all use mining so why does Bitcoin anyway and if the miners make money from new coins then
how come they robbed us with transactions fees costing me $37.22 last month because something does not seem
right about this.

bitperson

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Keep in mind that block miners don't collect just the reward in newly minted bitcoins but also the fees for the transactions they include in their block.

moiseeva

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Quote from: Adnanzzz on February 05, 2018, 03:48:50 AM

With the price plummeting I am wondering at what price will Bitcoin not be profitable to mine anymore? What is the break-even point?
What happens when the price is so low that it costs the miners more to mine BTC than it rewards them? What happens if they pull the plug? BTC is dead then?

It will stop till the set number of Bitcoins is mined. Regarding profitability, the price will keep rising and it would be profitable.

RawDog

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Quote from: Adnanzzz on February 05, 2018, 03:48:50 AM

With the price plummeting I am wondering at what price will Bitcoin not be profitable to mine anymore? What is the break-even point?
What happens when the price is so low that it costs the miners more to mine BTC than it rewards them? What happens if they pull the plug? BTC is dead then?

Mining stops as soon a Russia, China, North Korea and the US set off all their nuclear bombs on the same day. Then, all the miners are completely fucked and they will stop altogether.

Adnanzzz

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With the price plummeting I am wondering at what price will Bitcoin not be profitable to mine anymore? What is the break-even point?
What happens when the price is so low that it costs the miners more to mine BTC than it rewards them? What happens if they pull the plug? BTC is dead then?

Topic: At what point does mining stop? - page 2. (Read 305 times)