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Topic: Bitcoin and Mining - page 2. (Read 215 times)

member
Activity: 322
Merit: 14
May 28, 2021, 06:44:23 AM
#8
Then If there is no miners the money is not moving? 

Theoretically yes. But in reality, few volunteers will use their device (e.g. Raspberry Pi) to keep network running.

So for 20$ Transaction You need big mining Factory to operate to use a lot Energy.

This is totally wrong, Bitcoin network can run whether there are only 1 miner with Raspberry Pi or multiple mining factory. The key is bitcoin mining difficulty which adjust with network hashrate.

This raspberry pi can handle all the work If the big miners are out? 
legendary
Activity: 2828
Merit: 7315
May 28, 2021, 06:19:13 AM
#7
Then If there is no miners the money is not moving? 

Theoretically yes. But in reality, few volunteers will use their device (e.g. Raspberry Pi) to keep network running.

So for 20$ Transaction You need big mining Factory to operate to use a lot Energy.

This is totally wrong, Bitcoin network can run whether there are only 1 miner with Raspberry Pi or multiple mining factory. The key is bitcoin mining difficulty which adjust with network hashrate.
member
Activity: 322
Merit: 14
May 28, 2021, 06:18:30 AM
#6
If it's the case that all miners shut down their rigs, there will be a lot of missed revenue potential, hence thinking that all miners would just shut down is totally unfeasible. It's just like saying "I drive an internal combustion engine (ICE) vehicle, what if all gas stations worldwide shut down?"



I see now but it all means If You got funds in btc and eth the funds arent Under your Control.
Also the miners are not government regulated and not Protected not insured.

Is there any coin wich works without mining the transaction? 
What about xrp?
mk4
legendary
Activity: 2716
Merit: 3816
🪸 NotYourKeys.org 🪸
May 28, 2021, 05:15:02 AM
#5
If it's the case that all miners shut down their rigs, there will be a lot of missed revenue potential, hence thinking that all miners would just shut down is totally unfeasible. It's just like saying "I drive an internal combustion engine (ICE) vehicle, what if all gas stations worldwide shut down?"
legendary
Activity: 2114
Merit: 1147
https://bitcoincleanup.com/
May 28, 2021, 04:53:48 AM
#4
~
Its Same with other coins?  Eth?  Or only goes for btc?
I'm not really familiar with the whole ETH mining but since it still uses POW, then yes it won't be transferred. You also have to remember that all these transactions are done online and between devices. If nothing is online, no transactions will be successful. It's not like handing out paper fiat to the next person.

~ So for 20$ Transaction You need big mining Factory to operate to use a lot Energy.
It doesn't have to be that way but competitions for mining the next bitcoin block increased in the last 10 years that miners have to buy more powerful machines to stay ahead. Back in the day, you can still mine using a PC and get rewarded.
member
Activity: 322
Merit: 14
May 28, 2021, 04:48:04 AM
#3
Yes, your $20 won't be transferred to any wallet if all miners are shutdown at the same time. It will be stuck in the mempool for approximately 2 weeks before it gets dropped and returned to your wallet.

Its Same with other coins?  Eth?  Or only goes for btc?
legendary
Activity: 2114
Merit: 1147
https://bitcoincleanup.com/
May 28, 2021, 04:46:06 AM
#2
Yes, your $20 won't be transferred to any wallet if all miners are shutdown at the same time. It will be stuck in the mempool for approximately 2 weeks before it gets dropped and returned to your wallet.
member
Activity: 322
Merit: 14
May 28, 2021, 04:38:19 AM
#1
If I want to send 20$ on my wallet to other wallet.
Then If there is no miners the money is not moving? 
So for 20$ Transaction You need big mining Factory to operate to use a lot Energy.

But what If all miners will be shut down all over the World? 

Do I understood Correct? 
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