yes, it could immensely affect the price of Bitcoin.
Imagine if one day all banks cannot process payments, just for one day... chaos would reigns.
this would be a tremendous apocalypse! Miner can't stop working...
Topic: Bitcoin miner stoped distribute bitcoin - page 2. (Read 266 times)
If miner stop mining then he bc net will go down and btc will die! As all known miner not only mining new bitcoins but also confirming the transactions too.
If there is no miner, then people can not transfer btc then btc die.
If there is no miner, then people can not transfer btc then btc die.
what if all miner bitcoin stops working does not generate or distributes bitcoin for one day if it could affect bitcoin price?
You have to understand that there's a lot of miners not just in China, although they have the bulk of the mining farms there. But lets say all of them stops mining, then in just a couple of days bitcoin price will plummet because this will severely impact investors mindset that bitcoin is already dead.
However, realistically, I don't think that all miners will have a collaborative and coordinated effort to shut down everything. Its business at the end of the day. So it doesn't make sense at a business standpoint to just stop it just even for a day because you are also losing money here not just investors or traders.
This is not a good solution and it will not help at all. Miners stopping mining means there will be no transaction. No transaction will make bitcoin to have no values. Besides the number of miners are many and they all cannot be stopped together.
what if all miner bitcoin stops working does not generate or distributes bitcoin for one day if it could affect bitcoin price?
there aren't a small number of miners like 5 miner to stop mining all of a sudden! there are thousands of miners who are mining bitcoin, possibly more. they won't just stop all at once and out of the blue for no reason.
these "what if" questions need to have some reality to it so that they can be answered. otherwise you will be entering the realm of science fiction.
in reality what can happen is that price can go down so that mining profit can fall so miners start to go away. then difficulty will come down so it becomes profitable again. even if price falls to $1 and a lot of miners leave still difficulty will come down and mining will become easy. until you can mine bitcoin with your computer again. so at the end of the day if all the miners leave you can start your PC and mine bitcoin with it. so it won't die.
in short miners don't leave the price takes effect. price changes (up or down) then miners come in or go out.
what if all miner bitcoin stops working does not generate or distributes bitcoin for one day if it could affect bitcoin price?
If miner stop mining then there will be no value to bitcoin. Miner not only mining new bitcoins but also confirming the transactions too.
If there is no miner, than no transaction will happen.
In others words, that day Bitcoin will not have any value, because if I say ,somebody want to sell it cheap but transaction from his wallet to seller wallet will not happen and then why should pay for something that you will not receive.
what if all miner bitcoin stops working does not generate or distributes bitcoin for one day if it could affect bitcoin price?
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