If everybody stops mining... - page 2.

MWesterweele

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Quote from: Patrick349 on September 23, 2016, 01:48:43 PM

Hey Guys,

if every bitcoin miner on the world would stop mining and only my notebook is mining would I get every 10 minutes 12,5 BTC? Cheesy

I am just interested and want to know what would happen when... Wink

Best regards,

Patrick Grin

If every wrould would stop mining and you are the only who mine probably you wil still get low bitcoin because it always depends on the miner and the hash you will using to get load of bitcoins right ? some of companies are using big machines to get bitcoins everyday.

axrhuls

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Quote from: machinek20 on September 24, 2016, 10:26:45 PM

There will be a disaster, miners is the one that help us to process the speed transaction, so without them our transaction will be stuck and it is going to take a lot of time to confirm, so miners is an important things in bitcoin

It will make bitcoin dead, no miners means non-working blockchain, so this is fatal to bitcoin.

Fraxinus

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Well that's one of the foundations of BTC so I guess everything about BTC will be screwed and the stystem won't work so that actually can't happen Cheesy

machinek20

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There will be a disaster, miners is the one that help us to process the speed transaction, so without them our transaction will be stuck and it is going to take a lot of time to confirm, so miners is an important things in bitcoin

outatime1

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Wouldn't transactions take a long time if that happened. I don't think bitcoin could function without thousands of computers mining. As long as there is money to be made by mining, we should have enough people doing it.

xhomerx10

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Quote from: Zosuda on September 24, 2016, 02:29:19 PM

Wait so when the bitcoin difficulty hits the point when mining is nearly impossible bitcoin will die as nothing will confirm?

You don't seem to understand that difficulty is a function of network hashing rate. The difficulty increases as the network hashing rate gets larger in order to keep the block confirmation time at an average of ~ 10 minutes. It's not possible for the bitcoin difficulty to increase to a point where mining is impossible.

The question was about miners going offline (specifically ALL miners except OP and his laptop). If that were the case, bitcoin would certainly die because it would never have a difficulty reset again and no blocks would be confirmed. The transaction backlog would increase exponentially as Bitcoiners scrambled to dump their coins for peanuts (to no avail of course since no transactions would be confirmed) and OP with his laptop would be essentially powerless to help. Bless his soul for trying.

If his laptop could hash at 250 Mh/s (that's a decent laptop graphics card!), the next block would take up to 44,904,850 days to complete so even if we were only 1 block short of the 2016 required, you can see how frivolous this would be. The laptop would also die before the next block was ever mined (of course that is pure speculation).

Zosuda

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Quote from: DannyHamilton on September 24, 2016, 05:03:50 PM

Quote from: Zosuda on September 24, 2016, 02:29:19 PM

Wait so when the bitcoin difficulty hits the point when mining is nearly impossible bitcoin will die as nothing will confirm?

No.

Bitcoin difficulty adjusts every 2016 blocks. If difficulty is a little bit too high, and it takes more than 20160 minutes to solve 2016 blocks, then difficulty is reduced to make mining easier. Therefore, mining isn't likely to ever be "impossible".

If half of the entire world's hashpower suddenly decided to shut down immediately after a difficulty adjustment, then blocks would be solved every 20 minutes on average and it would take 4 weeks (about 40320 minutes) to solve 2016 blocks. After that, difficulty would be cut in half to make it easier, and the next 2016 blocks would only take 2 weeks (about 20160 minutes) with an average of 10 minutes between blocks..

If three-fourths (75%) of the entire world's hashpower suddenly decided to shut down immediately after a difficulty adjustment, then blocks would be solved every 40 minutes on average and it would take 8 weeks (about 80640 minutes) to solve 2016 blocks. After that, difficulty would be cut to 25% of what it was to make it easier, and the next 2016 blocks would only take 2 weeks (about 20160 minutes) with an average of 10 minutes between blocks.

Thanks for clearing that up.

Very cleaver, Bitcoin amazes me more and more each day.

DannyHamilton

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Quote from: Zosuda on September 24, 2016, 02:29:19 PM

Wait so when the bitcoin difficulty hits the point when mining is nearly impossible bitcoin will die as nothing will confirm?

No.

Bitcoin difficulty adjusts every 2016 blocks. If difficulty is a little bit too high, and it takes more than 20160 minutes to solve 2016 blocks, then difficulty is reduced to make mining easier. Therefore, mining isn't likely to ever be "impossible".

If half of the entire world's hashpower suddenly decided to shut down immediately after a difficulty adjustment, then blocks would be solved every 20 minutes on average and it would take 4 weeks (about 40320 minutes) to solve 2016 blocks. After that, difficulty would be cut in half to make it easier, and the next 2016 blocks would only take 2 weeks (about 20160 minutes) with an average of 10 minutes between blocks..

If three-fourths (75%) of the entire world's hashpower suddenly decided to shut down immediately after a difficulty adjustment, then blocks would be solved every 40 minutes on average and it would take 8 weeks (about 80640 minutes) to solve 2016 blocks. After that, difficulty would be cut to 25% of what it was to make it easier, and the next 2016 blocks would only take 2 weeks (about 20160 minutes) with an average of 10 minutes between blocks.

Zosuda

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Wait so when the bitcoin difficulty hits the point when mining is nearly impossible bitcoin will die as nothing will confirm?

veleten

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a: you and your heroic laptop would never find blocks,since the diffculty would not reset
b: even if you managed to find one your transcations would not get confirmed
c: bitcoin market collapses and you get nothing anyways

p.s. please,don't turn this into bitcoin discussion thread with the topics like:What if I give you 100 bitcoins? or Is bitcoin good or bad?

NewLiberty

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Gresham's Lawyer

Quote from: Patrick349 on September 23, 2016, 01:48:43 PM

Hey Guys,

if every bitcoin miner on the world would stop mining and only my notebook is mining would I get every 10 minutes 12,5 BTC? Cheesy

I am just interested and want to know what would happen when... Wink

Best regards,

Patrick Grin

The difficulty would still be the same (until it resets lower) It is unlikely that you would find any blocks any time soon.

th3nolo

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probably the bitcoin dies and the pending transaction list would be enormous. I see that possible in an apocalyptic situation or war.

xhomerx10

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Okay I agree that it is funny but it should be in mining or mining speculation. The bitcoin network would still be alive without miners but transactions would never be confirmed.

shield132

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xhomerx10
no, it's maybe wrong but in development & technical discussion, there is many similar threads. And I think this is very good and funny question Cheesy

This question remind me following question: What will happen if everybody stop using electricity.
If everybody stops mining, than transactions wouldn't confirm but I really don't know what you would get with mining only your leptop Cheesy

Let's try but no one is going to stop mining because it's business and money earning.

xhomerx10

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Wrong place for this type of question.

Difficulty doesn't change until 2016 blocks are mined so you'd get squat with your laptop and Bitcoin would be over.

Patrick349

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Hey Guys,

if every bitcoin miner on the world would stop mining and only my notebook is mining would I get every 10 minutes 12,5 BTC? Cheesy

I am just interested and want to know what would happen when... Wink

Best regards,

Patrick Grin

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