If everybody stops mining... | Bitcointalksearch.org

xhomerx10

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Quote from: ALToids on October 01, 2016, 05:04:47 AM

The laptop would meet its death long before it found even one block, not even getting the difficult reset block.

I know there is a 25% stagger for difficulty going up - is there one for going down?

I'm not sure of the meaning of "stagger" but the difficulty change is limited to a factor of 4 during any retarget. I believe this is the relevant code:

Code:

57 // Limit adjustment step
58 int64_t nActualTimespan = pindexLast->GetBlockTime() - nFirstBlockTime;
59 if (nActualTimespan < params.nPowTargetTimespan/4)
60 nActualTimespan = params.nPowTargetTimespan/4;
61 if (nActualTimespan > params.nPowTargetTimespan*4)
62 nActualTimespan = params.nPowTargetTimespan*4;
63

64 // Retarget
65 const arith_uint256 bnPowLimit = UintToArith256(params.powLimit);
66 arith_uint256 bnNew;
67 ...

So it compares the time take for the last 2016 blocks to one-quarter and four times the desired timespan for 2016 blocks (which I think is 1209600 seconds) and if it is greater than 4838400 or less than 302400 the timespan is set to one of those values accordingly and used to calculate the new difficulty.

ALToids

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The laptop would meet its death long before it found even one block, not even getting the difficult reset block.

I know there is a 25% stagger for difficulty going up - is there one for going down?

1 currency now

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If the transactions of Bitcoins and the mining just stopped and there wasn't any pending transactions then I would think that you would have a chance to get the 12.5 BTC from that last transaction with just mining in your laptop since there aren't any new blocks.

jstern

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Quote from: MyBTT on September 29, 2016, 01:17:45 AM

If everyone stopped mining, the difficulty would still be what it used to be, until the next difficulty update. The minimum blocks you would have to mine before the update would be 1, and to mine that block would take almost as long as solo-mining. Years.

So after that block is mined the difficulty will go down?

jak3

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bitcoin is alive because mining is going on. not because everybody is mining it is depend on the mining deficulty which is set automatically and if you mine with a notebook then i think you will just blast your notebook for sure

Noctis Connor

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Quote from: botija on September 27, 2016, 10:58:48 PM

Doesn't the difficulty go down? Anyway, if everyone stops mining, some real serious thing must be going on in the world.

If everyone stop mining thats impossible no one will stop mining if they earning so much of bitcoin they dont really miss any day just to mine bitcoin there are more people are now mining bitcoins

sana54210

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Quote from: memequiserle on September 29, 2016, 01:16:26 AM

all people stop mining
bitcoin is dead , because bitcoin is transaction send need miner, not miner transaction can't execution

Yes without mining process, any transactions will not be recorded into block chain. Bitcoin ecosystem will come into standstill. Hopefully, it will not be going to happen as every miner will be doing the process of mining for his own profits.

So, someone will continue the mining process and new people will keep on coming and joining the mining process. This is going to happen until this earth will exist.

MyBTT

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If everyone stopped mining, the difficulty would still be what it used to be, until the next difficulty update. The minimum blocks you would have to mine before the update would be 1, and to mine that block would take almost as long as solo-mining. Years.

memequiserle

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all people stop mining
bitcoin is dead , because bitcoin is transaction send need miner, not miner transaction can't execution

Kprawn

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The thing is, too many people are heavily invested into Bitcoin mining for this to happen. They need to break even or wait until they made

some profits. There are also a lot of miners that pulled out, because of the high difficulty, and who would grab this opportunity to jump

right back in, if the difficulty dropped significantly. So no, it's highly unlikely that you would be the last man standing to do some solo

mining with your notebook. Wink

xIIImaL

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Quote from: jak3 on September 28, 2016, 12:25:43 PM

if everybody stops mining then i thonk bitcoin will be stopped forever or if not then we will transfer our coins with zero confirmations to each other. it will not only effect the network but also efrects each individual because it will make the network less secure and slow

Yeah exactly you are right. If peoples stop mining, all people will fail to get a payment on any side. Then value also will down to zero value for Bitcoin. I don't think no one will skip that.

jak3

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if everybody stops mining then i thonk bitcoin will be stopped forever or if not then we will transfer our coins with zero confirmations to each other. it will not only effect the network but also efrects each individual because it will make the network less secure and slow

J Gambler

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Quote from: Patrick349 on September 23, 2016, 12:48:43 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 world stop mining and you are only one who gonna might for sure bitcoin will be dead for sure because bitcoin is depending on people who are using it Tongue

if people are not going to show some interest in bitcoin then probably it will die.

botija

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Doesn't the difficulty go down? Anyway, if everyone stops mining, some real serious thing must be going on in the world.

xhomerx10

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You forgot about the time you shorted Bre-X from $250 down to zero just as the fraud was exposed and further multiplied your booty.
You know... when I first read OP's post I thought, "That's impossible! Phillipma1957 would never stop mining!"

philipma1957

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Quote from: Patrick349 on September 23, 2016, 12:48:43 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

What would happen if your grandmother had tesitcles ? She would be your grandfather😀

What would happen if pigs could fly? It would be raining bacon!
Well at least I hope so. Better then raining pig shit!

To be serious right now the wheel of Btc has 240 billion difficulty. Your laptop would take centuries to mine a block. And you could be sure my five s9s would crush your laptop.

When I was a young guy I used to have the following fantasy. I would meet Howrd Hughes before he went nuts and when he died I would have got his billions. I then would have parlayed it against the hunt brothers when they tried to corner the silver market in late 1977 early 1978.

I would have had 50 billion by the age of 22 in 1979. I would use that to grab both apple and Microsoft and by now I would be the most power person on earth. Cause I would have developed cloning and downloading my self into myself thus effectively solving mans problem of mortality.

As you can see the chances of that fantasy were just about as likely as your idea😀

And yeah I was smoking some very high quality weed at the time as you may be dong now.

amacar2

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In that case your laptop will not be efficient enough to find next few blocks so that difficulty get lowered and afterwards even your laptop could mine full block and get whole reward. And i don't think all miners can go offline in same time, so difficulty may keep on decreasing for several days till all miners go offline and difficulty may come to so low that even one with a laptop can get enough mining reward, however this seems almost impossible.

NorrisK

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The problem is that the difficulty would never be corrected as you would never be able to find enough blocks to get the difficulty retargeted again.

Besides that, simple laws of supply and demand would prevent a situation like this from ever occuring. If enough people drop out, it becomes more attractive for others to start mining as they can get a bigger chunk for their share.

Dreaming about you mining the network by yourself would be the same is dreaming about going back in time and mine the early blocks of bitcoins, it is simply not going to happen unfortunately.

xhomerx10

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Quote from: dollarneed on September 25, 2016, 06:15:11 AM

Quote from: machinek20 on September 24, 2016, 09:26:45 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

ok this is interesting topic.
i'm wondering what Happens to the bitcoin when all the 21 million coins are mined? what about our transaction , will it be stuck? or something ? since there is no mining activity,
and what about the miners what will they do when all the bitcoins are mined?
still don't get it.

Mining is the method by which transactions are confirmed. This is what links together the blocks into a chain. Miners currently get a block reward of coins plus any transactions fees associated with the transactions in the block they have "mined". They will continue to receive the transaction fees even after all 21 million coins have been awarded. Hopefully it is enough incentive for them to continue.

dollarneed

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Quote from: machinek20 on September 24, 2016, 09:26:45 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

ok this is interesting topic.
i'm wondering what Happens to the bitcoin when all the 21 million coins are mined? what about our transaction , will it be stuck? or something ? since there is no mining activity,
and what about the miners what will they do when all the bitcoins are mined?
still don't get it.

MWesterweele

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Quote from: Patrick349 on September 23, 2016, 12:48:43 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, 09:26:45 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, 01:29:19 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, 04:03:50 PM

Quote from: Zosuda on September 24, 2016, 01:29:19 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, 01:29:19 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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Quote from: Patrick349 on September 23, 2016, 12:48:43 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

Topic: If everybody stops mining... (Read 2208 times)