Your imagination travelled far on this one. Unless there is a world attack, it would be difficult for all computers in the world or device stop working at once or for mining to suddenly stop all round.
Most countries survive on Bitcoin, so it should make you think that most miners use a special separate power source for their servers, I don't need to talk of the heavy encryption and firewalls they use as security too.
Bitcoin would find a way to survive still, because more like fiat currency, it is also a currency of its own.
AI these days can even be programmed to mine coins as well as major super computers. Imagine again if it might be plausible even.
Topic: mining bitcoin can be ceased? (Read 124 times)
what would occur if all the computers in the world that mine Bitcoin suddenly stopped doing so?
how would this affect the value and future of Bitcoin as a digital asset and decentralized currency? in other words, what would happen to Bitcoin if mining completely stopped or ceased?
But why are you taking such scenarios which are nearly impossible? Why would all the computers that are involved in bitcoin mining shut down at the same time? If you are saying about any specific reason you need to mention the same to clear the doubts.how would this affect the value and future of Bitcoin as a digital asset and decentralized currency? in other words, what would happen to Bitcoin if mining completely stopped or ceased?
Second the miners are getting rewards for it so they will never stop doing so although the competition and hashrate will vary from time to time but nobody doing so will automatically push the difficulty to low and again profit making opportunity for miners so they won't stop doing it.
Third as you are saying about being ceased then it's case where government has put ban on mining operations and strict regulations are being followed.Even in this case they won't be able yo track down miners because they are using TOR network with their own nodes so it's completely private for them.
Forth even if such thing happens it won't affect the decentralised nature of bitcoin because no central chain of authority,no third party involvement still remains the same as you can't make changes to the source code in the manner it's designed.So don't think too much about it.
what would occur if all the computers in the world that mine Bitcoin suddenly stopped doing so?
Am sure you must have been a newbie in this, if not how could you expect all the bitcoin mining components to stop working at the same time for no reason, it's not possible because bitcoin is a decentralized network a d every miner is independently on their own a d what connects them together is when they are connected to the nodes on blockchain from their own system or computers, but they can't influence any change, or cause alterations of any kind to the network as long as such move does not conform to the blockchain protocols it's not considered, no central server anywhere like the centralized institutions do have in controlling the network, bitcoin network is decentralized and blockchain is immutable.
how would this affect the value and future of Bitcoin as a digital asset and decentralized currency? in other words, what would happen to Bitcoin if mining completely stopped or ceased?
If all the remaining blocks were completely mined, the bitcoin network will not stop, miners will depend on the transaction fee for their incentives and bitcoin protocols remains.
the difficulty will drop drastically in a short time
You could hardly be more wrong. There is no conceivable scenario where difficulty drops quickly.
If the last 2016 blocks took less than 2 weeks, then difficulty goes up, not down.
The only way for difficulty to drop is for the last 2016 blocks to have taken more than 2 weeks.
And the most it can drop is by a factor of 4. But that means that the last 2016 blocks took at least 2 months.
So by definition a large drop takes a very long time.
If all mining stops, it takes forever to mine another block.
If nearly all mining stops, then it will take many months to adjust difficulty.
if no one mines anymore (because there's a sudden alien attack centered right on the asics, because they built them with a material that will self-destruct on a certain date etc. etc.) the difficulty will drop drastically in a short time. at that point mining will resume Because at least I will start mining with CPU like Satoshi
If that apocalyptic attack happens exactly after the difficulty adjustment and it wipes out let's say 90% of the hash rate prepare for months of pain while we mine enough blocks to reach a new difficulty adjustment, the last major downturn in hash rate which was gradual and only 27% ended with a full week on top of the normal 14 days period.
If all asics disappear it will take just a few centuries to mine with a with cpus the required blocks. But I guess some will wait!
what would occur if all the computers in the world that mine Bitcoin suddenly stopped doing so?
No new block is generated, which means no transaction could be confirmed (as in included in a block) and causing mempool full after some time. But obviously scenario you mention isn't realistic based on today's condition. And if that happens, that means either people already lose interest with Bitcoin or most/all country experience electricity outage.
how would this affect the value and future of Bitcoin as a digital asset and decentralized currency? in other words, what would happen to Bitcoin if mining completely stopped or ceased?
Bitcoin price would drop (remember few people and short-term trader store their BTC on exchange) and then people would abandon Bitcoin.
what if 2nd layer networks continued to function? or would the unspecified magic stop them too?
what would occur if all the computers in the world that mine Bitcoin suddenly stopped doing so?
how would this affect the value and future of Bitcoin as a digital asset and decentralized currency? in other words, what would happen to Bitcoin if mining completely stopped or ceased?
how would this affect the value and future of Bitcoin as a digital asset and decentralized currency? in other words, what would happen to Bitcoin if mining completely stopped or ceased?
To answer the question without any "if"s at all, yeah, Bitcoin would stop working and would cease to exist. Mining is the process of keeping the network secure, producing new Bitcoins, confirming transactions, etc. If all miners stop, no transactions would occur because there would be no confirmations and also, no new Bitcoins would come into circulation.
Obviously this would represent many jobs lost, companies going down the drain, investments screwed up and who knows what more!
if no one mines anymore (because there's a sudden alien attack centered right on the asics, because they built them with a material that will self-destruct on a certain date etc. etc.) the difficulty will drop drastically in a short time. at that point mining will resume Because at least I will start mining with CPU like Satoshi
If the mining hashrates dropped to the extent that people are just using CPU to mine bitcoin, the blockchain security would have reduced so much and it may harm the blockchain. What I know is that all countries can not agree to all ban bitcoin. As one country will ban it, the other country will support it. This is according to what we have seen. Nothing will stop miners to use ASICs.
if no one mines anymore (because there's a sudden alien attack centered right on the asics, because they built them with a material that will self-destruct on a certain date etc. etc.) the difficulty will drop drastically in a short time. at that point mining will resume Because at least I will start mining with CPU like Satoshi
Or the government threatening to ban the POW mining method because there will be people mining it.
China banned bitcoin mining, but Chinese miners are now the second largest. When China banned bitcoin mining, Kazakhstan become the second largest, but now third largest. Kazakhstan makes bitcoin mining legal and see what that happened recently, the tax Kazakhstan government made from crypto mining. Kazakhstan collected $7M in crypto mining taxes in 2022
All governments can not decide one day that they want to ban bitcoin mining. As one government will ban it, another government sees it as opportunity to mine.
what would occur if all the computers in the world that mine Bitcoin suddenly stopped doing so?
how would this affect the value and future of Bitcoin as a digital asset and decentralized currency? in other words, what would happen to Bitcoin if mining completely stopped or ceased?
I don't think it's going to happen but if that happen then the value of the bitcoin will find a threshold for people who will still mine and profit from it. Imagine there no competition on mining. Everyone is looking at you to get their transaction picked and confirmed. You will have all these coins? Isn't it too good to be truth?how would this affect the value and future of Bitcoin as a digital asset and decentralized currency? in other words, what would happen to Bitcoin if mining completely stopped or ceased?
But assume such thing just happened. Industrial mining died. Hash-power dropped dramatically, mining difficulty is just like it was at the beginning. More individuals will be able to mine bitcoin. That's in theory though.
what would occur if all the computers in the world that mine Bitcoin suddenly stopped doing so?
It is impossible not to have anyone mining bitcoin. Even the continuous high price of its mining tools can’t stop that. Or the government threatening to ban the POW mining method because there will be people mining it. But in fiction should every miner stops mining in the world then the existence of bitcoin will be threatened. Miners are the maintainers or validators of bitcoin transactions. Without them the bitcoin blockchain will be threatened.Quote
how would this affect the value and future of Bitcoin as a digital asset and decentralized currency? in other words, what would happen to Bitcoin if mining completely stopped or ceased?
Bitcoin mining will eventually stop when all 21 million bitcoins have been mined and miners will only earn from transactions fees. This will create bitcoin scarcity and as much will make bitcoin an expensive assets. It’s limited supply is what gives it an edge against other assets
what would occur if all the computers in the world that mine Bitcoin suddenly stopped doing so?
how would this affect the value and future of Bitcoin as a digital asset and decentralized currency? in other words, what would happen to Bitcoin if mining completely stopped or ceased?
how would this affect the value and future of Bitcoin as a digital asset and decentralized currency? in other words, what would happen to Bitcoin if mining completely stopped or ceased?
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