I'm going to lock this thread since my question have been answered already, Thank you
Topic: [Question] What will happened to Bitcoin if there's no miner? (Read 738 times)
I'm being enlightened by your knowledges, thank you for all the answers and those who answered I was hoping that some new to this community will be able to read this to have some additional knowledge.
I'm going to lock this thread since my question have been answered already, Thank you
I'm going to lock this thread since my question have been answered already, Thank you
Thats right but some people cant earn bitcoin if theres no miner that they gonna use because lot of people like mining because they get a huge profit here.
As izanagi said, I think it's highly unlikely that there won't be any miner. If such extreme cases happens I believe it is a great opportunity to mine bitcoin because difficulty will be very low and it's going to be very profitable. Even if Bitcoin price fell a lot it won't matter because mining cost will greatly decrease.
Without miner, there will be no bitcoin circulation.
Let say if suddenly miner stop mining in this year, I'm sure the value will increase because the supply will be limited.
But it's impossible to happen, IMO
Let say if suddenly miner stop mining in this year, I'm sure the value will increase because the supply will be limited.
But it's impossible to happen, IMO
Thats right but some people cant earn bitcoin if theres no miner that they gonna use because lot of people like mining because they get a huge profit here.
Transaction speed will be zero and confirmation process will be stopped. Nothing happens to existing data and bitcoin will just be inactived. If miners didn't satisfy with money they have gain and stop mining, owners could also do mining task. By doing that and reaching to a resolution, no body pays fee for transactions or payments made for sales. This scenario sounds like a more efficient crypto market and why not?
Without miner, there will be no bitcoin circulation.
Let say if suddenly miner stop mining in this year, I'm sure the value will increase because the supply will be limited.
But it's impossible to happen, IMO
Let say if suddenly miner stop mining in this year, I'm sure the value will increase because the supply will be limited.
But it's impossible to happen, IMO
Actually its just simple. Miners work to confirm transactions by adding them to the Block Chain. If no one is doing that, there is no Bitcoin. The whole process in main core of the blockchain is stopped. So is this could be happened. I think even with a very low chance its still could if there's no more price in this thing.
of course everything will stop, because if there are no miners, blockchain technology won't work, because they don't create new bitcoins.
Bitcoin price will not worth, and it will get down too fast because the miners are not confirming the transaction. But so far, the miner still running and only a big hashrate and cheap electricity cost will survive, the rest is shut down their mining hardware because it's not worth for them to continue mining bitcoin or altcoin. But I don't think it will happen soon because bitcoin is still on the development and still grow until now.
Production stops, price increases, transaction gets delayed - I guess!
Turn off the internet and kill all bitcoin miners then bitcoin will die.
killing the internet will kill 90% of the word and cripple 100% of it because although it may not look like it but we depend on the internet more than you know in all our activities specially when it comes to money.
besides killing the internet will not kill bitcoin, we can still broadcast blocks using radio waves and satellites
The answer is very simple - the blockchain network will stop working. All blocks will be saved and you can restore the entire chain and the network at any time. The problem would be in the moment when the chain record will be destroyed.
I'm not really that good about cryptocurrencies especially the technical stuffs so I would like to know to every what will happened to Bitcoin and other decentralized cryptocurrencies.
These past few months a news spread in the forum that the miners or owners of mining rigs are closing their rigs because of the continous fall price of bitcoin and other cryptocurrencies and some of them are changing what are they going to mine.
I've read some articles online that to maintain the its network is by having a decentralize network of miners what if there are no miners left? What will happened to network and to the bitcoin?
These past few months a news spread in the forum that the miners or owners of mining rigs are closing their rigs because of the continous fall price of bitcoin and other cryptocurrencies and some of them are changing what are they going to mine.
I've read some articles online that to maintain the its network is by having a decentralize network of miners what if there are no miners left? What will happened to network and to the bitcoin?
it stops existing
Nope, blocks will just stop being produced and transactions will stop being confirmed. It will be inactive but it'll still exist. At any time, a miner can start hashing again and the blockchain will pick up where it left off.
I've seen this happen before with altcoins. Years ago, I had to start mining an altcoin just to get a transaction confirmed because the chain was dead and I was trying to send coins to an exchange.
I don't think the Blockchain network stops being there. We all know that transactions are made when miners exploit and create it. The cost of partial transactions will be paid to miners. So when miners stop mining, then the creators will think of ways to keep Blockchain and Bitcoin networks alive. This will be the same as when 21 million Bitcoin is fully exploited. People will think of ways for transactions to be maintained but may not be by mining miners
The system will not going to work especially if there were trades. The miners were said to be the one to confirm transactions by putting transferred btc into blockchains. Anyway, miner job to.any crypto is very important. Other crypto can use other platform so that is why there are many of it in the market that are im the same block chain which supported by the platform they are using. The most common platform they use is ETHEREUM platform.
Turn off the internet and kill all bitcoin miners then bitcoin will die.
However, this is difficult to hap because every miner already understands the profit that will gets when he becomes a bitcoin miner.
You can imagine when the price of bitcoin is in the range of $1 or $2, there are still bitcoin miners, it doesn't go away.
However, this is difficult to hap because every miner already understands the profit that will gets when he becomes a bitcoin miner.
You can imagine when the price of bitcoin is in the range of $1 or $2, there are still bitcoin miners, it doesn't go away.
Bitcoin stays alive through miners because its POW algo coin just as many altcoins out there,if miners stop mining bitcoin will become useless and we will never hear the name again ,miners are what keeps POW coins alive and kicking ,if in the future people choose a better coin over bitcoin then the new coin will be top on the list
So the simple answer of your questions is that if there will be no miner than no network capacity and anyone can hack and change the information of the Blockchain informaton ( ledger ).Then people will have no faith in Bitcoin then people will start selling there Bitcoin and the time will come you will get 1 Bitcoin at a cost of null or void. Means you will get free Bitcoin as much you want.
the same thing will happen when all the BTCs are mined, there will be no more supply and probably BTC will start growing sky high.
it will happen in more than 100 years from now so you can not possibly begin to predict what will be happening by then. not to mention that in a hundred years from now, bitcoin is either grown fully (as in being mass adopted) or it is simply dead and replaced by something else along the way. in either case there won't be a new growth by then. price might as well be already worth above $10 million per coin.
if there is no miner left then I'm sure bitcoin will be developed better, and made very good so that there are many who are interested and want to join and mine again .
However that won't happen because if mining falls then normal users can mine using graphics cards and CPUs again
But wouldn't it lead to decreasing the speed of transactions? To me no blockchain network or very-very slow blockchain network is neraly the same. Am I wrong? 
In principle, on 2 pages You have already been given an exhaustive answer what will happen to bitcoin if there are no miners.It seems to me a shame with your rank to ask such questions.It is quite obvious that without miners there will be no bitcoin.As the car will not go without gasoline and bitcoin can not exist without miners.
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