satoshi mining alone | Bitcointalksearch.org

franky1

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Quote from: gmaxwell on July 20, 2024, 04:02:12 AM

Quote from: Bohfin Legasof on July 18, 2024, 12:42:15 PM

when Satoshi started the bitcoin (blockchain) and he was mining alone ig, was he mining all the time? Cause if he stopped and nobody mined how was bitcoin able to continue to create blockchain

Is there solution for event where nobody would mine some coin?

The original software wouldn't even mine if it didn't have other peers. And there is a large gap in time between the release announcement of bitcoin and block 1 being mined, so I think it's doubtful that Satoshi was alone at any point except maybe during the period when the network wasn't even making one block per ten minutes.

'other peers' is in regard to X operations of software, not people

satoshi running X computers means satoshi could have been alone before hal then joined many blocks later(block 78)

also solo mining in those days did not need multiple computers to hash a block ID for a single block candidate..

also the reason why the first 77 blocks took (as timestamped) 2 days to accomplish can be explained by many things(common sense)
a. using the timestamp as a nonce means we cant truly trust that it actually was 2 days
b. he stopped and started his software for many other reasons(sleep, updates, bugs)

Casdinyard

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Quote from: Bohfin Legasof on July 18, 2024, 12:42:15 PM

when Satoshi started the bitcoin (blockchain) and he was mining alone ig, was he mining all the time? Cause if he stopped and nobody mined how was bitcoin able to continue to create blockchain

Is there solution for event where nobody would mine some coin?

I don't think Satoshi's the only person that was mining when bitcoin was released. They had cohorts and companions who he gave access to mine for testing purposes such as those listed by Mia Chloe, and furthermore, it was not through mining that he was able to create the blockchain metaphorically speaking, it was through people holding it one after another, until such a time occurred where everyone just agreed bitcoin's this valuable (which it is), and made mining the gold mine that it is now.

As a bonus, I don't think bitcoin's gonna die soon as everyone stopped mining, even if there comes a time where people just got tired of mining and stopped altogether even before all bitcoins are gathered. We have a lot of coins in circulations, approximately 3/4ths if I'm not mistaken, we can cycle that amongst ourselves and effectively create an economy which will definitely diminish bitcoin's monetary value, but at the very least it would make bitcoin a full-fledged currency that will stand the tests of time, so long as there's internet of course.

gmaxwell

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Quote from: Bohfin Legasof on July 18, 2024, 12:42:15 PM

when Satoshi started the bitcoin (blockchain) and he was mining alone ig, was he mining all the time? Cause if he stopped and nobody mined how was bitcoin able to continue to create blockchain

Is there solution for event where nobody would mine some coin?

The original software wouldn't even mine if it didn't have other peers. And there is a large gap in time between the release announcement of bitcoin and block 1 being mined, so I think it's doubtful that Satoshi was alone at any point except maybe during the period when the network wasn't even making one block per ten minutes.

SilverCryptoBullet

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Quote from: Bohfin Legasof on July 18, 2024, 12:42:15 PM

when Satoshi started the bitcoin (blockchain) and he was mining alone ig, was he mining all the time?

Was Satoshi a greedy miner?
The Return of the Deniers and the Revenge of Patoshi
Satoshi ‘s Fortune: a more accurate figure. More accurate but not accurate, it's estimation only.

Satoshi Nakamoto coded Bitcoin protocol, mined the Bitcoin genesis block and early blocks but then we have Hal Finney, who run Bitcoin Core, mined Bitcoin and experienced a first peer to peer transaction on chain with Satoshi Nakamoto too.

Bitcoin and me (Hal Finney)
Hal, running Bitcoin Core on 11 January 2009. It's 8 days after the Bitcoin genesis block on 3 January 2009.
Hal Finney was not Satoshi Nakamoto.

mikeywith

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Quote from: Bohfin Legasof on July 18, 2024, 12:42:15 PM

Is there solution for event where nobody would mine some coin?

The blockchain doesn't need miners to stay alive. The blockchain is essentially just data or records stored on a hard drive, paper, or even written on a wall. What miners do is extend the length of the blockchain and make changes to the data. So, in a scenario where nobody mines Bitcoin for a year, it simply means the data will stay the same; you can't change it, but nobody would lose their coins or keys. You can still propagate your transactions; they just won't be written into the blockchain. The moment someone turns on a miner and finds a block, the transactions will start going through.

There is also another important function that miners perform: they keep the difficulty high enough to ensure the security of Bitcoin. However, it's important to note that even today, miners aren't actually building the blockchain 24/7 despite trying to do so. It’s only when a block is found, which happens on average once every 10 minutes and takes less than a second to occur.

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Quote from: seoincorporation on July 18, 2024, 02:47:14 PM

If all the miners stop working, then the blockchain stop confirming Blocks, and for sure this could affect the mempool, but not sure what would happen when a miner start working after that.

That wont happen, if all current miners stop, it means that the hashrate will go down drastically that it can be mine again using GPU, to cheap GPU, and maybe to CPU again. So all those "still bitcoiners" will probably mine again bitcoin on their computers until hash rate grows again and difficulty soars and mining requires again a stronger asic to mine, it's just a cycle, it wont stop.

SatoPrincess

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Quote from: Bohfin Legasof on July 18, 2024, 12:42:15 PM

Is there solution for event where nobody would mine some coin?

The chances of that happening is next to impossible. Miners get rewards for mining because of the mining fees. And the incentive is enough to keep miners motivated, and judging from the high fees some people paid post-halving, I don’t think many miners would be giving up any time soon.

OP this topic has been discussed at length so many times before. Just use the forum search engine and search for questions like "what happens if all miners quit” or “what happens when the 21 million bitcoins are mined".

Asiska02

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Quote from: Bohfin Legasof on July 18, 2024, 12:42:15 PM

when Satoshi started the bitcoin (blockchain) and he was mining alone ig, was he mining all the time? Cause if he stopped and nobody mined how was bitcoin able to continue to create blockchain

Is there solution for event where nobody would mine some coin?

If there was an event of such, it would have been in the news and it will not be something strange to the bitcoin community when asked about it. It must be all fun from beginning and all those that participated in the mining alongside satoshi will just be doing it for some other purpose like while away time, seeing it like a game between themselves on who will accurately solve the next puzzle before the other did. They wouldn’t have known bitcoin could have grown to this stage, but it’s all good that they kept up mining and many other miners came on board to took over and are now all inclusive and a hard one to crack when mining the next block into the blockchain.

Stalker22

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Quote from: Bohfin Legasof on July 18, 2024, 12:42:15 PM

Is there solution for event where nobody would mine some coin?

No, there is no solution for such a scenario because it is a non-existent problem. Bitcoin is designed to eventually stop issuing new coins altogether. Miners will then be incentivized by transaction fees alone. It is a built-in feature.
...And if there were no miners validating new blocks, then Bitcoin would cease to exist because transactions couldnt be confirmed. The whole network relies on miners to secure the blockchain and prevent double-spending. If we remove that, then Bitcoin no longer has a purpose.

Ojima-ojo

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As at that time, how many people know about Bitcoin, as the usage is few and near active, mining in the network is not required for a running nods all the time, since the network only verify transactions only when their are sent so why and how then will Bitcoin that only nearly Satoshi knows about will be left inactive when he is not online.

Bitcoin have a traceable history and almost all it active adaptors as at that time where all miners since mining and receiving rewards were the only notable activities in the Bitcoin Blockchain that time.

seoincorporation

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Quote from: Bohfin Legasof on July 18, 2024, 12:42:15 PM

when Satoshi started the bitcoin (blockchain) and he was mining alone ig, was he mining all the time? Cause if he stopped and nobody mined how was bitcoin able to continue to create blockchain

Is there solution for event where nobody would mine some coin?

On the start there was only satoshi mining, but some months after that other users started mining too, and that's the main reason behind satoshi million BTC.

If all the miners stop working, then the blockchain stop confirming Blocks, and for sure this could affect the mempool, but not sure what would happen when a miner start working after that.

franky1

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Quote from: Bohfin Legasof on July 18, 2024, 12:42:15 PM

when Satoshi started the bitcoin (blockchain) and he was mining alone ig, was he mining all the time? Cause if he stopped and nobody mined how was bitcoin able to continue to create blockchain

Is there solution for event where nobody would mine some coin?

the first few days bitcoins blockchain was not producing ~144 blocks a day. so it technically was not continually creating the blockchain non stop

Amphenomenon

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Quote from: Bohfin Legasof on July 18, 2024, 12:42:15 PM

Is there solution for event where nobody would mine some coin?

in addition to Mia Chloe reply, This scenario can not exist especially from the fact that it did not exist when only a few believed in Bitcoin, it can`t exist now when there are over a million Bitcoiners running node or mining bitcoin.

Mia Chloe

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Not only Satoshi mined, others did people of the likes of Hal Finney , Laszlo and GameKyuubi and many other old bitcoin supporters. At that time mining bitcoins required very little computational power and mining rewards were up to 50 bitcoins per block.

The fact is earliest miners mined bitcoin and ran nodes not because they knew bitcoin will be this big today but because the saw it as FUN. It was simply letting you computer play around with some hashes till a valid one was found and them you get some bitcoins as a reward.

Bohfin Legasof

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when Satoshi started the bitcoin (blockchain) and he was mining alone ig, was he mining all the time? Cause if he stopped and nobody mined how was bitcoin able to continue to create blockchain

Is there solution for event where nobody would mine some coin?

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