What will happen if all miners stop mining? - page 2.

figmentofmyass

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Quote from: TryNinja on April 09, 2020, 11:34:22 PM

Quote from: Darker45 on April 09, 2020, 11:23:53 PM

Miners are there to basically process transactions. If there are no miners, transactions won't be be processed and confirmed. I'm afraid there will be no more transactions on the network without the necessary processing capacity of miners.

This can't happen. If miners leave, the difficulty decreases and becomes easier to mine.

of course it can theoretically happen. if all miners stopped mining, difficulty would not adjust. it doesn't just magically adjust when hash rate drops. the blockchain needs to reach the 2016 block difficulty adjustment threshold.

there are lots of dead blockchains out there where transactions can no longer be processed. let's hope bitcoin never joins them, but the possibility certainly exists.

NeuroticFish

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Quote from: TryNinja on April 09, 2020, 11:34:22 PM

If miners leave, the difficulty decreases and becomes easier to mine.

Actually if all the miners just go in the same time, the difficulty won't adjust, right?
The difficulty adjustment happens every 2016 blocks. If no miners, the difficulty remains high since no blocks get mined.
Of course, such situation, such synchronization is highly unlikely.

Pffrt

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Technically it's possible that there might be no miners at all but in theory, it's not possible like as TryNinja pointed. If there are no miners to process the tx, with the less network difficulty, it will be easy to mine and some people will jump into it.

bitmover

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bitcoindata.science

As many already mentioned, if miners stop bitcoin will survive.
It is not that easy to kill bitcoin. It will survive

Darker45

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Quote from: TryNinja on April 09, 2020, 11:34:22 PM

Quote from: Darker45 on April 09, 2020, 11:23:53 PM

Miners are there to basically process transactions. If there are no miners, transactions won't be be processed and confirmed. I'm afraid there will be no more transactions on the network without the necessary processing capacity of miners.

This can't happen. If miners leave, the difficulty decreases and becomes easier to mine. People will then start to mine to profit as they get more "space" to do so. And even if BTC ever goes to zero, I'm pretty sure there will be people mining just for the lulz (difficulty will be down anyways, since there is no profit-seek miners, so it won't be expensive).

Of course, this will not happen. I was just responding to a hypothetical question. However, if worst comes to worst and the mining industry will somehow crash, there will be a huge party of individual miners that will ensue. There might be a resurrection of old celeron-powered PCs if the difficulty would reach a very low level. LOL. The past years have virtually erased individual independent miners. Mining farms and multi-million-dollar mining industries are now dominating the market.

pooya87

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first and foremost you can never compare altcoins' behavior with bitcoin. they are always entirely different even if that altcoin uses a similar name. for example BCH and BCHSV are both centralized altcoins the 2 hour delay might have been a plan by the owners who also control almost all the hashrate to decrease the difficulty by kicking any other miner out then making profit by mining all blocks themselves.

secondly it all comes down to incentives. bitcoin price during last halving was about $600 that made the reward go down from $15k per block down to $7500 and miners were still mining bitcoin. now that same $7500 reward per block is worth $91000 and even when it halves it is still worth $45000 which as you can see is 6 times more than when it started!
in comparison with altcoins, like bcash it used to be 0.2 bitcoin and now it is 0.03 as you can see they are always on a downtrend which is why whenever their block reward halves a lot of miners leave since they know the price is going to continue to decline.

Btcbeginners

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After the halving, Bitcoin scarcity will increase, hence most likely too long the market. In the case, a few days or months, some parts of the world, miners will not break even due to Bitcoin block reward drop, which will be fixed Bitcoin when difficulty adjustment. Until this, there may little price drop.

Apocollapse

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Quote from: kakonhat on April 09, 2020, 11:09:20 PM

I am very curious. What will happen for Bitcoin if all the miners stop their mining?

I hope you got the answer in these link

TryNinja

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Quote from: Darker45 on April 09, 2020, 11:23:53 PM

Miners are there to basically process transactions. If there are no miners, transactions won't be be processed and confirmed. I'm afraid there will be no more transactions on the network without the necessary processing capacity of miners.

This can't happen. If miners leave, the difficulty decreases and becomes easier to mine. People will then start to mine to profit as they get more "space" to do so. And even if BTC ever goes to zero, I'm pretty sure there will be people mining just for the lulz (difficulty will be down anyways, since there is no profit-seek miners, so it won't be expensive).

Darker45

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Miners are there to basically process transactions. If there are no miners, transactions won't be be processed and confirmed. I'm afraid there will be no more transactions on the network without the necessary processing capacity of miners.

Value? It depends. If people will still attach value to Bitcoin even if it is not anymore functioning as a currency, or perhaps while waiting for the resumption of mining, then there will still be value.

Transfer on-chain is not possible, of course. But there are off-chain transfers, which I guess will also become more or less useless if the network is not at all functioning and secured.

UserU

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Quote from: kakonhat on April 09, 2020, 11:09:20 PM

We know a few days ago there are completed halving of Bitcoin Cash and Bitcoin SV. After halving of Bitcoin Cash there was no block created almost two hours. On the other hand, Bitcoin SV lost value after the halving.
I am very curious. What will happen for Bitcoin if all the miners stop their mining?
Will it have value?
will it possible to transfer?

Nobody knows what's gonna happen, but I assume the price might skyrocket because the supply way is less(er) than it's stipulated 21 million (excluding those missing in oblivion). But then again, if they cannot be transferred, the price might go the other way because they have become practically "useless".

kakonhat

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Crypto in my Blood

We know a few days ago there are completed halving of Bitcoin Cash and Bitcoin SV. After halving of Bitcoin Cash there was no block created almost two hours. On the other hand, Bitcoin SV lost value after the halving.
I am very curious. What will happen for Bitcoin if all the miners stop their mining?
Will it have value?
will it possible to transfer?

Topic: What will happen if all miners stop mining? - page 2. (Read 362 times)