what will happen if miners stop mining bitcoin?

Johnzky

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Quote from: intrader on July 02, 2016, 12:43:14 AM

What will happen if miners stop mining bitcoin? Will result in broken blockchain or any other problems to the network? I would like to buy some bitcoin for long-term investment and not plan to sell for years

As of today the circulating volume of bitcoin in the market is enough to sustain the needs of the people so for me theres no effect if ever the miners stop to mine bitcoin

And besides the more bitcoin has been mined is the harder it can be accumulated,so theres no really effect if time comes that they stop this mining activity

denny27

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★Bitvest.io★ Play Plinko or Invest!

Anyhow basically it's an important thing that will not be abandoned from time to time, it is like closely related to the existence of bitcoin and of course also many other efforts too that can affect it which are not only mining. For many years it can still be, even for now and for the future

Pamadar

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Quote from: Sir Legend on January 03, 2019, 05:24:52 AM

It must be acknowledged that the level of mining difficulties continues to increase so that mining is only dominated by large investors such as Bitmain, if miners stop mining, there will be a fixed stock while the demand increases so that the price of bitcoin rises dramatically.

Possibilities indeed will be dominated by large miners such as bitmain as they've got the large volume of coins being mine they've got the control over, and if this will continue for sure they will hold and let the value to rise more before they will sell it out.

anume123

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Proof-of-Stake Blockchain Network

But lot of people will still buy of bitcoin lot of them are investors and traders but the supply gonna extend and the price will dump ofcourse because lack of investors that willing to bought bitcoins. But it's impossible to happen because miners earn daily for bitcoin mining.

bagsat

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That would be another fall of bitcoin. If they stop mining there will be lack of trading bitcoin and price would fall again, and again.

Sir Legend

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It must be acknowledged that the level of mining difficulties continues to increase so that mining is only dominated by large investors such as Bitmain, if miners stop mining, there will be a fixed stock while the demand increases so that the price of bitcoin rises dramatically.

jokers10

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Quote from: illnino on January 02, 2019, 01:15:52 PM

Quote from: ?? on ??

For me, I don't think that a lots of miner's will all leave or stop mining the Bitcoin crypto currency. Because honestly, people are gaining a lots of profit from mining especially those who are large miners.

People that mine Bitcoin make the money on it. Why should they stop the business, which brings them such a great profit? They can simply go somewhere to the north, where mining is much more cheaper.

To buy an equipment becomes more and more expencive and the income does not grow. Maybe using heat of mining equipment for heating of houses makes it cheaper in the colder regions, but it does not make it free. If you pay tens of thousands USD for equipment you need not just to have some income, but to get your investment back, right?

cahbagus555

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If miners stop mining bitcoin, i think our transaction confirmation become slower and maybe our transaction can not confirmed. Buying bitcoin is good option as long we keep it for long term, i am believe bitcoin will give big gain

illnino

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Quote from: ?? on ??

For me, I don't think that a lots of miner's will all leave or stop mining the Bitcoin crypto currency. Because honestly, people are gaining a lots of profit from mining especially those who are large miners.

People that mine Bitcoin make the money on it. Why should they stop the business, which brings them such a great profit? They can simply go somewhere to the north, where mining is much more cheaper.

rodel caling

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Quote from: intrader on July 02, 2016, 12:43:14 AM

What will happen if miners stop mining bitcoin? Will result in broken blockchain or any other problems to the network? I would like to buy some bitcoin for long-term investment and not plan to sell for years

Its obvious if this scenario will come true I do not buy bitcoin for my long term investment because possible bitcoin will die that's only my opinion but I know the new technology was not stop to continue improve their capability to access and fix all possible problem in the future.
The proof is lighting network is continue ongoing to develop their improvement including the blockchain technologies.

chenille

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chenille!

Quote from: Bitdressa on January 01, 2019, 08:29:08 AM

maybe what will happen if there is no bitcoin miner can say there is no amount of bitcoin to sell and also for the bounty that is offered on each new coin, hopefully this prediction is not true, because mining bitcoin is enough useful for other bitcoin users.

I can't imagine that Bitcoin mining will be completely shut down. Even at prices of 1000$ there will be some mining, the only change will be the number of miners being active in the network. When Bitcoin was a few 100 dollar, there was also mining, only at a smaller scale.
Mining will always be dependant from BTC price and it's normal that unprofitable miners (too high electricity prices or outdated hardware) will shut down sometimes or pause operations.

Bitdressa

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maybe what will happen if there is no bitcoin miner can say there is no amount of bitcoin to sell and also for the bounty that is offered on each new coin, hopefully this prediction is not true, because mining bitcoin is enough useful for other bitcoin users.

conected

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Quote from: ?? on ??

For me, I don't think that a lots of miner's will all leave or stop mining the Bitcoin crypto currency. Because honestly, people are gaining a lots of profit from mining especially those who are large miners.

- Indeed, miners will not stop mining bitcoin and other crypto because this is a very stable and long-term field, many people have a stable income regardless of market changes over time, and with such great points, there is no reason for miners to give up this place. However, if one day, miners suddenly stop mining and disappear from the market, that will be a sign to show that the disappearance of the market is approaching, we need to withdraw before the market goes down, without help and maintaining the stability of miners, this market is difficult to survive

kaisa

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Quote from: kucritt on December 31, 2018, 08:57:52 AM

there are 4 Million bitcoin that ready to mine, if the miners stop mining bitcoin, i think it will makes the bitcoin is hard to reach their max supply 21 Million, and i think it will decreasing the popularity because of this

Bitcoin will not decline in popularity even if the mining pool stops operating, try reading this study carefully that mining activities do not make bitcoin die and it takes a long time to make the bitcoin network die.

kucritt

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there are 4 Million bitcoin that ready to mine, if the miners stop mining bitcoin, i think it will makes the bitcoin is hard to reach their max supply 21 Million, and i think it will decreasing the popularity because of this

Memmon3

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If the existing miners stop producing bitcoin, then there will be new miners who will do it instead of them. the possibility of bitcoin has run out of supply and this will be the trigger of the scarcity and overpriced bitcoin price

lobster88

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Quote from: shoreno on December 31, 2018, 08:18:28 AM

Quote from: ?? on ??

For me, I don't think that a lots of miner's will all leave or stop mining the Bitcoin crypto currency. Because honestly, people are gaining a lots of profit from mining especially those who are large miners.

prices of all the cryptos have fallen too hard and i believe mining is not profitable anymore which results for most miners to quit on thier jobs but i think there will always be an artificial miner or bots if ever human miners will all quit permanently because we cant send or recieve our coins if there will be no miners available .

the above situation can also become opposite . maybe no miners will quit all because they know that if they quit , the mining difficulty could loosen up for others . i guess they dont want to sacrifies thier own position because they also want to earn a profit .

If the miners start with no quality foundation, there will be possibility for less profits. The quality rigs and all should be considered additionally we do need to focus on market trend before we enter in mining. They need to skip accordingly on basing the market trend that will eventually lead them to a stability.

shoreno

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Quote from: ?? on ??

For me, I don't think that a lots of miner's will all leave or stop mining the Bitcoin crypto currency. Because honestly, people are gaining a lots of profit from mining especially those who are large miners.

prices of all the cryptos have fallen too hard and i believe mining is not profitable anymore which results for most miners to quit on thier jobs but i think there will always be an artificial miner or bots if ever human miners will all quit permanently because we cant send or recieve our coins if there will be no miners available .

the above situation can also become opposite . maybe no miners will quit all because they know that if they quit , the mining difficulty could loosen up for others . i guess they dont want to sacrifies thier own position because they also want to earn a profit .

laredo7mm

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On average now Miner dismissed because of income and also electricity usage which is not in accordance with the calculation. electricity expenditure every month is sometimes greater than the income caused by bitcoin which decreases in price

cybernetik7

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Because of high amount of income that they have gained, everybody start to mining and number of miner is so high than it has to be. Harsh conditions that we are all struggling may cause to a decrease on number of miners and it is not bad thing if does not exceed a considerable level.

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