Topic: what will happen if miners stop mining bitcoin? - page 12. (Read 4840 times)
for me as i have observe and do the survey i can say that if the minor stop m ining any more the supply will disturbed and the demand will automatically increase therefore the price of bitcoin will also increase in future.
The whole system will collapse.
But that will not happen unless bitcoin's price drops down to 100$ or smth like that. As long as mining is profitable, people will be mining bitcoins.
But is mining actually profitable? I mean, if we consider the sum miners cost + electricity and some details that can break? But that will not happen unless bitcoin's price drops down to 100$ or smth like that. As long as mining is profitable, people will be mining bitcoins.
It won't happen. Zero chance. Here's why:
If mining becomes unprofitable, the hash rate will drop. This makes mining more profitable for those who want to jump in and start mining...and they will. Someone will always be ready to jump in and grab the mining fees and/or block rewards.
The only way mining would stop is if there's a global catastrophe. If that happens, mining BTC will be at the bottom of people's priorities.
If mining becomes unprofitable, the hash rate will drop. This makes mining more profitable for those who want to jump in and start mining...and they will. Someone will always be ready to jump in and grab the mining fees and/or block rewards.
The only way mining would stop is if there's a global catastrophe. If that happens, mining BTC will be at the bottom of people's priorities.
Bitcoin becomes very insecure if miners stop mining. Think of how easy a 51% attack would be to pull off.
However, I disagree with your assumption that miners will stop. And certainly that if Bitcoin dies it would be because miners stop. I would instead think that miners would only stop if something else already killed Bitcoin. Bitcoin is designed to always give miners an incentive to keep mining and secure the network. If miners don't have an incentive to mine, then Bitcoin has already failed.
Many mining pools don't pay out income from transaction fees and the whole thing is often glossed over. But mining income is newly minted coins PLUS fees from the transactions you include in the blocks you generate.
However, I disagree with your assumption that miners will stop. And certainly that if Bitcoin dies it would be because miners stop. I would instead think that miners would only stop if something else already killed Bitcoin. Bitcoin is designed to always give miners an incentive to keep mining and secure the network. If miners don't have an incentive to mine, then Bitcoin has already failed.
Many mining pools don't pay out income from transaction fees and the whole thing is often glossed over. But mining income is newly minted coins PLUS fees from the transactions you include in the blocks you generate.
if the minor stop mining the bitcoin price will fell down to a very low level.
no i dont think so. i think that the supply will minimize and the demand will increase so the price of bitcoin will increase instead of decrease. if you have any doubt just see the survey.
if the minor stop mining the bitcoin price will fell down to a very low level.
As long as there are a monetary incentive for people to do something, then they will do it... Bitcoin mining has been profitable enough for some people to invest millions into Bitcoin mining and I doubt
that any of them will pull out before they at least ROI or if they made a profit from it. The miners will take a beating after the Halving, but they will still be making some profit.. so I doubt that we would
see a gigantic exodus of miners after the halving.
that any of them will pull out before they at least ROI or if they made a profit from it. The miners will take a beating after the Halving, but they will still be making some profit.. so I doubt that we would
see a gigantic exodus of miners after the halving.
i think its price will go high because its supply will be very limited and lucky for those who has already has their own, they can sell it at high price
the value of btc will be decrease. and many people will hoard of it
Stop making useless posts.It's the way I interpreted the question. Nether mine nor your answer is incorrect.
If you want to look at it that way, yes.Also im not sure I understand your second statement and how its applicable to what I wrote. Are you saying that there is a risk of this happening?
What I mean is, people worry about things with very low probabilities that may or may not happen in the future. I've seen a few threads about collisions. Why worry about private key collisions when it is more likely that Earth would be destroyed by a meteorite? People are just very bad with probabilities (this is why they play lotto). The only scenario in which I see miners turning off pretty much all of their devices is one in which Bitcoin is already dying/dead (so it wouldn't even matter). Thanks for the clarification.
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
If miners would stop mining bitcoin, then transactions wouldn't be processed and there wouldn't be any additional supply of bitcoins anymore, rather, bitcoin would just stop functioning.It's really scary to think what will happen because bitcoin largely depends on miners.
When the miners stop mining, transactions stop confirming, and blocks stop being solved. So in a nutshell, everything grinds to an immediate halt
Yeah truly the confirmations really get stopped, this will stop the bitcoin acceptance among other users who already have hesitation to be a part of bitcoin. Possibly such a situation won't happen because when one stops mining, someone else starts mining.
no more transactions, that is what would happen.
but chill, it wont happen...a 10 billion market doesnt crash from one day to another.
but chill, it wont happen...a 10 billion market doesnt crash from one day to another.
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
Verifying every transaction is main job of all the miners and if majority of miner leave than some of the big miner still exist by than can just temper/modify transaction and verified if they can own 51% of mining power.But i am not seeing this happening even after centuries, and i am sure we will not be alive by that time, so just buy it and store how much years you like to store.
When the miners stop mining, transactions stop confirming, and blocks stop being solved. So in a nutshell, everything grinds to an immediate halt
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
well if miners stopped mining bitcoins than bitcoin wouldnt basically exist in my opinion because there would be no people who would confirm all the transactions that are going through blockchainthough basically it is impossible because if less miners would mine bitcoins then the difficulty would be much smaller and more people with old pcs would mine in order to get easy profit
If miners stopped mining bitcoin because difficulty is too high, some miners would be forced to stop mining while the others who has efficient/advantage still could mining because bitcoin difficulty reduced after the other miners stopped mining.
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
If miners stop mining then bitcoin will cease to exist 20 years from now. If there are no miners there will be big transactions problem such as major hacking incidents. Long term investment is a big problem not because of miners stop mining but more on the instability of bitcoins price demand on the market. If you will invest long term it needs daily monitoring as to avoid losses.
What do you mean? Why 20 years? Or 5? Or 1?
IF no one mines blocks, Bitcoin would stop functioning immediately, not in 20 years. But, as we said, that's impossible.
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
well if miners stopped mining bitcoins than bitcoin wouldnt basically exist in my opinion because there would be no people who would confirm all the transactions that are going through blockchainthough basically it is impossible because if less miners would mine bitcoins then the difficulty would be much smaller and more people with old pcs would mine in order to get easy profit
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
If miners stop mining then bitcoin will cease to exist 20 years from now. If there are no miners there will be big transactions problem such as major hacking incidents. Long term investment is a big problem not because of miners stop mining but more on the instability of bitcoins price demand on the market. If you will invest long term it needs daily monitoring as to avoid losses.
I think no one will do like that, no one will leave mining but only the small miners who will not earn good amount , there are a lot of other big miners who know well that mining is beneficial and they will not leave mining.
the value of btc will be decrease. and many people will hoard of it
Stop making useless posts.It's the way I interpreted the question. Nether mine nor your answer is incorrect.
If you want to look at it that way, yes.Also im not sure I understand your second statement and how its applicable to what I wrote. Are you saying that there is a risk of this happening?
What I mean is, people worry about things with very low probabilities that may or may not happen in the future. I've seen a few threads about collisions. Why worry about private key collisions when it is more likely that Earth would be destroyed by a meteorite? People are just very bad with probabilities (this is why they play lotto). The only scenario in which I see miners turning off pretty much all of their devices is one in which Bitcoin is already dying/dead (so it wouldn't even matter). Jump to: