Topic: what will happen if miners stop mining bitcoin? - page 2. (Read 4840 times)
Many people fear mining will stop, bitcoin mining has many functions and will continue to generate costs. Bitcoin technology has been designed to be very fair for networks and mining, so it will not result in significant losses for mining. Mining costs will adjust power consumption and maintenance so that when bitcoin is mined there will be simpler technology to execute transaction confirmation, believe that the future will be more sophisticated and easy.
Even though there is no lot of uncertainty for mining activities we are seeing in social media but at all miners stop their operations there will be new miners who enter the industry and mining is ongoing process
Cost of bitcoin mining is very expensive according to the current situation power consumption. If Price of the bitcoin will increase over the $3500 in coming days then mining will not stop other wise miners will not mine to bitcoin because mining bitcoin will not recover the profit of the miners. Which will also effect the hash power to the bitcoin transaction across the world for the bitcoin.
Of course transactions on the Bitcoin network will be stagnant and the fees for the transactions issued will be even higher.
First let understand what miner do. Miners create the blocks(batching the valid transactions) they add to the blockchain network. If everyone stops mining Bitcoin than there will be no one to verify the transaction and add blocks to the blockchain. So the block are still valid and the transactions function but since there is no verification we may not be sure valid transaction takes place.
There is no harm in doing long-term investments in bitcoin but there are still things to be remembered such as reviewing the market regularly to follow up the growth progression when there is a unexpected dip analyse the reason and determine the upward trend. Do trade on daily basis with minimum investment to make yourself updated.
I'm pretty sure that's not going to happen so you don't have to worry about it. Miners do this for a reason and that's because they get profit every month/year from mining bitcoin and this will not stop very soon since its a long way until 21 million bitcoins and the process of mining becomes harder every time a new block is created. Miners always are in profit because they adjust the fees depending on how hard the mining process gets so they don't have to worry about stop doing it since people also understand that and they are ready to pay for the necessary fees
If today miners stop mining bitcoin, it will leave it susceptible to attacks especially the infamous 51% attack but it's very likely to happen as long as mining remains profitable.
it should be made nown publicly that the existence of bitcoin is also a great responsibility on the shoulders of the miners as they need to process transactions to validate and form blocks in which ledgers are saved into. so if miners stop minning then the blockchain will have loads of shutdown farms and that will result in delay in transaction confirmations.
If miners stop mining the bitcoin, than the security is going to be down and the network would be susceptible to attacks.
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
I guess if miners stop mining bitcoin, the 51% attack will be easy to do by some peoples or companies who have much ASIC.
The miners need to keep mining so the hashrate is keep decentralized, not centralized to some parties only.
buying bitcoin to hold for years is not a bad idea, it is a good investment planning.
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 the profitability is what is the problem. From what I have heard, the miners are shutting down because mining BTC is becoming unprofitable for them and if this continue to happen then the system might 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.
If miners should say they aren't mining again then I see a decrease in the value or price of bitcoin though not all miners will say they wanted to stop mining at a single time, so if some should say they wanted to stop, definitely some will be and running mining.
Miners confirm transactions by adding them to the block chain. Miners are one of the reason why the bitcoin is still alive. And if they stop, normal people will continue it like they will become the another miners to mine in bitcoin.
What will happen if miners stop mining bitcoin?
I think that miners will never stop mining bitcoin. At least the big miners because they have invested too much money in it.
I'm hoping that the electricity rates in our country go low, so I can start my mining dream too.
Nothing will happen and the transaction fee will be the reward for miners which I think is a very good one but am only worry of what the trx fee will be compare to the Bitcoin value they use to get and this might bring a high rate in fee but can't really say but that is my thoughts.
Many worries happen to bitcoin investors. Because the market is too chaotic
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
Go ahead and by those coins and wait till the price is back but your question is what will happen if miners stop mining bitcoin? the whole system of bitcoin will collapse but that won't happen as long as bitcoin mining is profitable.based on my own experience bitcoin mining is really profitable because last year until now I'm mining bitcoin, yes it not really too expensive but it can also pay half of my bills.
What will happen if miners stop mining bitcoin?
I think that miners will never stop mining bitcoin. At least the big miners because they have invested too much money in it.yups , it won't be possible because if one day there is a miner who stops on that day there is also a new miner who starts and if seen maybe almost more people are just starting mining.
What will happen if miners stop mining bitcoin?
I think that miners will never stop mining bitcoin. At least the big miners because they have invested too much money in it.
The price of bitcoin will tend to zero because no new blocks were added to the block chain so it would be a currency with no sale movements, so the bitcoin would be just some nonsense codes. I doubt that happens but if something complicated happens.
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