what will happen if miners stop mining bitcoin? - page 4.

rickyNmorty

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Investor

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

The question should be, do miners wanted to stop? We all know that people loves to do something where they can get benifit. Just like in mining, you can earn with just waiting and not by exerting too much effort. Bitcoin is really powerful that if you started using it, you will love using it.

Matic

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https://eloncity.io/

In theory bitcoin will no more be a case because miners are mandatory not only for production new bitcoins but also to provide the transactions so bitcoin will die in that case.

rumexx

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There is no how miners will stop mining, that can only happen when bitcoin is finally dead. Miners are part and parcel of blockchain technology they are the oil that grease the system. What may happen is the sourcing of alternative energy supply to enable them do their work if the complain of the quantity of energy used from the public continues. may be there will be increase in mining fee.

Happy Fun

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If miners stop mining bitcoin, that will make imbalance to digital currencies. And we don't know what will happen to bitcoin if that happen. If you want to invest long term think well so that you will not regret.

boyptc

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Quote from: teklang01 on August 23, 2018, 02:59:38 AM

If miners will stop mining then it I think the bitcoin will eventually failed. But we don't need to worry about that because I believe they won't stop.

It's impossible that the miners will stop mining bitcoin. If ever they will stop mining I don't think that bitcoin will fail, there will be a way for a resolution to the miners problem. But look on how this thread has been alive up to now and some really don't know what they are saying even though its their opinion.

teklang01

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If miners will stop mining then it I think the bitcoin will eventually failed. But we don't need to worry about that because I believe they won't stop.

Jessica2009

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I don't think that miners will stop mining if the miners stops mining Bitcoin that will be the failure of Bitcoin it will be insecure also . If bitcoin mining is stopped and the whole world is using the digital currency as primary exchange then it is possible for an increase in transaction fees since there will be more demand for transaction . Bitcoin survives in demand and supply since there is only 21 millions of Bitcoin created and cannot increase the supply naturally the transaction fees increases .

sc076

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i think it is good to be forward thinking! however, there are already alot of companies that do mining specifically and i doubt that all of them will quit the game.

daoquanghuan

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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

You do not need to worry about this, it's almost impossible to happen today, as prices continue to go down but the rate of digging is constantly increasing showing great interest in the market and they still have. Be profitable, the potential of bitcoin is huge and you should buy and store in the long run

daffa68

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I think if miners stop mining it is not problem because we can do projects in bounty may be it can increase our profit

MiukoOk

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A good topic to discuss. In my opinion, if this happens, the value of the BTC increases dramatically. Demand is increasing, but the supply will not be stable at the Crypto market. Not only the BTC but the remaining Altcoin also enjoy the benefits. The money market will become a fertile ground for investors around the world

Paigewatkins

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Low bitcoin prices make small miners lose money and face the risk of owning or selling themselves. The use of computer staging for continuous cashing can reduce the life expectancy as well as the sudden death of the components. Now Bitcoin plows are no longer profitable. Sure one thing, who plow, that person loses electricity.

Naughty Princess

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Quote from: damrianto on August 07, 2018, 09:36:45 AM

if miners stop mining in bitcoin, bitcoin will experience a change in the crypto market the average transaction in the market will experience a shortage. and this will show the impact on prices, automatically prices start to crawl up. but miners cannot do this because miners also want to make money on bitcoin.

Without mining, there can be a good chance to increase the price of bitcoin and become more expensive because of limited supply for bitcoin. Many can find ways to invest more and start working with all effort to earn without any amount to put on it. Miners cannot stop to mine but the equipment to used for it can make more expensive to lessen the number of miners.

burakdat

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Well if they will stop mining bitcoin then we will start to mine on it. This is a very good business then why one should stop mining bitcoin? As we all know that bitcoin mining is one of the most formidable form of business here in cryptocurrency that after acquiring expensive mining equipment one could earn BTC relatively with good proportion on bitcoin being mine. I wish i could get a good mining equipment in the near future.

Mrconnect

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I don't think there will ever be a time when miners will stop mining cryptocurrencies. Miners get incentivized for mining cryptocurrencies and validating transactions so they won't stop. Plus, there is a whole lot of Bitcoins to be mined yet which will take a lot of time to do. As for your proposed investment, you can go ahead and invest in the Bitcoin. It will be the wisest and safest decision you ever made if you can hold your investment for the long term.

wind_northER

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The assumption is bot valid only when the cost of mining is bigger than the benefit of mining. However, I do not think that will happened.

tayogpanganiban

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The Pure Proof-of-Tansaction [POT]

Good question but I think it is impossible for miners to stop mining for bitcoin because that is their main job to earn bitcoin.But if this happens, I think it will decrease their bitcoin earnings.

GeorgiyBilyk

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very interesting topic for discussion! If the miners stop production? then I think the price will grow very much! now the miners very seriously controls the price, they are very influential in the crypt world! in any situation, this is relatively bad for the crypto market!

Jamie Oliver

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The blockchain network transfer will be interrupted or delayed. The BTC network needs high computing power, so if there is no Internet, BTC will die.

Indamuck

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It's nearly impossible for this to ever happen. Even if the price tanked there would always be die hard supporters and enthusiasts mining. The network would still work fine with all these mega companies and their asic farms. I don't think Satoshi envisioned the mining arms race would take off so quickly as he meant for it to be more decentralized with people mining from home.

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