Topic: what will happen if miners stop mining bitcoin? - page 9. (Read 4840 times)

Let’s not assume everyone stops mining, but let’s say the largest miners who have dedicated warehouses full of miners stop mining. This would cause the network to come to a screeching halt, no blocks would be found until the block difficulty readjusts. This happens every 2 weeks. Bitcoin’s mining algorithm is about guessing random numbers, and hoping you get lucky. The mining difficulty indicates the threshold of a valid magic number. Any number less than the given difficulty is a valid block. Any number larger than the given difficulty is considered an invalid block by Bitcoin’s mining algorithm.

If all large miners were to stop mining, the mining difficulty would decrease (the magic number that determines block validity would actually increase), which means miners can now find a number larger than when large miners were mining and have the block be valid.

I think its price will increase because its supply will be very limited and good luck for those who already own it, they can sell it at high prices.

If miners stop mining bitcoin it's mean we Will have a big problem with bitcoin transaction because miners are one of the important factors that make transaction easier but you should not worry about that when you want to buy bitcoin because I sure that is Will never happen.

If miners stop mining, then bitcoin transaction speed will last forever i think.
Miners is doing transaction process, they record the transaction on the mined block.
So, if there is no miners, there won't be any transaction records i think.

If bitcoin ceases to be mined, then transactions within this blockchain price will cease to be processed. But do not worry, this most likely will never happen. Bitcoin has already won the trust of investors.

if ever miners will be stop i don't know what happen to bitcoin but instead bitcoin will stop for mining we can use other option like captha?and  for that btc will continue to get high .

The whole bitcoin or system will collapse and if the prize gets lower and lower then the users won't have an time to use it.

First I want to say I am still very green and don’t know a lot but I still mine. That being said, my thinking of bitcoin and mining is what you stated. So makes me wonder, what will happen in 2,5,10 years from now when mining the coins will be very hard and limited. Will it always be profitible?

When it becomes non profitable people will stop. I use myself as the example. Today I just turned my s9’s back on because the price in back in the range that I can break even or make a little.

If we ever get to the point difficulty is too much, electricity is too much to be profitable what would happen to bitcoin? Would it simply die? How will transactions be made if most miners cannot make ends meet?

If we are the infrastructure of the system and can’t make a profit what happens to the system?

I read and see many articles that make statements like it’s not feasible to mine bitcoin anymore.. so if people are only buying and trading... how can they without miners?

There is so much that I don’t know or understand yet so just trying to shed a little bit of light on this.

Although this kind of situation is unlikely to happen, but if all the miners have stopped mining, then the whole bitcoin network will not be normal operation to all of our bitcoin cannot normal turn in and turn off, so the bitcoin will lose its value.

If ever the miners will stop mining, bitcoin will die. 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.

There will be a lot of problems if this happens:

1) We will not see any new coins and thus supply will reduce. If there is sufficient demand, this will boost the prices by huge margin.

2) We may see a situation where people will start hoarding all the coins. Since they are aware that new coins are not coming in the market, they will not sell the coins they are holding.

This is not going to happen practically. This is because a lot of people have already made huge investment for setting up the mining equipment.

The thought might be this: no one is digging a mine and no one confirms the transaction, and the transaction is never confirmed and cannot be transferred?

I just want to analyze this scenario theoretically, so that I can have a deeper understanding of bitcoin.

Let's say we lost 75% of all hash power.

That means instead of 10 minute block times we have 40 minute block times. Instead of a 2 week difficulty retarget interval we have at worst 8 weeks. After the difficulty retarget we get back to normal.

8 weeks of temporary slow down is nothing compared to the 8 years that the bitcoin network has existed.

If bitcoin stop mining it will definitely increase it's price because the want will increase and the way if having  it will increase

Bitcoin miners are paid with a combination of newly issued units of currency and the transaction fees for the transactions the miner includes in the block. The system is designed to initially reward miners with a large amount of newly issued bitcoin, because it started when bitcoin was not worth very much relative to other forms of money. Every four years worth of blocks, the amount of newly issued bitcoin awarded to miners is cut by half. This is how the system guarantees that there will only be 21 million units of currency. Over time, the value of bitcoin goes up, and the system bootstraps itself, steadily shifting the mining incentive away from newly issued bitcoin and toward transaction fees.

Mining difficulty is adjusted totally differently. Every two weeks worth of blocks, mining difficulty is adjusted so that the average time between blocks remains at ten minutes. Difficulty is adjusted either up or down as needed, with limits on how large the change can be. This means that there will always be miners, because as difficulty rises some may drop out, but then when difficulty drops new miners come in. This has resulted in an incredibly strong bitcoin mining ecosystem where competition drives the development of more and more efficient ways of mining bitcoin with as little power as possible. This bitcoin mining ecosystem has been running nonstop since the first block was mined in 2009, and there is no reason to expect it ever to stop.

If that happens then our transaction through bitcoin will not be processed or will not be confirmed. Miners are the one responsible in confirming those transactions.

If some miners stop bitcoin mining then it will be easier to do for others. Bitcoin chain is too difficult and long yet. But it wouldn’t stop to create new blocks. So don’t worry about Bitcoins and its miners.

Mining has become one of the best investments and even big companies started to invest in this field.
Also new equipements and hardware are being manufactured and sold just for the mining purpose which leaves no doubt that miners will not stop mining soon.
What we should fear more is the fact that mining is becoming more centralized because of big companies dominance.

new miners will start mining. bitcoin uncentralization any one can buy Miners and start mining.

if all stop mining bitcoin will end and price will back to 0

It is already happening now. A lot many of the miners have shifted to Bitcoin Cash, as it is more profitable to mine. And the results are there for everyone to see. Even now, the number of unconfirmed transactions is above the 200K mark and the minimum fee required for instant confirmation is remaining at close to 1,000 Sat/Byte levels (according to bitcoinfees.earn.com).