Topic: What would happen if bitcoin miners stop? - page 2. (Read 820 times)
We'll we don't know what will happen, but if it might happen that'll be bad.
Don't bother with such scenario because it's not going to happen. There will always be miners mining Bitcoin until it's the final number of coins is reached.
In opposite scenario I guess Bitcoin will stop to exist because the whole Bitcoin system can't exist without miners, just like it can't exist without users. So, this actualy makes no sense. It's like you are asking what would happen if the Earth stops turning around.
In opposite scenario I guess Bitcoin will stop to exist because the whole Bitcoin system can't exist without miners, just like it can't exist without users. So, this actualy makes no sense. It's like you are asking what would happen if the Earth stops turning around.
I heard that bitcoin is controlled by we users and miners,
so I wonder what would happen if all the bitcoin miners stop mining bitcoin?.
I'm curious to know what would happen to bitcoin.
so I wonder what would happen if all the bitcoin miners stop mining bitcoin?.
I'm curious to know what would happen to bitcoin.
This is certainly not going to happen. Bitcoin mining is based on the concept of - Mining Paradox.
Suppose 10 people are mining Bitcoins and earning profits. Now seeing them 10 more enter. Earlier mining profit was distributed among 10 people and now 20. Suppose 10 more people enter, now mining become non-profitable as well as miners have to bare losses. As a result, several will leave mining. Now suppose 20 miners leave mining, once again mining will become profitable and new miners will enter. So this circle will continue but never drop to zero.
PS: Well, if something similar happens, I am ready with my small mining rig. When everyone else stop mining, I will start with it and become millionaire the very next day.
But im still curious about what the relationship between these miners with the whole transaction of the blockchain.
i thought these miners only do an activity with the pools, and there are no relation with the transaction network
Not all miners work in pool. Pool refers to a group of miners who pool their resources and earn collective profits.
Else otherwise, miners have much to do with transaction network. Bitcoin ecosystem can't work without miners. They are in direct/positive correlation with Bitcoin. A moment mining stops, all pending btc transactions will come to neutral gear too.
I heard that bitcoin is controlled by we users and miners,
so I wonder what would happen if all the bitcoin miners stop mining bitcoin?.
I'm curious to know what would happen to bitcoin.
so I wonder what would happen if all the bitcoin miners stop mining bitcoin?.
I'm curious to know what would happen to bitcoin.
This isnt going to happen but to answer this question, Bitcoin will fall and become worthless. Miners are the most important people in the world of Cryptocurrency. They are the one who runs every transactions fast and prevent double spending. Theyre keeping every transactions made in the blockchain. Thus, I cant find any reasons why a miner would stop mining, when this is one of the most profitable way of earning money.
If bitcoin mining stops then bitcoin transaction process will take a long time because bitcoin transaction verification is done by bitcoin mining so if it stops at bitcoin transaction very much then transaction will be very long or can fail to be sent. So to support the success of the transaction many bitcoin users then this system is divided into thousands of computers to process bitcoin transactions.
I heard that bitcoin is controlled by we users and miners,
so I wonder what would happen if all the bitcoin miners stop mining bitcoin?.
I'm curious to know what would happen to bitcoin.
so I wonder what would happen if all the bitcoin miners stop mining bitcoin?.
I'm curious to know what would happen to bitcoin.
This is certainly not going to happen. Bitcoin mining is based on the concept of - Mining Paradox.
Suppose 10 people are mining Bitcoins and earning profits. Now seeing them 10 more enter. Earlier mining profit was distributed among 10 people and now 20. Suppose 10 more people enter, now mining become non-profitable as well as miners have to bare losses. As a result, several will leave mining. Now suppose 20 miners leave mining, once again mining will become profitable and new miners will enter. So this circle will continue but never drop to zero.
PS: Well, if something similar happens, I am ready with my small mining rig. When everyone else stop mining, I will start with it and become millionaire the very next day.
No miner means no transaction, on the other hand means the doomsday of bitcoin
Why people use bitcoin if they cannot do any transaction with it
Miners have important role in blockchain, with the price surge of bitcoin I think there will more miners added everyday so that there will be no pending transaction again later
Why people use bitcoin if they cannot do any transaction with it
Miners have important role in blockchain, with the price surge of bitcoin I think there will more miners added everyday so that there will be no pending transaction again later
miners are the true believers that bitcoin are becoming more valuable each day, so i guess they won't stop mining until their are still more bitcoins to mine. Miners are also the backbone of the blockchain technology, without them it is hard to process a bitcoin transaction becuase they will pass through a bitcoin mining hardware to secure transaction.
Without miners, the transaction will soon stop, and the whole bitcoin network will soon collapse, because it is impossible for everyone to do the OTC trade. Then the value of the bitcoin will soon disappear.
What makes the thousands miners stop mining? I think there must be something new and beyond Bitcoin or the worse scenario is the end of the world.
Otherwise, they are unstoppable and switch between coins only.
Otherwise, they are unstoppable and switch between coins only.
If it is possible that one by one the bitcoin miner stops, the price of bitcoin will decrease because of low of demand, but i think that is not possible.
Demand wont necessarily crash if miners stop, but tx fees will definitely be higher and a lot longer. Probably wont happen though, less miners = more potential profit for miners.
t's an unlikely scenario though, as someone would always be willing to mine bitcoins since the less miners there are, the more profitable it becomes for the individual miner.There are also a lot of bitcoin in circulation. After all, there are so many benefits that many of them will continue and will not stop. The one-day stoppage of miners is a huge loss. Besides, every miner is not willing to stop.
The miners help to mine block much faster on every bitcoin transaction, the more miners, the faster.
i think if the miners stop mining, every transaction in bitcoin will pending or going very slow.
i think if the miners stop mining, every transaction in bitcoin will pending or going very slow.
if miners will stop mining, there would be huge demand in bitcoin, because the btc that are circulating will not circulate because of the system of trading is trying to hoard bitcoin to sell it in the future where bitcoin price is high. like what is happening in fiat currency, where the governments are not producing new money by printing, based on their reserves, resulting huge exchange in dollars to other currency, same goes to bitcoin when no one is mining, there would be huge demand, and huge demand means huge profit.
If it is possible that one by one the bitcoin miner stops, the price of bitcoin will decrease because of low of demand, but i think that is not possible.
If miners stopped mining there wont be any more transactions that can be processed.
Like these days, its really hard to transact with bitcoin and those transaction fees are so high
Its is because there's a great imbalance with miners and with respect to bitcoin users. Transactions wont get processed fast because of lack of miners
And if no one mines maybe bitcoin would die.
Like these days, its really hard to transact with bitcoin and those transaction fees are so high
Its is because there's a great imbalance with miners and with respect to bitcoin users. Transactions wont get processed fast because of lack of miners
And if no one mines maybe bitcoin would die.
If miners would stop mining than transactions would be confirmed and bitcoins transfers will be totally stop which could be deadly for bitcoins.But bitcoins prices are increasing very fast so i don't think so that anyone would stop mining as it would be quite valuable in future if the price of bitcoins increases more.
It is not possible for them to stop as it will always go back to being profitable at some point and nobody will miss the chance to mine then.
This is true. It'll always reach an equilibrium where it will be profitable to mine for someone. I think only a tragedy would mean everyone stops mining Bitcoin, or if the price suddenly tanks to almost zero.
It is not possible for them to stop as it will always go back to being profitable at some point and nobody will miss the chance to mine then.
Why would the miners ever stop? I suggest you taking a look at game theory to understand a little bit better how things work in any economic setting.
Now, if a big part of the miners move to another coin, then it means the block time is going to be super slow until the next difficulty adjustment, which would mean an insane amount of unconfirmed transactions.
Now, if a big part of the miners move to another coin, then it means the block time is going to be super slow until the next difficulty adjustment, which would mean an insane amount of unconfirmed transactions.
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