What would happen if bitcoin miners stop? - page 4.

VitKoyn

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Quote from: Hobo66 on December 12, 2017, 10:36:30 AM

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. Undecided

If all miners stop mining Bitcoin there will be no one responsible for confirming transactions so everyone will not be able to send and receive their coins, and nothing will be added to its circulating supply. But there is no need to worry about this because even if the majority of bitcoin miners stop mining it, it will just create new opportunity to small miners and new comers to make profit as mining difficulty will be decreased. And it is very unlikely to happen because there are big mining companies that make huge profit from it, if they stop they will lose a lot of money.

katana2w

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Even when electricity price for mining will be more than the price of bitcoin - miners will continue mining because of thinking about growing up of bitcoin price. So, miners never stop.

webtricks

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Quote from: Hobo66 on December 12, 2017, 10:36:30 AM

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. Undecided

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. Cheesy

HeRetiK

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Quote from: Hobo66 on December 12, 2017, 10:36:30 AM

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. Undecided

The network would grind to a halt, no new transactions would get processed anymore and the market would get batshit insane due to downward pressure caused by the mining crisis and upward pressure due to the lack of liquidity caused by no new coins being able to enter exchanges.

It'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.

Hobo66

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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. Undecided

Topic: What would happen if bitcoin miners stop? - page 4. (Read 805 times)