Topic: what would if you were to destroy every bitcoin mining operation in the world? - page 2. (Read 1029 times)
April 29, 2017, 10:14:49 PM
Hobby miners would pop up out of the woodworks, make a lot of money, buy more miners, create a huge farm and we'd be back to where we are now in a few years or less. The price wouldn't change based on my scenario.
April 29, 2017, 10:04:56 PM
How would this effect bitcoin? would it cause us to regress back to a time where we actually counted bitcoin in bitcoins not satoshis, or would bitcoin become insanely expensive?
The bitcoin network will be broken, there is no nodes for securing the bitcoin network. All of the transaction will be reversible in my opinion. I can say bitcoin will die if all of the miners will be destroyed.The key of bitcoin is on the miners to securing the bitcoin network and running it to be a bitcoin node.
April 29, 2017, 02:46:20 PM
Bitcoin mining produces more bitcoins or confirms the transaction by solving Blockchain. This complex process is the only thing that has led bitcoin its existence. In short you want to destroy source of bitcoin or very much taking off the life support system of bitcoin. Why would you do that, is the first and last question. In anyway if you do that bitcoin will no longer exists or your transactions will never be processed. How could it be. 
April 29, 2017, 02:22:42 PM
as Habar as said transactions will nolonger have a channel to get confirmed with that much dedicated computer power and will be stuck in limbo
unless you can build your own rig to mine them personally
unless you can build your own rig to mine them personally
April 29, 2017, 02:04:33 PM
So you want to destroy Bitcoin mining operation for what reason exactly? Destroying mining will stop the circulation of new coins being mined, it will stop the transactions being processed because when mining pools are destroyed, no one will accept the transactions made, rendering bitcoin usage to become useless as no transactions = no payment processes = no Bitcoin. Mining is essential for bitcoin, without it, Bitcoin will be nothing.
April 29, 2017, 02:01:39 PM
Miners confirm transactions. Without the miners there would be no transactions...so bitcoin would freeze. One one could make a transaction except for handing over paper and hardware wallets for fiat. Bitcoin is as valuable as the access people have to it. If the transaction mechanism goes away bitcoin becomes useless...but there would be no mechanism for people to sell so the price would just be frozen.
April 29, 2017, 11:59:08 AM
How would this effect bitcoin? would it cause us to regress back to a time where we actually counted bitcoin in bitcoins not satoshis, or would bitcoin become insanely expensive?
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