Patrick349 (OP)
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September 23, 2016, 05:48:43 PM |
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Hey Guys, if every bitcoin miner on the world would stop mining and only my notebook is mining would I get every 10 minutes 12,5 BTC?  I am just interested and want to know what would happen when...  Best regards, Patrick  |
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xhomerx10
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September 23, 2016, 05:57:34 PM |
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Wrong place for this type of question.
Difficulty doesn't change until 2016 blocks are mined so you'd get squat with your laptop and Bitcoin would be over.
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shield132
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September 23, 2016, 07:02:36 PM |
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xhomerx10no, it's maybe wrong but in development & technical discussion, there is many similar threads. And I think this is very good and funny question This question remind me following question: What will happen if everybody stop using electricity. If everybody stops mining, than transactions wouldn't confirm but I really don't know what you would get with mining only your leptop Let's try but no one is going to stop mining because it's business and money earning.
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xhomerx10
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September 23, 2016, 07:15:48 PM |
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Okay I agree that it is funny but it should be in mining or mining speculation. The bitcoin network would still be alive without miners but transactions would never be confirmed.
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th3nolo
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September 23, 2016, 09:06:48 PM |
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probably the bitcoin dies and the pending transaction list would be enormous. I see that possible in an apocalyptic situation or war.
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NewLiberty
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September 24, 2016, 12:42:40 AM |
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Hey Guys, if every bitcoin miner on the world would stop mining and only my notebook is mining would I get every 10 minutes 12,5 BTC? I am just interested and want to know what would happen when... Best regards, Patrick The difficulty would still be the same (until it resets lower) It is unlikely that you would find any blocks any time soon. |
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veleten
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September 24, 2016, 05:24:46 PM |
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a: you and your heroic laptop would never find blocks,since the diffculty would not reset b: even if you managed to find one your transcations would not get confirmed c: bitcoin market collapses and you get nothing anyways  p.s. please,don't turn this into bitcoin discussion thread with the topics like:What if I give you 100 bitcoins? or Is bitcoin good or bad? |
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Zosuda
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September 24, 2016, 06:29:19 PM |
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Wait so when the bitcoin difficulty hits the point when mining is nearly impossible bitcoin will die as nothing will confirm?
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DannyHamilton
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September 24, 2016, 09:03:50 PM |
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Wait so when the bitcoin difficulty hits the point when mining is nearly impossible bitcoin will die as nothing will confirm?
No. Bitcoin difficulty adjusts every 2016 blocks. If difficulty is a little bit too high, and it takes more than 20160 minutes to solve 2016 blocks, then difficulty is reduced to make mining easier. Therefore, mining isn't likely to ever be "impossible". If half of the entire world's hashpower suddenly decided to shut down immediately after a difficulty adjustment, then blocks would be solved every 20 minutes on average and it would take 4 weeks (about 40320 minutes) to solve 2016 blocks. After that, difficulty would be cut in half to make it easier, and the next 2016 blocks would only take 2 weeks (about 20160 minutes) with an average of 10 minutes between blocks.. If three-fourths (75%) of the entire world's hashpower suddenly decided to shut down immediately after a difficulty adjustment, then blocks would be solved every 40 minutes on average and it would take 8 weeks (about 80640 minutes) to solve 2016 blocks. After that, difficulty would be cut to 25% of what it was to make it easier, and the next 2016 blocks would only take 2 weeks (about 20160 minutes) with an average of 10 minutes between blocks. |
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Zosuda
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September 24, 2016, 09:09:30 PM |
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Wait so when the bitcoin difficulty hits the point when mining is nearly impossible bitcoin will die as nothing will confirm?
No. Bitcoin difficulty adjusts every 2016 blocks. If difficulty is a little bit too high, and it takes more than 20160 minutes to solve 2016 blocks, then difficulty is reduced to make mining easier. Therefore, mining isn't likely to ever be "impossible". If half of the entire world's hashpower suddenly decided to shut down immediately after a difficulty adjustment, then blocks would be solved every 20 minutes on average and it would take 4 weeks (about 40320 minutes) to solve 2016 blocks. After that, difficulty would be cut in half to make it easier, and the next 2016 blocks would only take 2 weeks (about 20160 minutes) with an average of 10 minutes between blocks.. If three-fourths (75%) of the entire world's hashpower suddenly decided to shut down immediately after a difficulty adjustment, then blocks would be solved every 40 minutes on average and it would take 8 weeks (about 80640 minutes) to solve 2016 blocks. After that, difficulty would be cut to 25% of what it was to make it easier, and the next 2016 blocks would only take 2 weeks (about 20160 minutes) with an average of 10 minutes between blocks. Thanks for clearing that up. Very cleaver, Bitcoin amazes me more and more each day. |
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xhomerx10
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September 24, 2016, 10:15:58 PM |
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Wait so when the bitcoin difficulty hits the point when mining is nearly impossible bitcoin will die as nothing will confirm?
You don't seem to understand that difficulty is a function of network hashing rate. The difficulty increases as the network hashing rate gets larger in order to keep the block confirmation time at an average of ~ 10 minutes. It's not possible for the bitcoin difficulty to increase to a point where mining is impossible. The question was about miners going offline (specifically ALL miners except OP and his laptop). If that were the case, bitcoin would certainly die because it would never have a difficulty reset again and no blocks would be confirmed. The transaction backlog would increase exponentially as Bitcoiners scrambled to dump their coins for peanuts (to no avail of course since no transactions would be confirmed) and OP with his laptop would be essentially powerless to help. Bless his soul for trying. If his laptop could hash at 250 Mh/s (that's a decent laptop graphics card!), the next block would take up to 44,904,850 days to complete so even if we were only 1 block short of the 2016 required, you can see how frivolous this would be. The laptop would also die before the next block was ever mined (of course that is pure speculation). |
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outatime1
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September 25, 2016, 12:39:13 AM |
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Wouldn't transactions take a long time if that happened. I don't think bitcoin could function without thousands of computers mining. As long as there is money to be made by mining, we should have enough people doing it.
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machinek20
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September 25, 2016, 02:26:45 AM |
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There will be a disaster, miners is the one that help us to process the speed transaction, so without them our transaction will be stuck and it is going to take a lot of time to confirm, so miners is an important things in bitcoin
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Fraxinus
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September 25, 2016, 06:09:40 AM |
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Well that's one of the foundations of BTC so I guess everything about BTC will be screwed and the stystem won't work so that actually can't happen |
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axrhuls
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September 25, 2016, 06:31:54 AM |
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There will be a disaster, miners is the one that help us to process the speed transaction, so without them our transaction will be stuck and it is going to take a lot of time to confirm, so miners is an important things in bitcoin
It will make bitcoin dead, no miners means non-working blockchain, so this is fatal to bitcoin. |
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MWesterweele
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September 25, 2016, 08:36:06 AM |
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Hey Guys, if every bitcoin miner on the world would stop mining and only my notebook is mining would I get every 10 minutes 12,5 BTC? I am just interested and want to know what would happen when... Best regards, Patrick If every wrould would stop mining and you are the only who mine probably you wil still get low bitcoin because it always depends on the miner and the hash you will using to get load of bitcoins right ? some of companies are using big machines to get bitcoins everyday. |
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dollarneed
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September 25, 2016, 11:15:11 AM |
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There will be a disaster, miners is the one that help us to process the speed transaction, so without them our transaction will be stuck and it is going to take a lot of time to confirm, so miners is an important things in bitcoin
ok this is interesting topic. i'm wondering what Happens to the bitcoin when all the 21 million coins are mined? what about our transaction , will it be stuck? or something ? since there is no mining activity, and what about the miners what will they do when all the bitcoins are mined? still don't get it. |
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xhomerx10
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September 25, 2016, 12:24:19 PM |
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There will be a disaster, miners is the one that help us to process the speed transaction, so without them our transaction will be stuck and it is going to take a lot of time to confirm, so miners is an important things in bitcoin
ok this is interesting topic. i'm wondering what Happens to the bitcoin when all the 21 million coins are mined? what about our transaction , will it be stuck? or something ? since there is no mining activity, and what about the miners what will they do when all the bitcoins are mined? still don't get it. Mining is the method by which transactions are confirmed. This is what links together the blocks into a chain. Miners currently get a block reward of coins plus any transactions fees associated with the transactions in the block they have "mined". They will continue to receive the transaction fees even after all 21 million coins have been awarded. Hopefully it is enough incentive for them to continue. |
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NorrisK
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September 25, 2016, 12:59:02 PM |
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The problem is that the difficulty would never be corrected as you would never be able to find enough blocks to get the difficulty retargeted again.
Besides that, simple laws of supply and demand would prevent a situation like this from ever occuring. If enough people drop out, it becomes more attractive for others to start mining as they can get a bigger chunk for their share.
Dreaming about you mining the network by yourself would be the same is dreaming about going back in time and mine the early blocks of bitcoins, it is simply not going to happen unfortunately.
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amacar2
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September 25, 2016, 06:32:46 PM |
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In that case your laptop will not be efficient enough to find next few blocks so that difficulty get lowered and afterwards even your laptop could mine full block and get whole reward. And i don't think all miners can go offline in same time, so difficulty may keep on decreasing for several days till all miners go offline and difficulty may come to so low that even one with a laptop can get enough mining reward, however this seems almost impossible.
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