Bitcoin Mining Just Stopped?

[davis196]

What would happen if all these large mining farms just up and quit business?  They have allow of money in bitcoin and all, but what if one of them decided to try to pump the price and then just stopped mining, or just stopped mining for some reason.   Is there enough power throughout the rest of the world to keep bitcoin running and confirming?

Your thread title is a bit misleading.

I thought that bitcoin mining really stopped.

It won`t be a disaster if bitcoin mining stops.Bitcoin will continue to exist.

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[tertius993]

What would happen if all these large mining farms just up and quit business?  They have allow of money in bitcoin and all, but what if one of them decided to try to pump the price and then just stopped mining, or just stopped mining for some reason.   Is there enough power throughout the rest of the world to keep bitcoin running and confirming?

Your thread title is a bit misleading.

I thought that bitcoin mining really stopped.

It won`t be a disaster if bitcoin mining stops.Bitcoin will continue to exist.

Well, it would be a bit of a disaster, without any mining there would be no network and no transactions. So apart from not being able to send or receive at all ...

Assuming it still exists by then even after the last bitcoin has been generated, mining will still be required to generate new blocks and confirm transactions it is simply that the blocks will have no coinbase reward.

[noictib]

What would happen if all these large mining farms just up and quit business?  They have allow of money in bitcoin and all, but what if one of them decided to try to pump the price and then just stopped mining, or just stopped mining for some reason.   Is there enough power throughout the rest of the world to keep bitcoin running and confirming?

actually it is showing the limit of the new bitcoin to be genrate in the bitcoin market .
the main reason of low Profit in the bitcoin is due to less efficient the miner and high power consuming mimer .

[marleybobthedog]

Mining all bitcoin it's not possible before 2050. Let other user how big the system they use  (real scene) because bitcoin mining difficulty had become more difficult  and no one can mine all bitcoin before 2050. Even if it is mining somehow then price will go down because of more supply an less demand.

[panju1]

Mining all bitcoin it's not possible before 2050. Let other user how big the system they use  (real scene) because bitcoin mining difficulty had become more difficult  and no one can mine all bitcoin before 2050. Even if it is mining somehow then price will go down because of more supply an less demand.

The OP talks about a large miner stopping mining due to a personal reason, not because of an increase in difficulty.
Difficulty would actually adjust very quickly and other miners would benefit.

[btvGainer]

I understand that it would slow down, but it is an arm and a let in order to get into mining right now with the difficulty at this point.

Correct.  Those that are currently mining profitably would continue to mine and continue to receive profit.

Mining would not get easier until after the difficulty adjustment.

I think that it would be harder to get into mining and catch up or would mining become easier?

It would not be harder or easier.  It would be exactly the same until the difficulty adjustment.  After the difficulty adjustment, it would get much easier and many new miners would start mining.

The amount of time it takes until the difficulty adjustment would depend on when the mining farm shut down.  The difficulty is adjusted every 2016 blocks.  So, if the shutdown happened immediately after an adjustment, then the network would have to wait until all 2016 blocks were mined for the next adjustment.  IF the shutdown happened 1008 blocks after an adjustment, then the network would only have to wait 1008 more blocks for the next adjustment.

Are you saying that difficulty is directly proportional to miners?If there were less miners there would be less difficulty/I think dificulty is related to volume of transaction and block size

[tertius993]

I understand that it would slow down, but it is an arm and a let in order to get into mining right now with the difficulty at this point.

Correct.  Those that are currently mining profitably would continue to mine and continue to receive profit.

Mining would not get easier until after the difficulty adjustment.

I think that it would be harder to get into mining and catch up or would mining become easier?

It would not be harder or easier.  It would be exactly the same until the difficulty adjustment.  After the difficulty adjustment, it would get much easier and many new miners would start mining.

The amount of time it takes until the difficulty adjustment would depend on when the mining farm shut down.  The difficulty is adjusted every 2016 blocks.  So, if the shutdown happened immediately after an adjustment, then the network would have to wait until all 2016 blocks were mined for the next adjustment.  IF the shutdown happened 1008 blocks after an adjustment, then the network would only have to wait 1008 more blocks for the next adjustment.

Are you saying that difficulty is directly proportional to miners?If there were less miners there would be less difficulty/I think dificulty is related to volume of transaction and block size

Difficulty is nothing to do with transaction volume or block size. Difficulty is determined by how long it takes to find blocks. Measured over a "period" of 2016 blocks, if the average time is more than 10 minutes per block the difficulty will reduce; if less then 10 minutes it will increase - in both cases by the amount estimated to keep the 10 minute average. The time to actually find blocks is directly related to the amount of hash power (i.e. the miners) that is on the network. So yes difficulty is related to miners, or more accurately the hash power those miners are using.

[Juggy777]

I really don't think it will have much of a effect, it will be a chance for others to occupy his place. And no one in his sane mind will do that, especially when it's booming and after such a lot of investment. So I think you need not worry for this.

[Victorycoin]

What would happen if all these large mining farms just up and quit business?  They have allow of money in bitcoin and all, but what if one of them decided to try to pump the price and then just stopped mining, or just stopped mining for some reason.   Is there enough power throughout the rest of the world to keep bitcoin running and confirming?

Its no big deal if big miners stopped then small miners will do the mining. But if there will be a mining blackout then its still okay but we will need to return to the older bitcoin process without mining. There will be unsafe transactions, transfer of bitcoin from one wallet to another may be easily traced and hacked. So it is better that mining exist though it may not affect bitcoins existence but it will affect the mindset of people using bitcoins.

The good news is that even in the event mining takes a big hit for some reason, due to the decentralized nature of Bitcoin there'll be next to no issue with having at least one person being able to mine and (hopefully) be able to confirm all the transactions that would be going through.

I doubt there would ever be an issue with this though.

A big market does not know that a trader was absent and mining was made for bitcoin and not the other way round, so the remaining miners would have a field day making even more bitcoin should one or a few miners stop mining. Beyond that, new people would see this opportunity to make some extra income and start their own mine.

[zahra4577]

I agree that bitcoin will be dead if all miners stop mining as new bitcoins will not be created and existing bitcoins can not be moved because it will take forever to confirm

[Zadicar]

I agree that bitcoin will be dead if all miners stop mining as new bitcoins will not be created and existing bitcoins can not be moved because it will take forever to confirm

OP  is referring  on  bitcoin miners would stop   to mine  bitcoin  but  it doesnt mean that  bitcoin would be dead  hence  the  transaction   cant be  stopped   and  miners would still  be  profitable   on  transactions  that  have been  made  throughout   the  blockchain.

[amacar2]

There are actually more than 5000 nodes right now storing blockchain data in ledger so even if few of those node runner stop recording bitcoin network will not get affected.

In case of miner currently total hashrate bitcoin have is 1,920,252,137 GH/s (source: https://bitcoinwisdom.com/bitcoin/difficulty) which is increasing every month if you look at the hashrate chart over last few months. And for sure no any big mining farms are holding 50%+ of this mining power, so even few of those big miner stop mining bitcoin network will function as normal.

[whizter]

Mining all bitcoin it's not possible before 2050. Let other user how big the system they use  (real scene) because bitcoin mining difficulty had become more difficult  and no one can mine all bitcoin before 2050. Even if it is mining somehow then price will go down because of more supply an less demand.

yes that is a fact that bitcoin mining still in progress and hope that it will continue for next few decades and the value of bitcoin is also depend on the amount of bitcoin mining, if the supply increase  from demand then the price fell down and when supply is decrease then the value of bitcoin also increase.

[rapazev]

Mining all bitcoin it's not possible before 2050. Let other user how big the system they use  (real scene) because bitcoin mining difficulty had become more difficult  and no one can mine all bitcoin before 2050. Even if it is mining somehow then price will go down because of more supply an less demand.

wtf are you talking about? difficulty is mutable.. it will vary with the hashpower. and how could you know the demand on 2050? it could be WAY higher than right now.

[MingLee]

What would happen if all these large mining farms just up and quit business?  They have allow of money in bitcoin and all, but what if one of them decided to try to pump the price and then just stopped mining, or just stopped mining for some reason.   Is there enough power throughout the rest of the world to keep bitcoin running and confirming?

Smaller miners would swoop in and take the opportunity to make some money off of a decreased competition and increased market share for individuals. Even those with higher electricity costs are suddenly able to be a bit more competitive.

[garmerys]

What would happen if all these large mining farms just up and quit business?  They have allow of money in bitcoin and all, but what if one of them decided to try to pump the price and then just stopped mining, or just stopped mining for some reason.   Is there enough power throughout the rest of the world to keep bitcoin running and confirming?

Your thread title is a bit misleading.

I thought that bitcoin mining really stopped.

It won`t be a disaster if bitcoin mining stops.Bitcoin will continue to exist.

Of course bitcoin miing can only stop when the all the mineable coins have all been completely mined. Even at then, bitcoin transaction will still continue as new blocks will be generated but with zero new bitcoins so stop thinking negative about bitcoin system.