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Author Topic: what would if you were to destroy every bitcoin mining operation in the world?  (Read 970 times)
Userperson321
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April 29, 2017, 03:59:08 PM
 #1

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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April 29, 2017, 06:01:39 PM
 #2

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.

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April 29, 2017, 06:04:33 PM
 #3

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.
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April 29, 2017, 06:22:42 PM
 #4

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 Cool

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April 29, 2017, 06:46:20 PM
 #5

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.  Smiley
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April 30, 2017, 02:04:56 AM
 #6

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.



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April 30, 2017, 02:14:49 AM
 #7

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.
ocid
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April 30, 2017, 02:26:24 AM
 #8

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?
If this is the case then surely bitcoin users not only silence, they can do all the way. Even among all users of the bitcoin there must have been a genius who has a brain so he did a way to prevent all that.
Sniper44
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April 30, 2017, 02:56:55 AM
 #9

obviously you can not get them all! they are spread around the world and each have multiple servers again spread in multiple places.
if miners go offline the hashrate would drop then the difficulty would go down and it makes mining easier and others can come online and start mining. i believe there may be some problems if it happens all of a sudden but the network will adjust to the new hashrate with a new difficulty.

although you better ask this in mining board or tech support board not economy.

to the moon with bitcoin...
davis196
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April 30, 2017, 08:02:15 AM
 #10

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.

The price won`t be frozen,the price would be close to 0.
If btc is useless,all the value will be gone.
If there was a way to "liberate" bitcoin from the miners all the transactions would continue wothout mining and the value will continue to increase without the miners.

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bitcoinisbest
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April 30, 2017, 08:09:41 AM
 #11

Why OP you would like to destroy the miners? Well if its destroyed then there would be no value of btc since when you transfer form one place to another btc wont be confirmed by miners sand they will not get transferred leaving its useless .

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April 30, 2017, 08:10:31 AM
 #12

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 Cool

I think that smells like a villain artwork. Though I don't think anyone would do these unless he has a plan himself. Without miner no transaction will be confirmed and everyone will be very pissed, and if the miners is not replaced by the others, and no one will confirm, then I think the bitcoin may crumble down.

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April 30, 2017, 04:24:48 PM
 #13

It could be catastrophic for all mine to suddenly just disappear in a single day. First things first, there would be no one handling the transactions and so these would all stop. It wouldn't matter to how low you think the value of bitcoin would go down to, you wouldn't be able to use them anyway.

I'm not a miner but the takeaway I get from the mining thread is that we've come to the point where it's too hard to mine anything using just a standard PC. I'm not sure bitcoin can come back up if even half of all the users decide to mine at home.


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April 30, 2017, 08:34:17 PM
 #14

Mining is an integral part of Bitcoin. If you destroy mining, you destroy Bitcoin.

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April 30, 2017, 11:42:11 PM
 #15

There is a question of what will happen to mining operations after all 21 million bitcoins are mined.

That could be the closest thing we'll see to your scenario.

According to http://www.bitcoinblockhalf.com/ there are 4,696,675 left to mine before we hit the cap.

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May 01, 2017, 11:07:21 AM
 #16

There is a question of what will happen to mining operations after all 21 million bitcoins are mined.

That could be the closest thing we'll see to your scenario.

According to http://www.bitcoinblockhalf.com/ there are 4,696,675 left to mine before we hit the cap.

This is not related to the OP's question. Op is talking about mining operations being shut down, due to some bug in the code, or due to network failure. When all bitoins are mined, the network will still function with transaction fees taking over.

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May 01, 2017, 12:23:50 PM
 #17

I do not see any good reason for op to ask this question.As it is said, without mining bitcoin will be almost dead but since mining is decentralized spread across globe, it would be nearly impossible to destroy all of them in one go.

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May 01, 2017, 12:48:11 PM
 #18

This will significantly destroy it and it will be very difficult to recover, perhaps it will even die after this.
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May 01, 2017, 02:36:48 PM
 #19

Miners can affect the price of bitcoin so if there is no miners the price of bitcoin now maybe half of the current price of it. Miners also confirming the transactions made by buying and selling bitcoin or any currency, so its hard to develop a coin without miners. So it only means that mining is built-in with coin or currency.


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May 01, 2017, 02:47:36 PM
 #20

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?
If you destroy the entire mining industry for Bitcoin, you will stop blocks from being mined completely, and stop transactions completely, until someone starts mining. The difficulty collapses and becomes close to what it was originally, and now any nerd with a PC can mine in a viable way again. Essentially, the first people to get their miners running will now have blocks to themselves.
You will cripple the network for a period of time, no questions asked.

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