What would happen if bitcoin miners stop?

[Hobo66]

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.

[HeRetiK]

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.

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.

[webtricks]

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.

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. 

[katana2w]

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.

[VitKoyn]

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.

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.

[Iranus]

Theoretically, the network would be totally fucked.

That said, it's pretty much impossible for that ever to happen.  Miners currently receive 12.5 BTC as the block reward, plus all of the transaction fees, when they mine a block.

In the unlikely scenario that a large number of miners stopped, the blocks would slow down until the next difficulty adjustment.  When the next adjustment occurred, it would keep the blocks being mined approximately every 10 minutes, so there would be a much, much larger reward and mining would be many times more profitable than it was before.

At that point, more miners would hop on (or hop back on for that matter).  It's a self-adjusting system.

[DaftAjax]

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.

Its simple really. Suppose that you have a circle-arranged-train-track, and obviously Bitcoin is the train. Somewhere in that circle is the starting point, so as the train (bitcoin) moves, it will just going to stay in the tracks. So basically, its travel would just repeat and repeat. Just like what happens now in Bitcoin, as it will be mined (starting point), it will trace the track, so transactions over transaction and will eventually return to the starting point where by confirming those transactions, it will be mined.

So what if the track broke, then it would likely just going to stop. There will be no operation for it to move. It will lose its value and eventually Altcoins will take over.

[eyesopen]

if mining stopped there would be a mad scramble to get up and running to hoover up all the unconfirmed transactions.

it would stop temporarily until the panic stopped and start right back up again.

there will always be someone waiting on the sidelines to take advantage.

[subSTRATA]

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.

that was already the case a few years back after a sizable price crash, and a good number of miners shut their rigs off, but a good deal of miners stayed active, keeping the network active.

Theoretically, the network would be totally fucked.

That said, it's pretty much impossible for that ever to happen.  Miners currently receive 12.5 BTC as the block reward, plus all of the transaction fees, when they mine a block.

In the unlikely scenario that a large number of miners stopped, the blocks would slow down until the next difficulty adjustment.  When the next adjustment occurred, it would keep the blocks being mined approximately every 10 minutes, so there would be a much, much larger reward and mining would be many times more profitable than it was before.

At that point, more miners would hop on (or hop back on for that matter).  It's a self-adjusting system.

the difficulty is adjusted every block though, is it not? the difficulty adjusts for the next block accordingly based on the current hash rate of the network so that statistically, it would take 10 minutes for a block to be mined. and how would the reward be bigger? it's set to continue giving 12.5 btc every block until the next halvening, and so on.

[Wingo]

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.

Then the transactions won't be processed and an increasing number of unconfirmed transactions will flood the network. But this is much likely not gonna happen. The demand for bitcoin transactions is also growing and the transaction fee is getting higher, making the miners more willing to process the transactions.

[Iranus]

the difficulty is adjusted every block though, is it not?

No.  The difficulty is adjusted every 2016 blocks (approximately two weeks).

the difficulty adjusts for the next block accordingly based on the current hash rate of the network so that statistically, it would take 10 minutes for a block to be mined.

No.  It adjusts every 2016 blocks so that it will take approximately 10 minutes for a block to be mined.

and how would the reward be bigger? it's set to continue giving 12.5 btc every block until the next halvening, and so on.

Because if a large number of miners leave at the same time, it would theoretically result in slower blocks until the next difficulty adjustment, so the reward would remain the same for each miner.  After the difficulty adjustment, blocks would go back to normal speed, so it would be extremely profitable for the remaining miners.

[Drnice]

If the miners should stop mining, it will be a big hit to the bitcoin community. There will be no new processing of transactions.

[Matimtim]

Its impossible for sure but, if all miner stop mining bitcoin,  bitcoin will be paralyze half,  maybe there no new transaction will be happen, like converting eth to bitcoin and etc.

[revo1044]

no one can stop bitcoin miners this is impossible , to stop miners i think there is two idea stop internet or electricity .

[kotajikikox]

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.

my opinion on that scenario I think bitcoin goes die, mining is the main source of bitcoin circulation supplies in the whole community, and the people thinking hodl  of bitcoin are very profitable so if the miners stop mining the bitcoin have possibility to be short the bitcoin supply.

[378budiman]

The network will stop, no new transactions will be processed again and the market will be chaotic because of pressure dropped due to the mining crisis due to lack of liquidity caused by the absence of new coins that can enter the stock.This is an unlikely scenario, because everyone will always mine bitcoins as fewer miners are more profitable for individual miners.

[SixOfFive]

Technically, Network will crash coz no-one is there to confirm any transaction. No trade will be performed, no price rising, and people will get frustrated. Even if Miners came back for mining then also BTC price will be crashed to floor as people will loose trust from it

[metalglowd]

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.

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. 

But im still curious about what the relationship between these miners with the whole transaction of the blockchain.
i thought these miners only do an activity with the pools, and there are no relation with the transaction network

[bright4mech]

Is not possible, because possibility of bitcoin miners to stop is less than 2%, but  the other way round such thing happened, nothing to say, it effect every body, including country economy, because many stock brokers and company traders are base on, and many more, everything we  break down. and i believed such bad things can't happy as long cryptocurrencies concerned and very effective in labor market with high potential competition. BTC minner and others come to stays.  

[reymartH]

Bitcoin becomes very insecure if miners stop mining. The value being transferred would sit in limbo and the transactions would need to be cancelled. Value would not be lost, but no transactions could occur.