|
June 02, 2018, 07:49:09 PM |
|
though there are many asics under the control of humans who can switch them off. there are some asics that are set up to run and reboot automatically, that are powered by renewable sources thus they dont really get a bill which means that a electric company cant just switch them off either. so mining wont stop(theoretically).
what will happen is that the hashrate will decrease and those remaining will find they have less competition. initially it will take a little longer to mine a block, but with less miners, means its worth it as they would get a bigger slice of the rward when they do get a block.. but because it takes longer to get a block it would take longer to mine 2016 blocks to get to the point where the difficulty will drop to make it easier to get blocks. in short: expect some slower confirmations for a few fortnights until it finds its natural equilibrium.
also with less cost due to less competition. the miners that remain would be happier to sell for less because it costs them less to mine a block, because they are getting rewards more often. yes they could hoard for profit. but in a scenario of many thousands of people running out of bitcoin, alot of those that remain, will want to cash out asap incase things got worse. EG get their rewards into a functioning exchange at the earliest possible moment
.. what i said above is in a scenario of many deciding to just not mine. but.. greed is a big thing. and if people se there can be nice profit/gap in mining. many will continue to mine. many will start mining. due to reasons that they dont see any immoral reason not to. as its not like its killing anyone afterall
|