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Author Topic: What happens to Bitcoin / Cryptocurrency when/if all the miners stop mining  (Read 76 times)
minh7490
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August 02, 2018, 03:02:32 AM
 #1

Today I watched a movie "NERVE" , after watching that I got to thinking about how cryptocurrency transactions work ,

**Spoiler Alert**
The movie is about an online game, when everyone logged out from it the game completely disappeared.

So like that if everyone stopped mining bitcoin at one point (this is much unlikely, but worst case senario), what will happen to the Cryptocurrency market, will it completely vanish, like it never existed?
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SUDARMONO
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August 02, 2018, 03:33:50 AM
 #2

I think there will be a very bad thing if all mining really stops, and it will greatly affect crypto prices or even destroy the crypto currency.
matthewio
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August 02, 2018, 03:36:18 AM
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Nothing will happen if the last block has been mined, miners will still be running their machines to confirm transaction while the price of already mined bitcoins will likely soar

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arabellascott21
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August 02, 2018, 03:50:18 AM
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I think it would make the price go down i think but it will not destroy bitoin though.seventeen million has already been mined and already in circulation, not having the other 4 million will surelyu not kill bitcoin
justsimpleram
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August 02, 2018, 04:09:14 AM
 #5

It's very big impact if all the miners stop mining in bitcoin. But many of miners have mine a huge of numbers of bitcoin so that many of this are now on the market and getting buy and sell. And for me the bitcoin will never stop or gone because for me this is the foundation of the cryptoworld.

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MadisonWood1212
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August 02, 2018, 04:17:57 AM
 #6

Bitcoin will eventually be fully exploited by 2140. Once you have created 21 million Bitcoins, you will not get any more Bitcoins. This does not mean that the Bitcoin world will collapse. Besides the bonus of each block, Bitcoin also charges a transaction fee. Currently, these fees are quite low - about 1%; However, as the number of Bitcoins diminished, transaction fees and Bitcoin values ​will increase. Finally, these transaction fees will become valuable enough for the diggers to be encouraged to continue mining. So while the new Bitcoin will no longer be created, the diggers will still make a profit from the exploit.
As Bitcoin digging became more difficult, the diggers had to use better equipment to exploit Bitcoin more efficiently. Power consumption is a significant problem for diggers: Older devices can consume more electrical power, making digging bitcoin unprofitable. As a result, diggers will often use new, more efficient machines.
pakhitheboss
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August 02, 2018, 04:26:36 AM
 #7

I doubt if this scenario will ever happen, but if it does happen then you can assume a new coin taking Bitcoin place and Crypto world will be after that particular coin Cheesy
In actual world .and 20 more years to come, none of the miners will stop mining
Potato Chips
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August 02, 2018, 07:00:01 PM
 #8

Here,

Since there is no one mining, there will be no one to confirm transactions. Hence, no one will be able to receive and send bitcoins

I haven't watched the movie but it's so wrong to compare it to an online game especially if it's in a fantasy movie. They are very different  Wink
And no, miners could stop mining but it will not disappear like it never existed.

hoangvuthach
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August 03, 2018, 01:10:46 AM
 #9

I think you were a bit distant, when the whole world has no electricity and internet then you should worry about not having btc miner

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katelynsk
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August 03, 2018, 12:09:05 PM
 #10

Mining is a necessary step for the existence of cryptocurrencies. So, if everyone stops mining, the whole platform won't be able to function. Though, transactions already performed will be kept, unlike the game from your movie. Imagine blockchain as a database, it already exists and can be read, but you need mining to add/modify something there.
Eric Costaa
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August 08, 2018, 10:19:45 AM
 #11

I think there will be two cases. Firstly, the price of Bitcoin (possibly other coin) will increase due to demand and the market will continue to grow. Secondly, Bitcoin and other coin prices will remain high, after a while it will slowly decline due to high prices, people do not want to buy Bitcoin anymore and the market will die.
Asadali569
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August 08, 2018, 03:07:50 PM
 #12

No, it will not disappear. It will only be left as it is. No more transactions but no loss for the transactions made. Mining is only used to mining the coins by allowing transactions to complete. No mining = no transaction = no money. Why would anyone stop mining though?
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