Bitcoin Forum
January 29, 2020, 08:05:13 PM *
News: Latest Bitcoin Core release: 0.19.0.1 [Torrent]
 
   Home   Help Search Login Register More  
Pages: [1] 2 3 »  All
  Print  
Author Topic: [Question] What will happened to Bitcoin if there's no miner?  (Read 496 times)
joeperry
Full Member
***
Offline Offline

Activity: 938
Merit: 147


Y U NO HIRE?! @JperryC Assistant Bounty Manager


View Profile
December 31, 2018, 09:01:43 AM
Last edit: December 31, 2018, 09:35:05 AM by joeperry
 #1

I'm not really that good about cryptocurrencies especially the technical stuff so I would like to know what will happened to Bitcoin and other decentralized cryptocurrencies.

These past few months a news spread in the forum that the miners or owners of mining rigs are closing their rigs because of the continous fall price of bitcoin and other cryptocurrencies and some of them are changing what are they going to mine.

I've read some articles online that to maintain the its network is by having a decentralize network of miners what if there are no miners left? What will happened to network and to the bitcoin?

[   B E S T   C H A N G E   ]      Best Rates For Exchanging Cryptocurrency
●              ►              Buy bitcoin with credit card  ✓              ◄              ●
FACEBOOK                TWITTER                INSTAGRAM                TELEGRAM
1580328313
Hero Member
*
Offline Offline

Posts: 1580328313

View Profile Personal Message (Offline)

Ignore
1580328313
Reply with quote  #2

1580328313
Report to moderator
1580328313
Hero Member
*
Offline Offline

Posts: 1580328313

View Profile Personal Message (Offline)

Ignore
1580328313
Reply with quote  #2

1580328313
Report to moderator
1580328313
Hero Member
*
Offline Offline

Posts: 1580328313

View Profile Personal Message (Offline)

Ignore
1580328313
Reply with quote  #2

1580328313
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1580328313
Hero Member
*
Offline Offline

Posts: 1580328313

View Profile Personal Message (Offline)

Ignore
1580328313
Reply with quote  #2

1580328313
Report to moderator
1580328313
Hero Member
*
Offline Offline

Posts: 1580328313

View Profile Personal Message (Offline)

Ignore
1580328313
Reply with quote  #2

1580328313
Report to moderator
1580328313
Hero Member
*
Offline Offline

Posts: 1580328313

View Profile Personal Message (Offline)

Ignore
1580328313
Reply with quote  #2

1580328313
Report to moderator
KingScorpio
Sr. Member
****
Offline Offline

Activity: 1022
Merit: 289



View Profile WWW
December 31, 2018, 09:19:25 AM
 #2

I'm not really that good about cryptocurrencies especially the technical stuffs so I would like to know to every what will happened to Bitcoin and other decentralized cryptocurrencies.

These past few months a news spread in the forum that the miners or owners of mining rigs are closing their rigs because of the continous fall price of bitcoin and other cryptocurrencies and some of them are changing what are they going to mine.

I've read some articles online that to maintain the its network is by having a decentralize network of miners what if there are no miners left? What will happened to network and to the bitcoin?

it stops existing

dothebeats
Legendary
*
Offline Offline

Activity: 2086
Merit: 1158


Crypto-Games.net: Multiple coins, multiple games


View Profile
December 31, 2018, 09:30:59 AM
Merited by dbshck (2)
 #3

Production stops, no new bitcoins will be created thus effectively disabling the whole protocol. This should be a no brainer considering that the whole system and chain relies on the creation of new bitcoins, and the whole network is dependent on miners to process transactions.

▄▄█████████▄▄
▄█████████████████▄
▄████▀▀▀▀█████▀▀▀▀████▄
████▀██████▀█▀██████▀████
██████████████████████████
▐█████▄███████████████▄█████▌
▐███████▄▄█████████▄▄███████▌
▐██████▀█████████████▀██████▌
▐███████████████████████████▌
▀██████████████████████▀
▀████▄████▄▀▀▄████▄████▀
▀███████▀███▀███████▀
▀▀█████████████▀▀
  ▀▀▀▀▀▀▀▀▀
|
★.★.★   8 GAMES   ★   WAGERING CONTEST   ★   JACKPOTS   ★   FAUCET   ★.★.★
  ▄▄▄
▄█ ▄▀█▄
██ ▄▀██
 ▀▄▄█▀
  ▄▄▄
▄█▀ ▀█▄
██   ██
 ▀█▄█▀
  ▄▄▄
▄█▀█▀█▄

 ▀███▀
  ▄▄▄
▄██▀▄█▄
██▀▄███
 ▀▄▄▄▀
  ▄▄▄
▄█ ▄▀█▄
██ █ ██
 ▀▄▄█▀
  ▄▄▄
▄▀▄▄▄▀▄
█▀▀▀▀▄█
 ▀███▀
  ▄▄▄
▄▀   ▀▄
█  █▄ █
 ▀▄██▀
  ▄▄▄
▄█▀ ▀█▄
██   ██
 ▀█▄█▀
  ▄▄▄
▀ █ ▀
▀▀▄▀▀
 ▀▄█▄
  ▄▄▄
▄█ ▄▀█▄
██ ▄▀██
 ▀▄▄█▀
|
felicita
Legendary
*
Offline Offline

Activity: 1582
Merit: 1031



View Profile
December 31, 2018, 09:38:54 AM
 #4

no miners means that no transaction can be made.
This would be a worst scenario be course no one can send his Bitcoins to another wallet so it will loose his value.
But therefor you must shutdown electricity on the hole earth XD

regards

Lumi3004
Jr. Member
*
Offline Offline

Activity: 462
Merit: 2


View Profile
December 31, 2018, 09:43:26 AM
 #5

I've read some articles online that to maintain the its network is by having a decentralize network of miners what if there are no miners left? What will happened to network and to the bitcoin?
If no Bitcoin miner is finished, but that won't happen to Bitcoin, the nature of bitcoin spinning selling and buying you have to know in the world no one is interested in Bitcoin there are millions of people who want bitcoin to be a collection or mine, so you don't need to worry about Bitcoin mining always there.
MuffinMaster
Sr. Member
****
Offline Offline

Activity: 854
Merit: 253

CryptoTalk.Org - Get Paid for every Post!


View Profile
December 31, 2018, 09:57:22 AM
 #6

I'm not really that good about cryptocurrencies especially the technical stuff so I would like to know what will happened to Bitcoin and other decentralized cryptocurrencies.

These past few months a news spread in the forum that the miners or owners of mining rigs are closing their rigs because of the continous fall price of bitcoin and other cryptocurrencies and some of them are changing what are they going to mine.

I've read some articles online that to maintain the its network is by having a decentralize network of miners what if there are no miners left? What will happened to network and to the bitcoin?

The answer is very simple: the blockchain network will stop to exist.
However, the good information is, that it is enough for the blockchain to be saved in only one copy and you can start it and continue at any moment.

 
                                . ██████████.
                              .████████████████.
                           .██████████████████████.
                        -█████████████████████████████
                     .██████████████████████████████████.
                  -█████████████████████████████████████████
               -███████████████████████████████████████████████
           .-█████████████████████████████████████████████████████.
        .████████████████████████████████████████████████████████████
       .██████████████████████████████████████████████████████████████.
       .██████████████████████████████████████████████████████████████.
       ..████████████████████████████████████████████████████████████..
       .   .██████████████████████████████████████████████████████.
       .      .████████████████████████████████████████████████.

       .       .██████████████████████████████████████████████
       .    ██████████████████████████████████████████████████████
       .█████████████████████████████████████████████████████████████.
        .███████████████████████████████████████████████████████████
           .█████████████████████████████████████████████████████
              .████████████████████████████████████████████████
                   ████████████████████████████████████████
                      ██████████████████████████████████
                          ██████████████████████████
                             ████████████████████
                               ████████████████
                                   █████████
YoBit AirDrop $|
Get 700 YoDollars for Free!
🏆
squatter
Legendary
*
Offline Offline

Activity: 1344
Merit: 1033


STOP SNITCHIN'


View Profile
December 31, 2018, 09:57:28 AM
Merited by dbshck (2)
 #7

I'm not really that good about cryptocurrencies especially the technical stuffs so I would like to know to every what will happened to Bitcoin and other decentralized cryptocurrencies.

These past few months a news spread in the forum that the miners or owners of mining rigs are closing their rigs because of the continous fall price of bitcoin and other cryptocurrencies and some of them are changing what are they going to mine.

I've read some articles online that to maintain the its network is by having a decentralize network of miners what if there are no miners left? What will happened to network and to the bitcoin?

it stops existing

Nope, blocks will just stop being produced and transactions will stop being confirmed. It will be inactive but it'll still exist. At any time, a miner can start hashing again and the blockchain will pick up where it left off.

I've seen this happen before with altcoins. Years ago, I had to start mining an altcoin just to get a transaction confirmed because the chain was dead and I was trying to send coins to an exchange.

dewildance
Full Member
***
Offline Offline

Activity: 546
Merit: 100



View Profile
December 31, 2018, 10:00:50 AM
 #8

I'm not really that good about cryptocurrencies especially the technical stuff so I would like to know what will happened to Bitcoin and other decentralized cryptocurrencies.

These past few months a news spread in the forum that the miners or owners of mining rigs are closing their rigs because of the continous fall price of bitcoin and other cryptocurrencies and some of them are changing what are they going to mine.

I've read some articles online that to maintain the its network is by having a decentralize network of miners what if there are no miners left? What will happened to network and to the bitcoin?

No mining means no transaction. So it causes to destroy. Mining is very important, and it has to continue. For that, Bitcoin mining should be profitable.
reactorjuno
Member
**
Offline Offline

Activity: 322
Merit: 43


View Profile
December 31, 2018, 10:03:44 AM
 #9

As long as miners can make a lot of money, they will keep mining. Even though it is terrible for the environment, they don't care. So mining still has a bright future ahead. It is difficult for an individual to earn a lot but lots of big firms make money this way, especially in China.
Red-Apple
Hero Member
*****
Offline Offline

Activity: 1470
Merit: 654


View Profile
December 31, 2018, 10:35:11 AM
Merited by dbshck (2)
 #10

you first have to understand the following:
- a miner in a PoW algorithm coin is someone who is performing "work" to find new blocks.
- the more miners working on the same thing the harder the "job" is going to be and conversely the less workers work on the "job" the easier it is going to be.

so you question all comes down to how much do you think bitcoin is giong to be used and be popular? when it gains more popularity there will be more people "working" and if it loses it then there will be less. in an extreme case when everyone leaves the "difficulty" can drop until you can mine it easily with your PC. so in other words bitcoin can only die if every single person stops using it.

--signature space for rent; sent PM--
aoluain
Sr. Member
****
Offline Offline

Activity: 896
Merit: 390


View Profile
December 31, 2018, 11:00:25 AM
Merited by dbshck (2)
 #11

you first have to understand the following:
- a miner in a PoW algorithm coin is someone who is performing "work" to find new blocks.
- the more miners working on the same thing the harder the "job" is going to be and conversely the less workers work on the "job" the easier it is going to be.

so you question all comes down to how much do you think bitcoin is giong to be used and be popular? when it gains more popularity there will be more people "working" and if it loses it then there will be less. in an extreme case when everyone leaves the "difficulty" can drop until you can mine it easily with your PC. so in other words bitcoin can only die if every single person stops using it.

Yes this is my understanding of what would happen.

If a scenario were to come about where mining activity was falling the
difficulty level also falls, and if the difficulty falls enough new miners
will start and replace those who stopped earlier.

Now on the other scenario where every single miner ceased operations
at the exact same time (fantastically unlikely) transactions will not be
confirmed.

Byt its best not to be worried about and event like this happening.
Olayinka225
Jr. Member
*
Offline Offline

Activity: 322
Merit: 1


View Profile
January 01, 2019, 05:11:37 PM
 #12

I think the thing is very simple

Whenever the miners stop mining bitcoin, the production stops which will lead to less supply to customers and the little with some customers may get inflated and thereafter, such product might stop to exist ditto to bitcoin as well.
bitfocus
Member
**
Offline Offline

Activity: 490
Merit: 15


View Profile
January 02, 2019, 02:40:45 AM
 #13

the same thing will happen when all the BTCs are mined, there will be no more supply and probably BTC will start growing sky high.
pooya87
Legendary
*
Offline Offline

Activity: 1904
Merit: 2290


Remember tonight for it's the beginning of forever


View Profile
January 02, 2019, 04:40:36 AM
 #14

the same thing will happen when all the BTCs are mined, there will be no more supply and probably BTC will start growing sky high.

it will happen in more than 100 years from now so you can not possibly begin to predict what will be happening by then. not to mention that in a hundred years from now, bitcoin is either grown fully (as in being mass adopted) or it is simply dead and replaced by something else along the way. in either case there won't be a new growth by then. price might as well be already worth above $10 million per coin.

elloco4ever
Sr. Member
****
Offline Offline

Activity: 625
Merit: 262


View Profile
January 02, 2019, 05:09:53 AM
 #15

If there's no mining then how the transaction will happen? BTCs reputation will automatically go down and the users will lose faith in this. If BTCs are mined the transaction speed will increase and supply too will increase and the value can go up.

Am I spamming? Report me!
elda34b
Sr. Member
****
Offline Offline

Activity: 602
Merit: 334


View Profile
January 02, 2019, 05:57:38 AM
 #16

If there's no mining then how the transaction will happen? BTCs reputation will automatically go down and the users will lose faith in this. If BTCs are mined the transaction speed will increase and supply too will increase and the value can go up.

We can simply start mining again using CPU or other devices. I'd gladly mine bitcoin if everybody doesn't want to. Just on a side note, when max supply is reached, there will be no more additional supply. Miner profits will come from transaction fees. At that point, I believe 1 bitcoin will worth more than $100k/$1 m.
williamshennie9
Newbie
*
Offline Offline

Activity: 364
Merit: 0


View Profile
January 02, 2019, 06:30:49 AM
 #17

I think bitcoin as we know it will end, because no transactions will be processed without miners.
kelz1
Copper Member
Jr. Member
*
Offline Offline

Activity: 140
Merit: 3


View Profile
January 02, 2019, 11:57:44 AM
 #18

If it stops completely then the transactions won't be processed and the system breaks down. However that won't happen because if mining falls then normal users can mine using graphics cards and CPUs again

DarkPayCoin - [100% community governed and built]
[-] Website  [-] ANN Thread  [-] Discord  [-] Twitter  [-] Telegram
\ HIGH ROI, Low supply / - \ A privacy focused MN/PoS coin /
jokers10
Sr. Member
****
Offline Offline

Activity: 406
Merit: 332



View Profile WWW
January 02, 2019, 12:08:54 PM
 #19

However that won't happen because if mining falls then normal users can mine using graphics cards and CPUs again
But wouldn't it lead to decreasing the speed of transactions? To me no blockchain network or very-very slow blockchain network is neraly the same. Am I wrong? Huh
duoduoshigexiaozhu
Member
**
Offline Offline

Activity: 434
Merit: 10


View Profile
January 02, 2019, 12:27:43 PM
 #20

Bitcoin transactions will stop because no new blocks are generated for verification transactions and no new bitcoin will be generated. Due to the stagnation of bitcoin transactions, all Bitcoin holders will panic and cannot Selling bitcoin, which also means that bitcoin will become a price of 0. At the same time, all crypto will have a huge drop due to this, which is the beginning of the crash.

Pages: [1] 2 3 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!