MINERS STRIKE!

[Minecache]

What would happen if all bitcoin miners unionised and decided to go on strike? Most likely it's highly unlikely to mobilise such a global union but hypothetically what would happen if one day the mining stopped?

[franky1]

then id turn on my miner and get the whole 25btc per 10 minutes...

in other words it'll never happen. the closest you can get is that they move pools to reduce 51% thread that the pool owner may change their code.

[byt411]

Well, theoretically no blocks would be found, and the bitcoin network will be completely stuck.
Difficulty won't go down until the "strike" stops, since difficulty changes after a set number of blocks, and not time.
But this will never happen, someone will try and be greedy and mine the blocks.

[darkphantom934]

No blocks would be generated and transactions would cease to confirm. That is it. Until miners decide to come back, difficulty will not change because ~2000 blocks need to be generated before the difficulty changes. With hugely lowered hashpower in the network, these ~2000 blocks would take a very long time to be generated.

[joshraban76]

The BTC system will stop at last bitcoin mined, a.k.a stucking.

It's 0.0000000001% to happen, there are millions of millions of miners.

[commandrix]

Not gonna happen. I could MAYBE see them deciding to stop renting out their machines with mining contracts and keeping the mined Bitcoin for themselves, but even that would take a helluva lot of coordination between miners -- and they'll still get resistance from the people who need to pay the electric bill somehow.

[monbux]

I would love for that to happen.  I'll take out my laptop and start earning some big bitcoins.   In short - it's nothing to worry about

[debuni]

To unite miners is impossible.

The only way somebody to do it is to invest a lot of XXX millions on hardware. And I believe if you have XXX millions, you will use it smarter
E.g. will not give it to ruin something of do 51+ attack for something which will be worthless later.

[Mikez]

The BTC system will stop at last bitcoin mined, a.k.a stucking.

It's 0.0000000001% to happen, there are millions of millions of miners.

I don't think it means what you think it means.
Even after all the bitcoins are mined(long time from now), miners will still get rewards from processing transactions(collecting the transaction fees).

[jonnybravo0311]

Difficulty adjustments happen every 2016 blocks.  If everyone stopped mining, those of you thinking, "Sweet!  I'll just leave my miner on and reap the 25BTC rewards all to myself," you might want to think again.  The difficulty is still going to be the same as it was, except now you're solo mining.  How many blocks have you found recently?

[ShakyhandsBTCer]

What would happen if all bitcoin miners unionised and decided to go on strike? Most likely it's highly unlikely to mobilise such a global union but hypothetically what would happen if one day the mining stopped?

They would have no reason to do this.

Miners have invested good money into their machines and taking their machines "offline" would mean that their capital would not be used and would be deprecating.

[littlewizard]

I think it is unlikely for a strike, if some miners stopped mining, others will be rewarded more.
There will always be more incentive if mining difficulty drops.

[Sonny]

If the total network hashrate is stable, it takes an average of 14 days to get 2016 blocks.

Say, right after the difficulty adjusts itself, the "strike" happens.
If 50% of mining machine is turned off, it will take an average of 28 days to get 2016 blocks and difficulty adjustment.
If 90% of mining machine is turned off, it will take an average of 140 days to get 2016 blocks and difficulty adjustment.
If 99% of mining machine is turned off, it will take an average of 1400 days to get 2016 blocks and difficulty adjustment.

Now, think again whether you really want to turn on your CPU and GPU when that "strike" happens.

[jamestown2035]

What makes you think anyone wants to go on strike?

[cech4204a]

It's imposible that all miners go to stike at the same time, since most off them will never know that strike is going on. And if it happened, that would mean massive movements in btc world, but let's not discus what is not possible to happen.

[Kprawn]

It's called a "Disaster recovery plan" Everyone should be discussing such scenarios, to know what to do, IF something like that, could happen.

Would 911 have a bigger impact, if emergency services did not plan for these type of disasters? It's always better to simulate, absurd scenarios, before they happen. And it looks like, these type of scenarios, are tested on smaller Alt coins, just to see, what would happen, and how it could be countered.

So let's discuss this and possible other scenarios. 

[shogdite]

Scargill would be proud 

[Umer]

What would happen if all bitcoin miners unionised and decided to go on strike? Most likely it's highly unlikely to mobilise such a global union but hypothetically what would happen if one day the mining stopped?

If all the miners go to strike i just put my all cards on mining and get 100 btc a day.. or less .. well if one and only user miner was me then i get it .. well the miners not going to strike ..

[GangkisKhan]

What would happen if all bitcoin miners unionised and decided to go on strike? Most likely it's highly unlikely to mobilise such a global union but hypothetically what would happen if one day the mining stopped?

If all the miners go to strike i just put my all cards on mining and get 100 btc a day.. or less .. well if one and only user miner was me then i get it .. well the miners not going to strike ..

The reason free market and competition are good for everyone. No group, however powerful, can dictate a service or a product for long.

[Velkro]

then id turn on my miner and get the whole 25btc per 10 minutes...

in other words it'll never happen.

as above, but good that people think about everz possible probability