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Caashia

What will happen if people stop mining Bitcoin?

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Out of curiosity, I was just wondering, if bitcoin miners stop mining bitcoin what would be the possible effect to the bitcoin economy? Will there be enough bitcoin supply or there will be scarcity?

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18 hours ago, Caashia said:

Out of curiosity, I was just wondering, if bitcoin miners stop mining bitcoin what would be the possible effect to the bitcoin economy? Will there be enough bitcoin supply or there will be scarcity?

I think it could kill a part of bitcoins users. But most certainly not a lot of them. Bitcoin is already popular, it will be hard to take it down because of mining.

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9 hours ago, Mistletoe said:

if people stop mining, there will be lack in supply which causes the price to spike but i think it wont last long cuz people will  be moving to other coins. why stay on a coin with no miners no? 

the law of demand and supply will come to play,if all btc coin has been mined! the price will even go up more

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14 hours ago, Dboyeric said:

the law of demand and supply will come to play,if all btc coin has been mined! the price will even go up more

Oh well we all can have different opinions on this though. 

 

Bitcoin is so unpredictable anyways. All we can do is guess. :)

 

Cheers! 

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4 hours ago, Mistletoe said:

Oh well we all can have different opinions on this though. 

 

Bitcoin is so unpredictable anyways. All we can do is guess. :)

 

Cheers! 

it's really unpredictable, price is really dropping fast at the moments now at $17,500

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Depends. In reality, the only reason why people would stop mining would be if there wasn't any demand for it anymore. In such a case, it would mean BTC is worth almost nothing. However, if demand was still there and people stopped mining (which would never happen), then it would cause BTC to increase in price significantly since there would be a finite amount of BTC available to everyone. The only time this would be the case would be if/when all BTC has been mined, which shouldn't be for hundreds of years. It all comes back to supply/demand.

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If majority of mining stops, transaction fees will only go higher.

 

The value of btc will not be affected as trades will be slower.

 

Btc will not go higher neither as mining only affects the network not the price. 

 

But if mining stops most likely there is no more demand. 

 

Bitcoin will die as no one wants to earn any of it anyway. 

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15 minutes ago, 1claire said:

If majority of mining stops, transaction fees will only go higher.

 

The value of btc will not be affected as trades will be slower.

 

Btc will not go higher neither as mining only affects the network not the price. 

 

But if mining stops most likely there is no more demand. 

 

Bitcoin will die as no one wants to earn any of it anyway. 

Precisely.

But nevertheless, miners will continue to mine as long as BTC is up and running and vice versa.

👌💰👍

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Actually, as most people said, mining is what makes the bitcoin work, because it is that way that transactions are made.

Let's say you want to send 1 bitcoin to your primedice wallet. For it to be transfered, some computer must process it to happen.

So, when people are mining, they are making everything work in the blockchain, and buy using their hardware and energy, they are rewarded with bitcoin.

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16 hours ago, 1claire said:

But if mining stops most likely there is no more demand. 

 

Thats not how bitcoin works. Its already a deflationary currency. Its supply is already limited and it will not be mined any more once 21 mil bitcoins are mined. Does not mean its demand will go low or that its price will dip to zero.

15 hours ago, dmbadillo10 said:

But nevertheless, miners will continue to mine as long as BTC is up and running and vice versa.

 

No. Once 21mil bitcoins are mined there will be no more mining of coins. Miners will only confirm the transactions after this point and will get paid the fees in return.

13 hours ago, vinimore said:

Actually, as most people said, mining is what makes the bitcoin work, because it is that way that transactions are made.

 

Though bitcoin is based on proof-of-work consensus, still its not correct to assume what you said here. Miners dont make bitcoins work. Its the people who use bitcoin make it work. Again this coneption is not correct in the true sense.

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39 minutes ago, UltraChief said:

No. Once 21mil bitcoins are mined there will be no more mining of coins. Miners will only confirm the transactions after this point and will get paid the fees in return.

Affirmative. What I meant was, as long as BTC is there, miners will stay as well. 😉😊

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5 minutes ago, CryptoDadlol said:

I thought if people stop mining then the blockcahin stops working? Isn't how blockchain runs is by the btc "math" being solved? Or at least isn't that half of the blockchain? 

No. Miners dont "control" the blockchain. Mining btc is done by the proof of the work done by the miners. But they dont control the blockchain.

Edited by UltraChief

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"Node. (computer connected to the blockchainnetwork using a client that performs the task of validating and relaying transactions) gets a copy of the blockchain, which gets downloaded automatically upon joining the blockchain network. ... Nodes are said to be “mining” Bitcoin, but the term is something of a misnomer."

 

"validating and relaying transactions" isn't that done by mining? Isn't that how btc is sent to people also? Don't miners have to solve that "problem"? I thought that was how miners made money by completing transactions on the respective blockchain and generating more btc?

My understanding of blockchain can be totally garbage at this point lol

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This situation is impossible. The less people mine the greater rewards for those who still do because they have to compete with less players in completing a block. A block is mined every 10 minutes on average and the block reward is 12.5 BTC currently (until Feb 2020). So the transaction fees may become even lower because it would be enough for miners to get just the block reward.

Edited by Betwrong
mistakes

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There is just one bad case: if all miner leaves at same time, the difficulty will be so high that a single miner will not have enough CPU power to mine the next bitcoin and readjust the diff.

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4 minutes ago, Xylber said:

There is just one bad case: if all miner leaves at same time, the difficulty will be so high that a single miner will not have enough CPU power to mine the next bitcoin and readjust the diff.

Increase in  miners = Increase in difficulty. Thus miners leaving will make it more profitable for the miners remaining. Also difficulty will decrease for that miner. So its a win-win.

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