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What will happen if people stop mining Bitcoin?

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@UltraChief I'm trying to understand so i know for the future. Was my definition wrong? Can block chain exist without miners/mining? What is doing the p2p verification if not computers? To my understanding the "verification" process is done via "nodes". "Nodes" solve the math, verify and in a sense create the block chain right? Nodes are mining computers to my understanding so no miners = no block chain right? 

 

Feel free to link me a video if this is more complicated than needed to type something out. Don't want you spending all day just to teach me something lol So feel free to load me up on information from other sources. Thanks!

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On 3/9/2018 at 09:12, 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? 

This is true, since if everyone stopped mining alltogether then it wouldn't be possible for anyone to send transactions. Transactions rely on blocks to be found, hence the reason why there are transaction fees as incentives for the miners and also why transactions sent with little to no fees have a chance of being rejected. So yes, you are correct =)

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On 9/3/2018 at 14:41, UltraChief said:

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.

That is true only after the next bitcoin mined. If right now, all miners left but one, the single miner mining will not have enogh power to mine the next bitcoin, which has the current difficulty. He/she must mine the next bitcoin at extreme diff to readjust the diff of the network.

Edited by Xylber

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13 minutes ago, Xylber said:

That is true only after the next bitcoin mined. If right now, all miners left but one, the single miner mining will not have enogh power to mine the next bitcoin, which has the current difficulty. He/she must mine the next bitcoin at extreme diff to readjust the diff of the network.

Thus, less miners = slower transactions. 👌

Hope my understanding about this is correct tho. 😄😊😉

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14 hours ago, dmbadillo10 said:

Thus, less miners = slower transactions. 👌

Hope my understanding about this is correct tho. 😄😊😉

Sorry, mate. This is not correct. The less miners, the lower the network hash rate, which means it's easier for a miner to complete a block by finding the required nonce. In other words, the difficulty becomes lower. 

That's the beauty of Bitcoin: the more miners leave the game the easier for those who remain to make money with mining. :)

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3 hours ago, Betwrong said:

Sorry, mate. This is not correct. The less miners, the lower the network hash rate, which means it's easier for a miner to complete a block by finding the required nonce. In other words, the difficulty becomes lower. 

That's the beauty of Bitcoin: the more miners leave the game the easier for those who remain to make money with mining. :)

Oh. I see.

Now I understand clearly. I thought all along that the more miners mining, the faster transactions would be.

At least a "good to know" fact for me. Thank you bud! 😉😊

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4 hours ago, Betwrong said:

Sorry, mate. This is not correct. The less miners, the lower the network hash rate, which means it's easier for a miner to complete a block by finding the required nonce. In other words, the difficulty becomes lower. 

That's the beauty of Bitcoin: the more miners leave the game the easier for those who remain to make money with mining. :)

From my findings it seems it's the other way around. It's all about time from what i understand. More hash=More BTC. If there was only 1 person mining at this point it would take him the same amount of hashing power to find the block as it would RIGHT NOW but he would get 100% of the reward.. so maybe when btc first started this would be the case but IF right NOW everyone stopped but 21 person that person would not make a penny because he wouldn't ever find a block.

 

Here are my sources and keep in mind this is a LOT fo info to go through so my understanding may be off BUT time = difficulty * 2**32 / hashrate says it all as far as i'm concerned.

https://en.bitcoin.it/wiki/Target

https://bitcoin.stackexchange.com/questions/23131/why-is-mining-difficulty-increasing

https://bitcointalk.org/index.php?topic=39168.0

https://en.bitcoin.it/wiki/Difficulty

Great thread! I am learning a lot!

Edited by CryptoDadlol

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1 minute ago, CryptoDadlol said:

From my findings it seems it's the other way around. It's all about time from what i understand. More hash=More BTC. If there was only 1 person mining at this point it would take him the same amount of hashing power to find the block as it would RIGHT NOW but he would get 100% of the reward.. so maybe when btc first started this would be the case but IF right NOW everyone stopped but 21 person that person would not make a penny because he wouldn't ever find a block.

 

Here are my sources and keep in mind this is a LOT fo info to go through so my understanding may be off BUT time = difficulty * 2**32 / hashrate says it all as far as i'm concerned.

 

Great thread! I am learning a lot!

Me too broski.

But now who's correct? Im confused. 😂😂😂

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Guys, I know it's complicated. I've almost broken my head trying to understand this :) 

but now I know and I can share it with you, guys. ) 

The difficulty in mining is an artificial thing, it is constantly adjusting so that mining one block would take around 10 minutes. So the higher the total Hash Power the higher the difficulty.

Hope that helps. :) 

Edited by Betwrong
mistype )

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12 minutes ago, Betwrong said:

Guys, I know it's complicated. I've almost broken my head trying to understand this :) 

but now I know and I can share it with you, guys. ) 

The difficulty in mining is an artificial thing, it is constantly adjusting so that mining one block would take around 10 minutes. So the higher the total Hash Power the higher the difficulty.

Hope that helps. :) 

Thanks for trying to clarify this. ✌

Anyways, as per topic subject.. People wont stop mining anyways. 😂😂😂

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1 hour ago, pioop01 said:

if peopel stop mining bitcoin so they will get problem with fast transcetion ...i hope that will never happend .i hope bitcoin keep up 

It will never happen pioop. Miners 4 Life! Hahahahaha.  😂😂😂😂😂

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