BITCOIN MINERS - WHAT WOULD HAPPEN IF ALL MINING STOPS?
I was curious to learn about the inner workings of bitcoin...Whats actually going on under the hood. I found a great article online and I summarized some of it. I suggest checking the link to the article that talks more in detail about this subject. I filtered out the points I thought were the most important to me. I have some small investment in bitcoin so I was curious to know what will the future bring us regarding the bitcoin network. In my opinion it has to significantly improve in the near future or it will not survive with the rest of the other superior blockchain platforms coming online each month. It has to fork into a system that can fix all the issues with scalelability, transactions fees, difficulty rate as it gets harder to mine, & price manipulation by the whales.
https://www.quora.com/What-if-everyone-stop-mining-Bitcoin
If miners suddenly stop mining bitcoin, the transactions can still be created and broadcast onto the network. However, when there is nobody that creates blocks to differentiate among transactions that are spending the same bitcoins, there will be no way to be certain that any bitcoin you have received are not also being sent to someone else. It would be the same comparison as accepting a dollar bill without knowing whether it’s an original one or one created with a copier.
After this point if people still want to continue using bitcoin is all speculation, for example if someone wants to initiate a new transaction and want it to be mined into a block, they could start mining themselves. When a valid block is found, the transaction is mined. This is how bitcoin could continue working but it will be an extremely slow network. With the current mining transaction landscape, a single miner will have to have an insignificant amount of mining power. So it will probably take way longer than ten minutes to find a block. In fact, it could be months or even years.
As more bitcoin miners join the network, more powerful mining hardware has to be used, they can increase the speed with which they are searching for values to create valid blocks. If the miners start leaving the network, this speed goes down. This would result in blocks being created more often or less often. When bitcoin was designed, it included a mechanism to try to average out the block creation frequency to one block every ten minutes. The network now makes an estimate of the available computation power and adjusts the threshold, such that the block creation frequency will become one block per ten minutes on average. Because this threshold can be adjusted and makes it more or less difficult to find a block, we call it the difficulty rate. Even if only one person or a small group of persons are still mining, such that they can find a block once a month, it will take 168 years to create 2016 blocks. After that, the difficulty will be severely reduced, such that a new block will be mined again every ten minutes on average.
Eventually it's going to become unprofitable to mine a bitcoin and the network will become extremely slow so one way to fix this would be to fork the platform to improve the network or become a proof of stake technology. Even better if they could add an incentive to hold a master node, with this in mind the bitcoin's price will be more stable.
I would like for bitcoin to succeed because it's one of my favorite coins, I would appreciate any insights on this topic, cheersss guys!!
Check this link below for more updated details about mining bitcoin, prices are constantly changing:
https://cointelegraph.com/news/mining-margins-and-where-to-make-the-most-money
The price to mine 1 bitcoin in electricity cost per country:
The Lightening Network is supposed to fix all this and make transactions much faster with Bitcoin.
It’ll kind of be a second layer that sits on top of the blockchain, but works separately from the blockchain. Channels will be opened between 2 people that need to exchange funds, they exchange the funds, then the channel is closed.
A lot of people say this will never work or happen, but if it does BTC could see a big price increase. It’s all speculation.
Thanks for the post, cheers!
The lighting network will work...the problem is with bitcoin itself regarding the miners and the difficulty rate for the next few years. It will be harder to mine a bitcoin plus the total supply is going to diminish...if gets too expensive to mine, the miners will start leaving the network therefore the network could become extremely slow...The only fix i see is forking bitcoin to improve it
I agree the long term health of block chains makes me worried about scalability. I'm reading up on the tech but still a bit from full understanding. But like you point seems like it will happen eventually. Seems there are ideas already and people addressing it so might never to come pass as an issue we will see. Great posts.
Most likely it has to be forked to improve its platform as I see it.
I hope innovation will improve it in the years to come :))
@applelex I have to ask you about the bot votes, upme for example. Has this worked out for you as far as getting even or more from the bot vote than you had sent to the bot in SBD? I’m new here so trying to learn and get opinions/advice, thanks.
This post has received gratitude of 1.68 % from @appreciator thanks to: @queenbee14.
Ya, the bots work. It usually makes your post stand out more. Your post can be found by more people because with so many post done by other users it usually gets buried lol. The bots work as advertisers :))
Oh so that’s another plus. But I guess what I am wondering is, if you send a bot $5 SBD, will you get more or less back from the vote they provide?
hmmm that part can be complicated to explain so check out this link, it will explain how the upvote system works in greater detail:
https://steemit.com/tutorial/@ilyastarar/understanding-steemit-know-how-steemit-reward-system-works-and-how-rewards-are-distributed
this other link is for curator rewards, curator is when you upvote other people.
https://steemit.com/steemit/@calamus056/curation-rewards-explained-in-great-detail
This method is if you use the 50/50 choice:
other method is 100% to steem power:
The short way to calculate that is for example if the total amount of sbd in a post is 100 sbd...first times it by .75 (75%) will get ya 75 sbd (other 25% is to pay the people that upvote your post , for curators) then divide that in half and will get you 37.5. The 37.5 is the amount you will get for steem dollars and the other half you have to divide 37.5 / by whatever the current steem coin is worth. That would be the amount going into your steem power.
btw, is good to upvote other post that have a high amount of sbd in less than 30 minutes...I usually go to the HOT tab where you find the post with most sbd in a short period of time. This way you get paid by upvoting post. I usually upvote about 7 post at 100% in the HOT tab section.
you can check your steem voting power by going to:
https://steemd.com/@your username
This comment is getting long lol..I'ma make a quick post on this. Maybe it will help out some other users, cheers!
I dunno if you visited the bot site (link below) , when you buy the upvote from a bot it will show you if you make a profit. Click on the detail tab and look through the list and find an amount they paid and you will see if you making a profit.
https://steembottracker.com/