Quote from: Yakamoto on October 25, 2016, 04:12:45 AM

Quote from: groll on October 25, 2016, 03:39:36 AM

Quote from: Conus on October 24, 2016, 09:42:06 PM

What would happen if all these large mining farms just up and quit business? They have allow of money in bitcoin and all, but what if one of them decided to try to pump the price and then just stopped mining, or just stopped mining for some reason. Is there enough power throughout the rest of the world to keep bitcoin running and confirming?

Its no big deal if big miners stopped then small miners will do the mining. But if there will be a mining blackout then its still okay but we will need to return to the older bitcoin process without mining. There will be unsafe transactions, transfer of bitcoin from one wallet to another may be easily traced and hacked. So it is better that mining exist though it may not affect bitcoins existence but it will affect the mindset of people using bitcoins.

The good news is that even in the event mining takes a big hit for some reason, due to the decentralized nature of Bitcoin there'll be next to no issue with having at least one person being able to mine and (hopefully) be able to confirm all the transactions that would be going through.

I doubt there would ever be an issue with this though.

A big market does not know that a trader was absent and mining was made for bitcoin and not the other way round, so the remaining miners would have a field day making even more bitcoin should one or a few miners stop mining. Beyond that, new people would see this opportunity to make some extra income and start their own mine.