The price of Bitcoin has dropped recently, and this is coupled with a reduction in transaction volumes. It has reached the point where a few miners have turned off their rigs as mining is no longer profitable for them, or switched them to other coins. This leads us to the second discussion topic.
If the price continues to drop, what effect will that have on Bitcoin mining and transactions?
Please note - this is not a discussion on the probability or otherwise of a change in the price of Bitcoin. As always - initial posts by newbies and juniors.
If most of the mining will stop , however the entire quantity of miners gets drastically reduced, the remaining ones may also maintain and continue to be profitable. However, with a far smaller wide variety of miners, unconfirmed transactions may also more larger and many of them will hard to get confirmation and to mine a block may get very long.
This terrible
kind of situation may goes very long for remaining for weeks or months. Such an inconvenience may additionally affect a few greater drop of the Bitcoin price. when things get terrible enough, the mining might also getting shutdown permanently and of course it could take a day or even weeks to mine a block.