Crypto Question: “What happens if mining becomes completely unprofitable and miners leave? Will Bitcoin collapse?”
We decided to test a new section on our channel, “Crypto Question.” Ask your questions (even those that seem silly) in the comments, and we will select the most interesting ones and answer them in Q&A format💪
So, about fleeing miners:
In simple language, the answer is “the fewer miners, the more miners!” Let’s imagine that after the next halving, mining will indeed become unprofitable, and miners will start leaving the market.
This will automatically lower the difficulty of Bitcoin mining => this means that mining will become more profitable for the remaining participants => this means that new miners will start joining the network.
Of course, there are other problems in this scenario. For example, the speed of transactions on the network will immediately decrease, and the network will become more vulnerable to attacks.
But in any case, there’s no need to worry because there are no indicators that we’re moving toward this kind of environment!
We decided to test a new section on our channel, “Crypto Question.” Ask your questions (even those that seem silly) in the comments, and we will select the most interesting ones and answer them in Q&A format💪
So, about fleeing miners:
In simple language, the answer is “the fewer miners, the more miners!” Let’s imagine that after the next halving, mining will indeed become unprofitable, and miners will start leaving the market.
This will automatically lower the difficulty of Bitcoin mining => this means that mining will become more profitable for the remaining participants => this means that new miners will start joining the network.
Of course, there are other problems in this scenario. For example, the speed of transactions on the network will immediately decrease, and the network will become more vulnerable to attacks.
But in any case, there’s no need to worry because there are no indicators that we’re moving toward this kind of environment!
