Please look at the formula which define difficulty. Mathematical task which miners needs to solve in order to be rewarded doesn't relate to the number of miners. On the other hand check this https://en.bitcoin.it/wiki/Target
RE: Bitcoin mining will exist only if the Bitcoin price goes up!
You are viewing a single comment's thread from:
Bitcoin mining will exist only if the Bitcoin price goes up!
The BTC difficulty setting (aka target) applied to the BTC SHA256 hashing function depends on the network hashrate, which depends on the number of miners. If miners leave the mining business, the network hashrate drops and the BTC software self adjusts the difficulty target to ensure that blocks are solved on average every 10 minutes.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Blockchain will not exist correcty withour miners(or 'transaction processors'). Although It seems to be possible. Instread of proof of work there is a chance of using Proof of Stake as an alternative. In that case, we don't need 'miners' to solve a cryptographic tasks. The main tasks for Miners is to check if all is good with Blockchain. I know that we have "audiotors" as well but Miners are mainly important because their purpose is to: provide a decentralized mechanism for determining which version of history to accept
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit