When it comes to Bitcoin, mining is essential. Mining is how new bitcoins are created.
Without mining, there would be no Bitcoin. So, what happens if no one mines Bitcoin?.
The answer is, quite simply, nothing good. If there is no mining, there is no new Bitcoin.
This would mean that the only Bitcoin in existence would be the Bitcoin that was mined in the early days of the currency. There would be a finite amount of Bitcoin, and it would slowly become more and more valuable as demand for it increased.
This would also mean that transaction fees would sky rocket, as there would be no new Bitcoin to cover them. This could potentially make Bitcoin unusable as a currency, as people would simply not be able to afford to use it.
In short, if no one mines Bitcoin, the currency will slowly die out. It may become valuable as a collectible item, but it would lose its usefulness as a currency. So, if you’re thinking about getting into Bitcoin mining, don’t wait too long!.