A boomtown was grown large with a number of businesses and farms. Then the miners stop finding gold. What are two possible outcomes from this change?

The two possible outcomes are:

1. The boomtown losses it's economic power, and people migrate away from it to other places that they consider better for living, and thus leaving it as a ghost town.

2. After the main income of the boomtown is lost, people put their efforts into other things that can make them survive and keep the town alive, maybe a timber industry, fishing, agriculture, tourism.