That only work for so long as fees are low and fees being low forever is an existential threat to the network security of bitcoin.
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No, not really. I bet mining in 2032 will be almost twice as profitable as it is now, even after two halvings.
And what if it becomes 40% less profitable to mine Bitcoin? So what? We’ll drop to 600 EH/s because the system will simply adjust its difficulty.
Bitcoin doesn’t need 1,000+ EH/s of computational power — mining firms just want to mine harder.