If miners no longer receive a block reward in the far future, and fees are far lower than the block rewards of the past, wouldn’t this drastically decrease the hashrate as non-profitable miners go offline due to only having fees and no block reward?
- Block reward hits 0
- Miners go offline because they can’t profit
- Difficulty adjusts accordingly
- A small fraction of previous hashpower is capable of maintaining profitability
- Btc is now much less secure because fees on a 1mb block are far smaller than block rewards
Can you please fill me in with any missing details / corrections on my logic?
Thank you all.