If there are less miners, difficulty decreases and thus increasing profit. It's an endless cycle.
Decrease at next diff. adjutment, not right away.
But there's no reason for miners to shut down right away. Mining at a loss might be worth it to drive the competition out of business. It's a Mexican standoff.
Why would miners invest so much into electricity for half the reward? I see this ending badly
Clearly another moron. Even if we only have two miners, blocks go every 10 minutes.
Clearly another moron. At current difficulty, a block would *never* be solved with just 2 miners. Blocks are solved in *about* ten minutes at current difficulty and current hashrate. Cut the hashrate, and the time to solve a block increases proportionally. Cut it enough, and you'll never get to the next difficulty adjustment.