Question regarding the viability of bitcoin in the long term. From my understanding, the security of bitcoin comes from miners who verify the blockchain. What happens when there is so much halving that the reward for mining bitcoin is extremely low and the cost of verifying the blockchain for the miners exceeds the reward of their bitcoin?
The economics of Bitcoin mining ensure that there will always be miners that benefit from mining as long as there are transactions, regardless of the value of a bitcoin.
However, the security of Bitcoin against a 51% attack depends on the value of the mining revenue. If the value of the fees are low, then the security will be low also. The real question to answer is then, how low is too low?