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?
Mining farms will never stop because they are making rewards from transaction fee as well, due to the halving the rewards will get lesser but by that time the expected value of those rewards will be huge valuable than now.
That's correct. Even if the reward ecomes 10% of what it is now it will still be fine for the miners as long as that 10% covers the cost of mining.
10 years ago the reward was much bigger in the amount of coins but much smaller in fiat money. If this continues we will be getting less and less coins but those coins will be worth more every halving. 100 BTC used to cover a monthly electricity bill for a farm. Now to do the same you only need 0.1 BTC.