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 way I see it, miners are making lots of money enough to cover up their cost of electricity, unless youre someone thats mining alone, which is not quite possible these days, because you will have to join a mining group to be able to profit, if not, then youre just going to be wasting your time.
Apart from the block rewards that they are getting from mining Bitcoin, they have the transaction fees that they are taking as well, and there are lots of transactions being carried out in the Bitcoin network, so they are very much covering up every cost that they encounter in the process of mining Bitcoin.