In future there will be miner who gets last blockreward

Hi guys,
I know this is in far future but still I need some clarity on this. Please bear with me. If some of my assumptions is not correct, please correct me or challenge me, thank you in advance.

In future there will be miner who gets last blockreward. After that will miners gets only rewards from fees, but narrative of Bitcoin is now safe asset, digital gold, etc… Everybody will it store somewhere, lets assume in the hardware wallet. That is very few (maybe sometimes nobody) will sending
Bitcoin. So what will motivates miners to mine- I know this is very weak point because in years to come will be miners very different. Maybe banks will have mining capacities, I mean anything you can do online. Imagine in just few years to come. Also so many empty bank building with no use- I see mining capacities/ servers. So no transaction, keeping hashrate high, input electricity. I will see if somebody reply then I will change my argument for not so far in the future

Mining is all about crypto economics. If it isn’t profitable, you unplug. Hashrate would decrease, resulting in longer block times. Within 2 weeks, difficulty would adjust to reflect this decreased hashrate and find a new equilibrium. Basically, the miners with the cheapest electricity costs will stay, so long as mining remains profitable. Those with more expensive electricity will unplug. There will always be incentive to mine all thanks to the networks’ ability to adjust its mining difficult so that blocks are solved in the 10 minute timeframe (on average).

On a side note, I’d argue that over time there will be more transactions, not less, especially as adoption increases. Many economies will hold bitcoin for the sole purpose of hedging against their local currency but, inevitably, they will have to sell some of that holding over time to pay for food, rent, etc. I don’t think “no transactions on the network” will ever actually happen. If banks end up using crypto to settle inter-bank obligations, then there will be massive whale-like transactions as well.

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Thank you, FaierPlay,
I agree with you on hashrate. I want comment transactions- BTC as is now is not able to do this, I mean P2P in “seconds”. I agree with your point that more adoption will be but let assume that BTC miners do not want that. Instead we can see hard forks, also LN will be always in two years as Ivan said :smiley:. Now you we have hypothetically BTC just as store of value as a gold. People not send gold all the time. Now we have only few transaction and miners fight only for a fee also network has to be big enough to not fail 51 % attack. So I know that my points are rigid…
Hm, I guess it will work anyway, right? BTC as a store of value. Let assume you will store BTC and paying fees to have it safe… actually you will pay for network so it does not matter if there is transaction on BTC or not. Miners will get paid for protection from BTC users but that is also not good. People will lose money to miners over sometime so it will be not like gold. Thank you.

This can be compared to our existing fiat rails. There are different layers. There is a base settlement layer (actual cash/gold settlements between banks, paying people in fiat, etc.), but then there are other layers like VISA and Mastercard.

Banks and large institutions would settle massive data-heavy transactions on the base bitcoin layer, which would be more expensive from a transaction-fee perspective.

So I think if we’re talking settling billions on the bitcoin network, there will still be large transaction fees for miners, continuing to make it lucrative.

Definitely opening to floor to others’ opinions here.

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Thank you, FaierPlay.