The costs of mining are both capital to acquire the equipment and replace it when it is obsolete... and energy. It’s not just energy. Recently that capital cost is about %50 of OpEx, but of course it varies. We cannot predict the future cost of electricity, but we can predict that technology will get cheaper, more generic and thus more ubiquitous. This is what I meant by “cheaper”.
I expect it will be cheap the way wifi is cheap on a raspberry pi. They just include it because you may use it and it’s cheaper to include it than to make both a version with and a version without the WiFi module. (If you inly use WIFI, then the sane argument goes for the redundant-to-you ethernet port.)
You are right about difficulty factor, but that just adjusts how fast blocks are won based on past 2 weeks.
Even when price of BRC has crashed, hash power doesn’t instantly go away.
Also an attack lets you re-organize recent blocks only. Increased depth gets more expensive pretty quick.
If mining chips are cheap and ubiquitous, then an attack us very hard, because you have to beat all the existing honest chips with your attack.
If mining is cheap to attack, the rewards of such an attack will be low.
If bitcoin is valuable, it will be expensive to attack.
I expect it will be cheap the way wifi is cheap on a raspberry pi. They just include it because you may use it and it’s cheaper to include it than to make both a version with and a version without the WiFi module. (If you inly use WIFI, then the sane argument goes for the redundant-to-you ethernet port.)
You are right about difficulty factor, but that just adjusts how fast blocks are won based on past 2 weeks.
Even when price of BRC has crashed, hash power doesn’t instantly go away.
Also an attack lets you re-organize recent blocks only. Increased depth gets more expensive pretty quick.
If mining chips are cheap and ubiquitous, then an attack us very hard, because you have to beat all the existing honest chips with your attack.
If mining is cheap to attack, the rewards of such an attack will be low.
If bitcoin is valuable, it will be expensive to attack.