Eventually Proof of Work WILL kill Bitcoin - but I have to admit this may be decades out in the future.
Right now, most of the mining is financed via inflation. But as this comes to an end, eventually, the cost of mining will be borne by anyone making transactions on the network through tx fees.
Somebody has to pay the electricity bill on all these ASICs.
EDIT: One could try to argue that high transaction costs are not a problem because nobody wants to trade bitcoin, people just hodl it. Cool. But if that's what people will do, then the money raised through transaction fees will not be enough to support a sufficient hash rate to protect the network.
Right now, most of the mining is financed via inflation. But as this comes to an end, eventually, the cost of mining will be borne by anyone making transactions on the network through tx fees.
Somebody has to pay the electricity bill on all these ASICs.
EDIT: One could try to argue that high transaction costs are not a problem because nobody wants to trade bitcoin, people just hodl it. Cool. But if that's what people will do, then the money raised through transaction fees will not be enough to support a sufficient hash rate to protect the network.
I wrote about all this two years ago already: https://www.konstantinschubert.com/2018/11/28/proof-of-stake...