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Higher cost of mining rises the amount of dollars that miners need want to take out of the market.
FTFY
If the cost of mining is $10 trillion per day and the cost of 3600 bitcoins is only $1 million. Miners will only be able to re-coup $1 million of that $10 trillion cost.
They need it if they wouldn't want to operate with a loss. And I can't imagine anyone wanting to operate with a loss.
As said before, some people can operate a little longer with paying for the losses from their own wallets and some people less. But eventually everyone will face the inevitable.
If an coin would cost 10 times less to mine, then there would be 10 times less the need to convert the coins to dollar. That coin wouldn't be so addicted to constant growth and it could handle stability during times when the flow of new money is scarce.
PoW mining is artificially making something expensive that should be cheap, by adding the cost of useless work. Useless work shouldn't be rewarded. The future of money is in efficiency, and PoW mining is far from it.
Re. "useless work": Bitcoin is butting up against the main problem of algorithmically-determined inflation--it's hardwired, and thus by definition can't adjust to change.
Mined coin=inflation rate of Bitcoin's monetary supply. When Satoshi chose the block reward halving rate six years ago, he had to guess the future state of Bitcoin economy. Literally guess. The real economy, fiat economy, constantly adjusts the inflation of the monetary supply. I'm not sure how many here fully appreciate the gravity of this shit.
Yeah, I think that most of the users here aren't exactly educated nor experienced in the world of finance. Fixed coin supply can never offer stability. Coin supply has to be dynamic to be on par with the economy, that is dynamic. Supply has to be regulated with the availability of resources, so that money can keep stable value. And without stability, money has very little use. The main characteristic of a low quality currency is instability, because it's almost impossible to make any solid plans when you rely on a currency that's value can't be predicted. That's why bitcoin is more of a gimmick and a lot more development has to be done before open sourced monetary systems become truly practical.
Exactly to the point there, in my opinion.
That's why we're probably going into nothingness on this experiment, as interesting and inspiring as the concept might be...
