To elaborate on those two points:
- My understanding of BTC is that there is a "race" element, you need to not just compute hashes but compute them *faster* than your competing miners. If accurate, this means the price of mining could naturally adjust itself downward.
- Bitcoin was always designed for "mining" rewards to be gradually replaced with transaction-processing fees. The number we really want is "cost to add block to chain" / "revenue to add block to chain". Mining rewards are trivia
