>>60075040
>different kinds miner profiles
Ideological/hobbyist miners who do it at a loss are so tiny part of total hashrate it doesn't make any difference.
>individuals purchasing and running lottery miners at home for cheap
These 10W USB miners won't be nowhere near enough to keep Bitcoin secure.
>there are bigger miners waiting on the sidelines waiting to replace other miners
If a big miner has the hardware, he will find cheap electricity to run them or sell them before newer models slowly make them obsolete. No quality ASICs are gathering dust. They will send them to the opposite side of the world if it means they can keep them running.
>that might pull out
Why would they pull out if they are profitable? Why would the waiting miner start mining if it's not profitable? Of course depends on electricity sources and locations, but still I don't see the logic here.
>thanks to its deflationary nature, BTC goes up
It goes up (if demand stays constant or above), but increasingly slower. It can't keep up with halvings as it reaches multi-trillions.
>Essentially there will be no shortage of miners..
Basically it's inevitable if things continue the way they are. Mining profit margins will continue getting tighter after every halving and BTC price can't keep up with the exponential rate of halvings anymore. We have already seen ASIC mining become fully industrialized and it will keep centralizing more until even the most efficient miners can't make enough profit to justify their operations.

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Bitcoin is going to enter a death spiral when people start rushing for the exits once they realize the mining side of the equation can't sustain…