[kbaker]

Depending on what you see as the value proposition for Bitcoin. Long term settlements = transaction fees for miners. Short term = Lightning or other providers.

Personally, I think that mining only should not be a for-profit enterprise. Only parties that have goals aligned with the long-term economic future of Bitcoin should be involved in mining, like major exchanges, merchant providers, etc. The value proposition was only ever to secure the network and get some financial help with doing so.

Otherwise, you have to have constant innovation and investment otherwise you are pointlessly fighting the difficulty level adjustment.