No. instead Lightning Network will increase the revenue of miners even more!
basically for two simple reasons. first is as others said above, the on-chain transactions will still happen. in fact LN requires on-chain transactions and on-chain scaling to work best.
and second is because there is nothing stopping miners who already process transactions to run a LN node on top of their setup and gather small LN fees on top of what they are earning from mining! (the increased revenue part).
Ok,
Lets remove the bitcoin reward since it is dropping every 4 years anyway.
Bitcoin Core Miner makes $1 per transaction , lets say he has 2000 transactions per block , so he make $2000 per block.
LN activates and 1500 of those transactions are lost to LN. Cutting the Bitcoin Miner down to $500 per block.
LN Hub require additional resources especially extra bandwidth and DDOS protections, so that adds to the miner monthly costs.
But here is a little tidbit, LN hubs will require additional licenses at the low end a money transmitter license at the high end and most likely a Bank License,
either way LN Hubs will be forced to comply with the US AML/KYC regulations.
So lets say the miner was actually able to satisfy those requirements at no additional costs
(which to be honest, they won't be able to afford a banking license).
They activate their LN Hub, but none of the other hubs will make channels with them, so they don't make any money from LN fees.
The Reason is the Big Players like Banking Cartels have purchased a large % of Bitcoin Core's coins, and are creating channels with other banks owned LN hubs.
(Centralization at work)So the Bitcoin Core Miner is no longer able to afford to run his warehouse full of energy sucking asics and goes out of business.
The Banking Cartels open a small asics operation, which they run at a loss, but using their profits from LN fees, it is essentially free for them to run it.
The above is the basic plan of how the Banking Cartels will Dominate Bitcoin Core using LN.
