02-01-26, 07:49 PM
What do you think will happen to Bitcoin mining once there are no more new BTC to mine?
When the last bitcoin is issued, miners won’t get block subsidies anymore, so the incentive model changes completely. Do you think miners will be able to operate sustainably on transaction fees alone?
A few angles I’m curious about:
When the last bitcoin is issued, miners won’t get block subsidies anymore, so the incentive model changes completely. Do you think miners will be able to operate sustainably on transaction fees alone?
A few angles I’m curious about:
- Do fees rise enough to replace the subsidy, or do most transactions move to Lightning/other layers so L1 fees stay limited?
- Does network security meaningfully decrease if total mining revenue drops?
- Do we see more mining centralization because only the lowest-cost operators survive?
- Could this change Bitcoin’s user experience (settlement network only) in a noticeable way?