Bitcoin’s Endgame: How Will the Network Survive After All 21 Million Bitcoins Are Mined?
In 2140, the last of the world’s 21 million Bitcoins will have been mined. At that point, the bulk of miners’ income will have disappeared. Instead, the network’s security will completely rely on transaction fees.
According to experts from OKX Singapore, JuCoin, and XBO, the timeline gives the community enough time to prepare for this moment. Bitcoin will have generated enough institutional demand and retail-driven activity to justify premium transaction fees for security. However, concerns over centralization and adequate adaptability remain.
The 2140 Challenge: A Post-Subsidy BitcoinFor over a century, a block subsidy has secured the Bitcoin network. This reward serves as payment for miners for validating transactions made to create new Bitcoins. This subsidy has been the primary incentive for miners, ensuring the network’s security and decentralization.
This code halves the block subsidy, ensuring bitcoin remains sound money. By the year 2140, the subsidy will be 0 sats, and all of the bitcoin will have been mined. pic.twitter.com/GKoa4rmyXr
— Wicked (@w_s_bitcoin) June 16, 2025However, in 2140, the last Bitcoin will be mined, and the subsidy will disappear entirely.
“When the block subsidy finally runs out… Bitcoin’s security will depend fully on transaction fees. The big question is how demand for block space will evolve after that,” OKX Singapore CEO Gracie Lin told BeInCrypto.
If Bitcoin’s demand continues to grow at the current pace, experts believe it will naturally fill in the gap left behind by the disappearance of block subsidies.
Bullish Potential: The Case for OptimismBitcoin’s growing utility, driven by increased demand and high-value transactions, will organically create a robust fee market capable of sustaining security over time. This, paired with the development of the Bitcoin network over time, will inherently increase the price of transaction fees.
“By 2140, Bitcoin’s role as digital infrastructure will likely be so embedded in global finance that high-value settlements naturally generate substantial fees. It’s like premium real estate; when something becomes truly scarce and essential, people pay accordingly,” Sammi Li, Co-Founder and CEO of JuCoin, explained.
A key driver behind this belief is the increasing participation of large institutions. As these entities integrate Bitcoin into their operations, they will generate consistent demand for on-chain transactions and a reliable source of revenue for miners.
institutional adoption isn’t a theory anymore
harvard’s $50B+ endowment added $117M of bitcoin through blackrock’s IBIT ETF
michigan’s pension fund is in too
bitcoin is only ~0.2% of global assets
and the bid is just getting started pic.twitter.com/Rj6THwDrwG
The large-scale transactions from these players will be the key to a healthy fee market. Their involvement will legitimize the fee market and ensure its stability.
“Institutional treasury movements, cross-border settlements, and final settlement of large Layer 2 batches will drive consistent demand. Central bank digital currencies and corporate Bitcoin adoption will create regular, high-value transaction flows that justify premium fees,” Li added.
The infrastructure supporting the network will also naturally improve. The future development of Layer 2 solutions will be a crucial component in ensuring Bitcoin’s long-term sustainability.
How Layer 2s Strengthen the NetworkProtocols like the Lightning Network are designed to address Bitcoin’s scalability limitations by processing small, frequent transactions off the main blockchain. These Layer 2s reduce congestion and fees on the main network by processing this activity off-chain.
“Layer 2 is critical. It helps scale everyday usage while keeping Bitcoin’s main chain uncluttered and valuable. In providing a user-friendly gateway, while Lightning and similar innovations make Bitcoin viable for micro and macro transactions alike, centralized exchanges will still help onboard new users and liquidity into the space,” Lior Aizik, COO at XBO, told BeInCrypto.
These solutions will even increase traffic to the Bitcoin network rather than diminish the value of its original layer.
“Layer 2s actually drive more valuable activity back to Bitcoin’s main chain, not less. Lightning channels need to open and close on-chain, and newer solutions are creating entirely new types of high-value transactions,” Li explained.
Although this optimism is defensible, the transition is not without significant risk. Its success depends on the network’s ability to generate adequate transaction fee volumes.
Will a Fee-Driven Model Undermine Security?While many believe that Bitcoin’s enduring utility will solve the post-subsidy security challenge, others warn that the transition may come at the cost of long-term security.
99% of all $BTC will be mined by 2040
What happens after when there's no incentives for miners?
The answer makes me doubt the future of #Bitcoin
a thread 