The total amount of Bitcoin is fixed at 21 million and is issued in the form of mining rewards. Based on the halving mechanism, it is expected that by the year 2140, all bitcoins will have been mined.

This means that after that time, no new bitcoins will be available for miners to mine. Similarly, miners will also no longer be able to obtain bitcoins (mining rewards) through mining. So, what will miners do when there are no more bitcoins to mine, and how will the security of the Bitcoin system be ensured?

Miner income comes from transaction fees in addition to block rewards

In fact, block rewards are just one source of miner income from mining. As mentioned earlier, in the world of blockchain, the essence of mining is to compete in computing power. Once a block is successfully validated and recognized by other nodes, the blockchain network will reward the miner by adding the cryptocurrency to the miner's account.

Although Bitcoin implements a halving mechanism, miners receive a certain amount of bitcoins each time they package a transaction (the current block reward for Bitcoin is 6.25 BTC).

Currently, there are approximately 218 days until the fourth Bitcoin halving: https://aicoin.app/data/reduction

In addition, miners' income also comes from transaction fees. Transferring bitcoins usually requires payment of related fees to complete the transaction. The fees generated from transactions are given to miners as a reward, incentivizing miners to provide computing power for the Bitcoin network to ensure its secure operation.

Although there are no specific regulations for transaction fees in the underlying Bitcoin system, and fees are not mandatory, with the increasing number of on-chain transactions due to the rising price of Bitcoin, miners prioritize packaging transactions with fees. To ensure that their transactions are confirmed as quickly as possible by miners, users usually pay an additional fee to miners. The higher the fee, the greater the likelihood of the transaction being prioritized for packaging.

Reasons for the existence of transaction fees

The existence of transaction fees can, on one hand, raise the threshold for transfers to prevent the blockchain from being flooded with spam transactions. On the other hand, it can incentivize miners to compete for recording transactions, ensuring that they can continue to provide computing power security for the Bitcoin network after all bitcoins have been mined.

Bitcoin miners will not be unemployed when all bitcoins are mined

So theoretically, after all bitcoins have been issued, as long as there is sufficient demand for transactions, miners have a reason to continue mining. Mining is not a one-time event, and coins can be stored, so each miner has their own prospects. Even if the price of Bitcoin drops to $1,000 today, as long as miners believe that Bitcoin will rise again in the future, they will not care about the current losses and will continue to mine and hold the coins for future sales. Furthermore, from the development history of Bitcoin, the factor that truly affects whether miners continue to mine is not the availability of mines, but rather the profitability of mining. When Bitcoin trading volume increases and transaction fees rise, or when the price of Bitcoin increases, mining income becomes substantial, and miners' enthusiasm for investment will correspondingly increase, and vice versa.

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