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What Is the Long-Term Effect of the Block Subsidy Approaching Zero?

As the subsidy approaches zero, transaction fees must become the sole and sufficient incentive for miners to secure the network. If fees are too low, the network's hash rate could drop, making it vulnerable to a 51% attack.

The long-term security model relies on high transaction demand and competitive fee markets.

What Is a “Hash Rate” and How Does It Relate to the Bitcoin Network’s Security?
Is the Block Subsidy Considered a ‘Transaction’ Fee?
How Do Transaction Fees Affect the Security of a Proof-of-Work Blockchain?
What Happens to the Block Discovery Time If the Network Hash Rate Suddenly Drops?