What Is the Long-Term Projection for Miner Revenue as the Subsidy Decreases?

The long-term projection is that miner revenue will shift almost entirely from the block subsidy to transaction fees. As the subsidy continues to be halved until it reaches zero around the year 2140, fees will become the sole incentive for mining.

For the network to remain secure, the total value of transaction fees must be high enough to compensate miners for their operational costs (primarily electricity and hardware). This transition necessitates a robust fee market driven by high network usage and demand for block space.