By 2140, all 21 million bitcoins will be mined, ending the era of block rewards and shifting the miner incentive entirely to transaction fees. This transition is built into Bitcoin's code through halving events that cut the mining reward approximately every four years. The most recent halving in April 2024 reduced the reward from 6.25 BTC to 3.125 BTC per block.
As halvings continue, the creation of new coins slows dramatically. By 2032, the reward drops below 1 BTC per block; by 2072, it falls to less than 1/1000th of a BTC. The last 1,000 bitcoins will take over 75 years to mine. In 2136, the reward hits 1 Satoshi-the smallest divisible unit-and by 2140, it reaches zero.
With no new coins, miners will rely solely on transaction fees. This could lead to higher fees, especially as network usage grows. However, Bitcoin's difficulty adjustment algorithm ensures mining remains profitable even with fewer participants. Advances in mining technology and cheaper energy sources will also help sustain operations.
Scarcity will continue to drive Bitcoin's value. Historically, price has risen after each halving, and as supply growth effectively stops by mid-century, Bitcoin's role as "digital gold"-a stable store of value and hedge against traditional finance-is expected to strengthen.
Other cryptocurrencies handle supply differently. Litecoin follows a similar halving schedule, with all coins mined by 2142. DASH reduces rewards by 7.14% every 383 days for a smoother emission. XRP burns a fraction per transaction, reducing supply over time. In contrast, some coins are inflationary without a fixed cap. For long-term investors, tokens with immutable, limited supply like Bitcoin are generally considered the safest.