What happens if mining becomes unprofitable?
Many worry that once Bitcoin’s block subsidy runs out, the network will collapse, because fees might not be high enough to incentivize miners to secure the network.
I think this take misses an important factor: Mining may move from being a way to monetize stranded resources to become a required operational cost to maintain financial sovereignty.
In the future, as Bitcoin becomes more valuable the need to protect it will become strategic, not just economic. Think of it like this: no one expects a gold vault to be profitable. You build and guard a vault because the gold is worth protecting.
The same logic applies to Bitcoin mining.
- Nations, banks and corporations will mine Bitcoin to secure their own wealth.
- Mining becomes an operational cost—like cybersecurity, insurance, or physical vaults—not a profit-maximizing endeavor.
- Controlling hashpower means controlling your transaction priority, your freedom from censorship, and your stake in monetary sovereignty.
Even if fees are low and the subsidy goes away, Bitcoin’s security will be upheld by those who depend on it most, because they can’t afford not to. Bitcoin survives the end of the subsidy, because powerful actors will have skin in the game to keep it secure.
But will it be sufficiently decentralized?
