
What Happens When the Last Bitcoin Is Mined in 2140
Bitcoin's subsidy reaches zero around 2140, after which miners live on fees alone — a transition the protocol has been rehearsing at every halving since 2012.
Bitcoin as an asset: issuance schedule, holder behavior, custody arrangements, fund flows and the settlement layer sitting beneath the price.

Bitcoin's subsidy reaches zero around 2140, after which miners live on fees alone — a transition the protocol has been rehearsing at every halving since 2012.

Lightning moves bitcoin through pre-funded payment channels hop by hop, with hash-locked contracts ensuring every intermediary either delivers or refunds.

A bitcoin signature proves ownership of specific coins without revealing the private key, using elliptic-curve math that any node can verify in microseconds.

Cold storage keeps bitcoin's signing keys offline so no networked attacker can spend them; the hard part is key generation, backup and recovery, not the device.

Bitcoin does not track balances; it tracks unspent transaction outputs — discrete coins that are consumed whole and regenerated as change, with real…