Bitcoin Supply Cap Debate Reignited Amid Proof-of-Work Security Concerns

A debate has been reignited over Bitcoin's supply cap, specifically its 21 million limit. Early Bitcoin developer Peter Todd brought attention to this issue in a recent event, where he questioned whether proof-of-work security can be sustained solely by transaction fees as block subsidies continue to decrease through halvings.

The shrinking block rewards have led to an increasing share of revenue from transaction fees, but experts remain uncertain about the long-term sustainability of this model. Todd suggested that a lower issuance rate could provide incentives for miners to operate without imposing significant economic burdens.

The current figures show that daily transaction-fee revenue earned by miners is significantly lower than mining subsidies, with fees accounting for only 0.54 percent of total mining revenue on April 8, 2026. Analysts have differing views on the matter, with some arguing that it's a 'bad idea' to change the supply cap, while others see it as a potential solution.