Crypto Community Questions Longevity of Miners' Revenues | KAS Reaches 99%+ Mined

November 30, 2025 — As the supply of Kaspa (KAS) nears depletion, miners face a crucial issue: can transaction fees sustain them as block rewards fade? The challenge intensifies with Kaspa's emphasis on speed and security at the base layer, notably without native smart contracts.

The Immediate Concern

Kaspa’s emission curve reveals that over 99% of its coins have already been mined, forcing miners to lean heavily on transaction fees for income. With few decentralized applications (dApps) executing on Layer 1 (L1), the potential for increased revenue through fees remains in question.

What Lies Ahead for KAS Miners

Looking forward, it’s likely that KAS miners will begin to adapt to the changing landscape. Experts estimate around a 60% chance that many will shift their business models to focus more on providing services that enhance transaction efficiency or they may collaborate to develop Layer 2 solutions. As block rewards diminish, transaction fees alone may not suffice. This shift may provoke a cataclysmic consolidation within the community where only the most resourceful miners thrive. Moreover, the ongoing developments in the crypto space suggest that dApps may slowly emerge, potentially increasing the transaction fee pool over the next few years.

A Historical Echo: The Transition of the Commodities Market

In a way reminiscent of the evolution of the commodities market in the late 20th century, KAS miners face their own turning point. As physical resources reached limits, many companies adapted by creating value-added services such as logistics and optimization tools. Just as oil companies began diversifying beyond extraction, KAS miners may similarly innovate or pivot toward service-oriented models to survive in a diminishing reward environment. The transition could redefine what success looks like in crypto mining, just as it did in global commodities.