Entries → protocol timelines
Issuance Schedules: Reference Table
How new supply enters circulation on the major networks, and what determines the rate.
| Entry type | reference |
|---|---|
| Section | protocol timelines |
| Last verified | |
| Compiled by | Reference Desk |
Entry last verified May 2026.
Bitcoin
Fixed schedule. The block subsidy halves every 210,000 blocks, approximately every four years.
| Period | Subsidy per block |
|---|---|
| 2009 to 2012 | 50 |
| 2012 to 2016 | 25 |
| 2016 to 2020 | 12.5 |
| 2020 to 2024 | 6.25 |
| 2024 to 2028 | 3.125 |
| 2028 to 2032 | 1.5625 |
Issuance ends when the subsidy rounds to zero, projected around 2140. Maximum supply is 21,000,000.
After that, miner revenue is transaction fees only. Whether fees will be sufficient to secure the network is the principal open question about the long-term model.
Ethereum
Issuance is a function of total staked, not a fixed block reward. More stake means more total issuance and a lower rate per staker.
The base fee is burned, which removes supply in proportion to network usage. Net supply change is the difference between issuance and burn, and has been negative during periods of high activity.
There is no maximum supply.
The two models
Fixed schedule. Predictable, and the security budget declines over time in asset terms.
Variable issuance with burn. Responsive, and net supply depends on usage rather than on a schedule.
Neither is obviously better. The first offers certainty about supply and uncertainty about future security funding. The second offers the reverse.
What to check for any token
Annual new supply as a percentage of circulating supply. This is the dilution a holder faces, and it is rarely presented alongside growth narratives.
The unlock schedule for tokens held by insiders. Supply arriving on a known date is frequently the most price-relevant fact about a token.
Whether the schedule can be changed, and by whom. A fixed schedule enforced by consensus is different from a parameter a governance vote can adjust.
Where to verify
The protocol documentation for the schedule. The token contract on a block explorer for current total supply. Unlock trackers for vesting.
Data aggregators report circulating supply and their figures for complex vesting arrangements are frequently out of date. The contract is authoritative.
Which assets are available to purchase at all in a given market is a separate question, published by venues including a regulated European platform.
Figures in this entry were correct on the date shown. Spotted something out of date?Send a correction and the entry gets updated.