Monetary policy
Summary
- Block subsidy starts at 6.25 ZMR.
- The subsidy halves every 1,680,000 blocks, about 4 years at 75 seconds per block.
- Total supply approaches 20,999,993.5652 ZMR.
- There is no tail emission. Once the subsidy reaches zero, miners are paid by fees alone.
- There was no premine and there is no dev fund.
Halving schedule
| Era | Blocks | Subsidy per block | Issued in era | Cumulative (approx.) |
|---|---|---|---|---|
| 1 | 0 to 1,679,999 | 6.25 ZMR | 10,500,000 ZMR | 10,500,000 ZMR |
| 2 | 1,680,000 to 3,359,999 | 3.125 ZMR | 5,250,000 ZMR | 15,750,000 ZMR |
| 3 | 3,360,000 to 5,039,999 | 1.5625 ZMR | 2,625,000 ZMR | 18,375,000 ZMR |
| 4 | 5,040,000 to 6,719,999 | 0.78125 ZMR | 1,312,500 ZMR | 19,687,500 ZMR |
| 5 | 6,720,000 to 8,399,999 | 0.390625 ZMR | 656,250 ZMR | 20,343,750 ZMR |
Halvings continue until the subsidy rounds down to zero.
TODO
The era table is a simple calculation from the confirmed parameters. Confirm block heights, whether genesis pays a subsidy, and any slow-start, against the specification. The confirmed cap is 20,999,993.5652 ZMR; the table’s cumulative figures are approximate and do not account for those details.
Where the subsidy goes
Until the first halving, each block’s subsidy splits:
| Recipient | Share | Per block |
|---|---|---|
| Miner | 97% | 6.0625 ZMR |
| Founder stream | 3% | 0.1875 ZMR |
From the first halving onward, miners receive the whole subsidy. Miners also receive all transaction fees in every era.
See Founder stream.