Recompensa por Bloque

A miner's total income per block = the block subsidy (newly issued coins) + transaction fees (paid by that block's transactions). This chart plots only the subsidy. It is paid via the coinbase transaction and is the sole source of new bitcoin; fees merely move existing coins. The distinction matters because the subsidy decays to zero by protocol decree, while fees float on market demand for block space.

The subsidy started at 50 BTC per block at the 2009 genesis and halves every 210,000 blocks: to 25 in November 2012, 12.5 in July 2016, 6.25 in May 2020, and 3.125 in April 2024. The geometric series converges — that is the mathematical origin of the 21-million cap. No burn, no decree: the cap simply falls out of the halving schedule. Around 2140 the subsidy becomes too small to express in satoshis and issuance ends.

The steps themselves hold no suspense — the schedule is deterministic. What matters is what each step does: a halving instantly cuts miners' subsidy revenue in half while their costs stay put, forcing a shakeout — inefficient rigs power down, hashpower migrates toward cheaper energy, difficulty adjusts downward until a new equilibrium holds. The months after every halving have reshuffled the mining industry.

This series is reverse-engineered from daily supply changes divided by daily block count, so it should trace a clean step function with minor noise near halving dates and in early data. Remember that real per-block income adds fees on top — during congestion episodes (late 2017, the 2023 inscription waves) individual blocks have paid more in fees than the subsidy itself.

Beyond network data, see the broader market via total crypto market cap and BTC liquidations.