Emission Schedule
An emission schedule is the planned rate at which new tokens are created, for example as mining or staking rewards. Bitcoin’s issuance halves roughly every four years; other tokens set their own rules.
Every crypto asset has rules for how new units enter circulation. That emission schedule sets supply inflation, and changes to it, like Bitcoin's halvings, are some of the most watched events in crypto.
- Category
- Cryptocurrency and Blockchain
- Reading time
- 3 min
- Also called
- Issuance schedule, Token emissions, Supply schedule
- Updated
Emission schedules in plain words
Bitcoin's block reward is cut in half every 210,000 blocks, roughly four years.1
The block reward started at 50 bitcoins in 2009 and reaches zero around 2140, so total supply tops out at 21 million.1
Ethereum is different: ether is issued every epoch in proportion to ETH staked and burned in proportion to activity.2
How to read an emission schedule
Find the issuance rule
Bitcoin halves its reward every 210,000 blocks.1
Check for a cap
Bitcoin has a fixed 21 million maximum.1
Look for burns
On Ethereum, burning can outpace issuance when activity is high.2
Compute yearly inflation
New units per year ÷ current supply.
Map future events
Halvings tend to land a little earlier than a calendar projection.1
Watch the end state
Once issuance stops, miners rely on fees.3
Worked examples
Example 1 — Halving math
Issuance halves to 450/dayA hypothetical reward of 6.25 coins per block, 144 blocks a day.
| Daily issuance before | 6.25 × 144 = 900 |
| After halving | 3.125 × 144 = 450 |
| Change | 450 − 900 = −450 per day |
Each halving cuts the reward in half, every 210,000 blocks.1
Example 2 — Supply inflation
≈0.83% a yearHypothetically 450 new coins a day on a supply of 19.7M.
| Yearly issuance | 450 × 365 = 164,250 |
| Inflation rate | 164,250 ÷ 19,700,000 ≈ 0.83% |
Issuance slows predictably until it stops, enforcing the 21 million limit.1
Example 3 — Net issuance with burns
−9,000 coins netHypothetically a network issues 2,700 coins a day and burns 3,000.
| Net change | 2,700 − 3,000 = −300 per day |
| Over 30 days | −300 × 30 = −9,000 |
When activity is high more can be burned than issued, making supply deflationary in that period.2
Bitcoin vs Ethereum emission
| Aspect | Bitcoin | Ethereum |
|---|---|---|
| Supply cap | 21 million | No fixed cap |
| Issuance driver | Fixed halving schedule | Total ETH staked |
| Burning | No protocol burn | Part of fees burned |
| Can shrink | No | Yes, in busy periods |
Where traders use emission schedules
Supply analysis
Compare token Inflation across assets.
Event trading
Position around halvings and Volatility.
Valuation
Adjust Market Capitalisation for future supply.
Long-term holding
Plan Position Trading around dilution.
Advantages and disadvantages
Advantages
- Bitcoin's rule is transparent and predictable.
- Lets you estimate dilution.
- Shows when big supply changes occur.
- Comparable across assets.
Disadvantages
- Token unlock schedules can be opaque.
- Burns make net supply variable.
- Halving effects may already be priced in.
- Schedules can be changed by governance on some chains.
Going deeper
Read as far as you need. Each level builds on the one before it.
Common mistakes
Ignoring unlocks
Missing large team or investor unlocks.
Using gross issuance
Forgetting burns.
Calendar-dating halvings
Treating height-based events as fixed dates.
Assuming price must rise
Treating a halving as guaranteed gains.
Check your understanding
Test yourself before moving on. Each answer comes with an explanation.
Key points to remember
- Emission sets how new supply enters.
- Bitcoin halves every 210,000 blocks.
- Bitcoin caps at 21 million.
- Ethereum mixes issuance and burns.
- Check unlocks for other tokens.
Frequently asked questions
When is the next Bitcoin halving?
What is a token unlock?
Can an emission schedule change?
Further learning
- Inflation
Supply growth as inflation.
- Market Capitalisation
Supply times price.
- Fundamental Analysis
Tokenomics research.
- Volatility
Event-driven moves.
Sources
This article is written in our own words. The sources below support the specific facts, rules and figures marked with a number in the text. Links open the original publisher’s page.
- Bitcoin.org. Bitcoin Halving Countdown (opens in a new tab) Checked .
- ethereum.org. Ethereum vs Bitcoin (opens in a new tab) Checked .
- Satoshi Nakamoto. Bitcoin: A Peer-to-Peer Electronic Cash System (opens in a new tab) Checked .
- NIST. NISTIR 8301: Blockchain Networks: Token Design and Management Overview (opens in a new tab) Checked .
Educational content, not financial advice. Examples use hypothetical prices and simplified costs; actual fees, margin rules and regulations vary by broker, market and country. We are not affiliated with any publisher linked above. Last reviewed . Report an error or request a source credit.