Monero supply and tail emission
Monero has no maximum supply. About 18.13 million XMR were created by the end of May 2022, and since then every block adds a fixed 0.6 XMR, which is 432 XMR a day. That put the supply at about 18.82 million XMR on 24 October 2026, an annual inflation of roughly 0.84% that keeps falling.
The short answer
Unlike Bitcoin's 21 million cap, Monero never stops issuing new coins. After a declining "main emission" that ended in June 2022, the reward settled at a permanent 0.6 XMR per block. The number of new coins per year stays the same forever, so the percentage inflation keeps getting smaller as the total supply grows.
The numbers
| Item | Value | Source or calculation |
|---|---|---|
| Main emission | About 18.132 million XMR by the end of May 2022 | Monero technical specs |
| Tail emission | 0.6 XMR per block (or slightly less if a block-size penalty applies) | Moneropedia |
| Block time | 120 seconds, so 720 blocks a day | Monero source code |
| New coins per day | 432 XMR | 720 x 0.6 |
| New coins per year | About 157,680 XMR | 432 x 365 |
| Total supply, 24 Oct 2026 | About 18.82 million XMR | xmrchain emission data |
| Inflation, Oct 2026 | About 0.84% a year | 157,680 / 18.82 million |
| Premine | None | Monero technical specs |
Live figures are on Monero network stats. To convert between XMR and its smaller units, use the unit converter.
Inflation falls every year
Because 157,680 XMR is added each year regardless, the rate shrinks as the base grows:
| Approximate date | Supply (million XMR) | Annual inflation |
|---|---|---|
| June 2022 (tail starts) | 18.13 | 0.87% |
| October 2026 | 18.82 | 0.84% |
| October 2030 | 19.45 | 0.81% |
| October 2040 | 21.03 | 0.75% |
| October 2050 | 22.60 | 0.70% |
Future rows are simple projections from the fixed reward, not forecasts of anything else. Lost coins, which nobody can count on a private chain, reduce the usable supply over time.
Why Monero chose a tail emission
The Moneropedia explanation is straightforward: miners need an incentive to keep securing the network. With a block size that can grow, competition between users could push fees close to zero. If block rewards also reached zero, mining could become unprofitable, and fewer miners means a weaker network. A small, permanent reward avoids depending only on fees.
Supporters also argue that a steady issue roughly balances coins lost to forgotten seeds and broken devices, keeping the circulating supply fairly stable over the long term. Critics prefer a hard cap for its scarcity. Both views are common, and the debate is a real difference between Monero and Bitcoin. See Monero vs Bitcoin.
How the block reward works
- Each block pays the miner the 0.6 XMR subsidy plus all transaction fees in the block.
- If a miner makes a block larger than the median of the last 100 blocks, part of the subsidy is withheld as a penalty. That is why the tail is described as "0.6 XMR or less".
- The reward does not halve. There are no Bitcoin-style halving events in Monero, so "Monero halving" countdowns you may see online are wrong.
Want to earn part of this reward? See how to mine Monero and the mining calculator.
Can anyone verify the supply if amounts are hidden?
Yes, with a caveat. Block rewards are public, so anyone can add up how many coins were created. Transaction amounts are hidden, so the network relies on cryptographic proofs (Bulletproofs+ range proofs) that each transaction does not create money. A bug in that maths could in theory allow hidden inflation. On 19 February 2017 a Monero Research Lab member found such a bug in the CryptoNote code shared by several coins. Monero patched it two days later, disclosed it on 17 May 2017, and said a scan of its blockchain showed it had never been exploited on Monero. Audits and open review are the defence, which is one reason big upgrades such as FCMP++ go through long testing.
Monero and Bitcoin supply compared
| Feature | Monero | Bitcoin |
|---|---|---|
| Maximum supply | None | 21 million BTC |
| Reward schedule | Smooth decline until June 2022, then a fixed 0.6 XMR per block | Halves about every four years until it reaches zero |
| Block time | About 2 minutes | About 10 minutes |
| Miner income in the long run | Tail emission plus fees | Fees only |
| Supply auditable by anyone | Yes for issuance; amounts rely on cryptographic proofs | Yes, all amounts are public |
Neither design is free of trade-offs. A hard cap is easy to explain and attractive to savers. A permanent reward gives miners a predictable income that does not depend on users paying high fees. If you are comparing the two as investments, remember that supply is only one factor, and nothing on this site is investment advice.
Units
1 XMR equals 1,000,000,000,000 piconero (10 to the power 12). Wallets and nodes count in piconero internally. Other names you may meet: millinero (0.001 XMR), micronero (0.000001 XMR) and nanonero (0.000000001 XMR).
Frequently asked questions
What is Monero's max supply?
There is none. After about 18.13 million XMR were issued by May 2022, a permanent tail emission adds 0.6 XMR per block, about 157,680 XMR a year.
How many Monero coins are there?
About 18.82 million XMR on 24 October 2026, according to xmrchain emission data. The figure grows by 432 XMR a day.
What is Monero's inflation rate?
About 0.84% a year in October 2026. Because the yearly issue is fixed, the percentage falls slowly every year.
Does Monero have halvings?
No. The block reward declined smoothly until June 2022 and has been fixed at 0.6 XMR per block since then.
Why does Monero not have a hard cap?
To keep paying miners to secure the network even if fees stay very low. A small permanent reward avoids relying only on transaction fees.