Halving

The tokenomics of Bittensor follows that of Bitcoin. Upon issuance of half of the remaining supply, the emission will halve.

The tokenomics are the same for tao and for all alpha tokens.

First Halving

When 10,500,000 tokens are issued, the block reward will drop by 50%. Tao and alpha halvings will occur on different schedules based on their emission.

• tao:
  • When 10.5M tao have been issued, tao emission will drop 1 to 0.5
• alpha:
  • When 10.5M alpha have been issued, alpha emission will drop 2 to 1

First Halving date for tao

The halving date cannot be accurately predicted, as recycling causes tao to be taken out of circulation.

1/14/25 data:
Assuming no recycle: Halving will be December 4, 2025.

Based on last 30 days of registration recycle fees: between December 11 - 21, 2025

Second Halving

15.75M tokens issued:

(this will be a different time for tao & alpha tokens)

• tao: 0.5 to 0.25
• alpha: 1 to 0.5

Third Halving

18.375M tokens issued:

(this will be a different time for tao & alpha tokens)

• tao: 0.25 to 0.125
• alpha: 0.5 to 0.25

etc.

The tao halving will affect the timing for alpha halvings.

Recall that alpha into the pool is based on the amount of tao entering the pool. When tao halves, the amount of tao entering each pool will halve - and so will the alpha injected into the pool.

The tao halving is shown by the yellow line. At this time, alpha_in decreases- changing the slope of the emission line.

The red dotted line indicates 10.5M alpha- the first halving.