Every new bitcoin is created by miners in the first transaction of each block, on a fixed schedule every node checks. See how much and how often.
Created in every block
New bitcoin is created in one place only: the The coinbase transaction, the first transaction in each block. The miner who finds the block writes this transaction and pays themselves:
- the subsidy: brand-new bitcoin, currently 3.125 BTC per block, plus
- the fees from every transaction in the block.
Why miners get paid
Mining costs electricity and hardware. The reward pays miners for securing the network with Proof of work. It is also how coins were first distributed: there was no pre-sale, and the first coins were mined by anyone running the software.
The schedule
The subsidy halves every 210,000 blocks (see The Bitcoin halving). Over time fees will make up a bigger part of miners' income.
The first halving block
Block 210,000, mined in November 2012, was the first block whose subsidy was 25 BTC instead of 50.
How much is created per day?
About 144 blocks are mined per day. At 3.125 BTC each, that is roughly 450 new bitcoin per day after the 2024 halving, falling to about 225 per day after the next halving.
Who gets it?
Whoever mines each block: almost always a mining pool, which then shares the reward among its miners. Nobody else receives newly created coins.
See a new coinbase
Open the latest block on MyBitcoinExplorer and click its first transaction: that is the coinbase, creating new bitcoin and collecting the fees.
Key takeaways
- New bitcoin is created only in each block's coinbase transaction.
- Miners receive the subsidy plus all transaction fees in the block.
- The subsidy halves every 210,000 blocks.
Common questions
Can anyone create bitcoin?
Only by mining a valid block, which requires winning the proof-of-work competition.
What is the block reward right now?
Since the April 2024 halving at block 840,000, the subsidy is 3.125 BTC per block, plus fees.
Do miners create bitcoin out of nothing?
The coinbase transaction has no real input, so yes, new coins appear there, but only up to the amount the rules allow.
Can new bitcoin be created any other way?
No. The coinbase transaction in each block is the only source of new coins.