“Every day that goes by and Bitcoin hasn’t collapsed due to legal or technical problems… increases the chance of Bitcoin’s eventual success and justifies a higher price.”
Hal Finney · 2011
Fifteen years on, the thing that can still collapse is the subsidy. Every block that $NAT pays a second subsidy is a block where the security budget problem has a solution in sight.
Bitcoin's second subsidy — credited to the miner of every block since Feb 25 2025. It only goes up.
NAT issued to miners since block 885,588
—NAT
+386,021,021
every block (~10 min)
Connecting…
Every block since 885,588 has paid a second subsidy
— blocks
This block
+386,021,021
NAT credited to the coinbase
Issued today (UTC)
—
≈ blocks since 00:00 UTC
Share of chain
of all Bitcoin blocks ever mined
Per-block rate
386,021,021
NAT / block · drifts ~1.3%/yr
Over half of this issuance is actively moved by adopting pools — the rest accrues unclaimed to coinbase addresses. Which pools, measured live ↗