# How much inflation does Bitcoin have, year by year?

What's the M0/MB inflation rate of Bitcoin?

Note: I'm asking about multiple years in order to make this question less likely to go out of date.

• I am not sure exactly how you want to define the money supply. The definitions of M0 and MB given here differ in whether you count physical currency held by banks and Federal Reserve account balances. I don't know what the correct analogy of those quantities is for Bitcoin, which doesn't have a Federal Reserve, and I don't know how you would define what is a bank, nor how you would find out their currency holdings (since there are no regulations forcing them to report this). Can you be more precise in your question? Apr 25, 2015 at 20:07
• The obvious way to measure the "money supply" at any given time would simply be to determine the total number of bitcoins generated up to that time, and assume all of them are "in circulation". In that case your question should reduce to looking up some numbers and a simple computation. But it seems like maybe you are looking for something more elaborate than that. Apr 25, 2015 at 20:08
• @NateEldredge `Can you be more precise in your question?` So, for example, when the genesis block was issued, the inflation rate was infinite, because it went from 0 to 50 Bitcoins. `The obvious way to measure the` That's exactly what I'm looking for. Apr 25, 2015 at 20:31
• Bitcoin is deflationary. Dec 22, 2016 at 13:38
• @Geremia It may be price-deflationary (as the value of coins may go up), but it is certainly supply-inflationary (as the amount of coins in circulation goes up). Dec 22, 2016 at 16:18

``````Year   #blocks    #bitcoins       Supply inflation per annum
2009    32,489    1,624,450          -
-----------------------------------------------------------------
2010    67,920    5,020,450        209.1%
2011    59,627    8,001,800         59.4%
2012    54,526   10,614,025         32.7%  (halvening Nov 28)
2013    63,433   12,199,850         14.9%
2014    58,865   13,671,475         12.1%
-----------------------------------------------------------------
2015    54,321   15,029,500          9.9%
2016    54,851   16,075,362.5        7.0%  (halvening Jul 9th)
2017    55,928   16,774,462.5        4.4%
2018    54,498   17,455,687.5        4.1%
2019    54,232   18,133,587.5        3.9%
-----------------------------------------------------------------
2020    53,222   18,586,906          2.5%  (halvening May 11th)
2021    52,686   18,916,194          1.8%
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
2022             19,244,944          1.7%  (estimate)
2023             19,573,694          1.7%  (estimate)
2024             19,794,947          1.1%  (estimate, halvening)
-----------------------------------------------------------------
2025             19,959,322          0.8%  (estimate)
2026             20,123,697          0.8%  (estimate)
2027             20,288,072          0.8%  (estimate)
2028             20,398,073          0.5%  (estimate, halvening)
2029             20,480,261          0.4%  (estimate)
-----------------------------------------------------------------
2030             20,562,448          0.4%  (estimate)
``````

For the past years, I have calculated the amount of bitcoins created from first block to last block per year. The numbers starting from 2022 are estimates based on the assumption that we will add 52,600 blocks per year.

Update 2017:
It turns out that 2016 had 55,184 blocks (or an average block interval of 9.51 minutes), so with 54,000 blocks I had underestimated by 1,184 blocks. Thus, inflation rates might be slightly bigger than the estimate provided here, if that interval remains accurate. New estimates were still calculated with 54,000 blocks per year.

Update 2020:
2017 had 55,928 blocks, 2018 had 54,498 blocks, and 2019 had 54,232 blocks. Seems like we're actually finally getting closer to the 54,000 estimate, so I continue to use that for the estimate of the future years.

Update 2021:
2020 had 53,222 blocks. So, I've updated future estimates assuming 53,200 blocks per year.

Update 2022:
Added 2021 and blocks column. Realized that 2015-Murch had wrong numbers for 2012/2013 and corrected the whole table. Future estimates assume 52,600 blocks per year (we were very close to 10 minute blocks in 2021).