✂️ Guide· 4 min read

Bittensor halving explained

In short

Every so often, the amount of new TAO created each day is cut in half: that's the halving, just like Bitcoin.
It doesn't happen on a set date but once a certain amount of TAO has been created. The next one: around December 2029.
Fewer new TAO means fewer rewards to share: subnets have to rely more on real revenue.

TAO created so far

11,612,130

Next halving at

15,750,000

Left to create

4,137,869

Estimated date

December 2029

Like Bitcoin, Bittensor will never create more than 21 million TAO. To get there smoothly, the amount created each day is regularly cut in half. The first halving happened on December 14, 2025: it went from 1 to 0.5 TAO per block, about 3,600 TAO a day.

When do halvings happen?

Not on a date or at a set block: a halving triggers when the total TAO created crosses a threshold. Each threshold sits halfway through what is left to create:

Halving	When the total reaches	Creation after	Status
#1	10,500,000 TAO	0.50 TAO/block	✓ Done (Dec 14, 2025)
#2	15,750,000 TAO	0.25 TAO/block	● Next
#3	18,375,000 TAO	0.13 TAO/block	Later
#4	19,687,500 TAO	0.06250 TAO/block	Later
#5	20,343,750 TAO	0.03125 TAO/block	Later

Why the date moves

Some TAO gets recycled: for example the fees paid to register a miner or a subnet. That TAO goes back to the reserve and no longer counts in the total, which pushes the halving back. Over the last 24 hours, net creation was τ3,577.45, against τ3,600.00 sent to subnets. Our estimate uses this net pace, so it is later than projections that ignore recycling.

Every subnet has its own halving too

Each subnet's token (its "alpha") is also capped at 21 million and follows the same rule, with its own counter. No subnet has reached its first halving yet: they all still create 1 alpha per block. The closest to their first threshold (10.5 million):

Targon (SN4): about 6,439,400 alpha created so far
Chutes (SN64): about 6,422,883 alpha created so far
Compute Horde (SN12): about 6,407,894 alpha created so far
SayGM (SN28): about 6,308,500 alpha created so far
iota (SN9): about 6,297,707 alpha created so far

What the halving changes

01

A smaller pie

Less new TAO reaches subnets each day: they share a smaller reward.
02

Real revenue matters more

Subnets living off rewards have to rely more on their customers, and token buybacks become more visible.
03

Less new supply

For holders, less TAO is created each day; the effect on prices depends on demand for each subnet.

Bittensor halving FAQ

When was the first Bittensor halving?

On December 14, 2025, when the total TAO created reached 10.5 million. Creation went from 1 to 0.5 TAO per block.

When is the next Bittensor halving?

When the total reaches 15,750,000 TAO; creation will then drop to 0.25 TAO per block. At the current net pace, that would be around December 2029.

Why can't the halving date be predicted exactly?

Because it depends on the total TAO created, and recycled TAO (registration fees for example) is removed from it, which delays the threshold.

What is an alpha halving?

Each subnet's alpha token is capped at 21 million and has its own halving curve. When it crosses 10.5 million created, the subnet's alpha creation per block is cut in half.

How much TAO will ever exist?

21 million. About 11,612,130 have been created so far.