Monero mining did not end in 2022. What ended was the network’s main emission phase: the declining block subsidy defined in the protocol’s original supply curve. Monero then moved into a permanent “tail emission,” which continues to reward miners with 0.6 XMR per block. That distinction matters because claims that most XMR had already been mined were often followed by the incorrect conclusion that issuance—or mining itself—would stop.
Main emission and tail emission are different phases
Monero launched in April 2014 without a premine, token sale or fixed allocation to founders. Its proof-of-work protocol issued new XMR through block rewards that decreased over time. According to the project’s technical specification, this declining schedule was the main emission.
The transition occurred at block 2,641,623 on 9 June 2022. From that point, Monero’s subsidy stopped declining and settled at 0.6 XMR for every block. With a target block time of roughly two minutes, that is approximately 0.3 XMR per minute. The official Monero FAQ describes this continuing reward as tail emission.
It is therefore inaccurate to say Monero “finished” issuing coins in 2022. The protocol deliberately has no fixed maximum supply. New XMR continues to enter circulation at a predictable absolute rate.
Why keep issuing XMR?
Proof-of-work miners order transactions, build blocks and contribute hash power to network security. Their revenue comes from the block subsidy plus transaction fees. In a system with a hard supply cap, the subsidy eventually falls toward zero and fee revenue must carry more of the security budget.
Monero chose a different trade-off. A permanent subsidy gives miners a protocol-level reward even when transaction fees are low. The design does not guarantee a particular level of hash rate or decentralization—hardware economics, electricity costs, mining software and market price still matter—but it avoids making future security depend entirely on fees.
This is related to, but separate from, the practical security risks discussed in our guide to controls against crypto-asset threats. Monetary policy can fund block production; it cannot protect a user from phishing, malware or a compromised wallet backup.
Does tail emission create high inflation?
Tail emission creates ongoing supply growth, but the number of new XMR per block remains constant while the existing supply becomes larger. The percentage inflation rate therefore declines over time. Monero’s FAQ estimated that the rate was around 1% in the first year of tail emission and would trend gradually toward zero, without mathematically reaching zero.
That does not make XMR “non-inflationary,” nor does it determine its market value. Price reflects demand, liquidity, regulation, custody risk and wider market conditions as well as issuance. Tail emission is simply a transparent protocol rule: users can evaluate the schedule instead of relying on discretionary decisions by an issuer.
What “90% mined” did—and did not—mean
A percentage such as “90% mined” can only refer to a chosen reference point, usually the amount expected before tail emission. It cannot mean 90% of an ultimate fixed maximum because Monero does not have one. It also does not measure how much XMR is liquid, accessible or recoverable; coins may be lost, held for long periods or moved privately.
The accurate summary is narrower: most of the rapidly declining main-emission rewards had been issued before 2022. The network then entered a permanent, lower and predictable reward phase. Mining continued, blocks continued to be produced, and the supply continued to increase.
This article explains protocol mechanics and is not investment advice. It was reconstructed from current primary documentation and preserves the historical URL while correcting its original premise.
