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11. Monetary policy and parameters

mainnettestnetregtest
magica77e4a01a77e4a02a77e4aff
P2P / API port9333 / 833219333 / 1833229333 / 28332
spacing / ASERT half-life120 s / 3600 ssame120 s / none
pow_limit bits1f00ffff1f00ffff207fffff
subsidy10 ARRK, halving every 1,050,000, tail 0.6 ARRKsamehalving every 150, tail 0.6
supplyno hard cap: ~19.4M ARRK in the first 20 years, then +0.6 ARRK per block (~0.75%/yr, falling)samesame
merged-mining chain id0x0D07samesame
state-commitment delay10010010
checkpoint groupnone (genesis ceremony)none2-of-3 test seeds
coinbase maturity100100100
issuance fee10 ARRK1 ARRK1 ARRK
  • subsidy(h) = max(initial >> (h // halving), tail), where the shift result is 0 after 64 halvings and tail = 60,000,000 base units (0.6 ARRK). The floor is reached at the 5th halving (0.3125 < 0.6), about 20 years in on mainnet.
  • This tail emission is a deliberate security budget, as Monero has paid since 2022. Miners are never paid by fees alone.
  • 1 ARRK = 10⁸ base units.
  • Genesis:
    • Coinbase with one zero-value burn output carrying the genesis message, lock_time 0.
    • Header: height 0, prev_hash zero, timestamp 1792195200 (placeholder until the genesis ceremony), and the network's genesis_bits.
    • Proof of work: a standalone AuxPoW (§9.6.3) with parent nonce genesis_nonce.
    • Genesis outputs are never spendable.
    • The frozen hashes are in core/vectors/genesis.json.