01Definition
The block subsidy is the newly issued portion of a miner’s block reward. It began at 50 BTC and is cut in half every 210,000 blocks. It is separate from transaction fees.
02Enforced maximum
A miner may claim less than the permitted subsidy, but not more. Every full node calculates the allowed amount and rejects a block whose coinbase output overclaims the subsidy plus fees.
03Declining issuance
Repeated integer halvings drive new issuance toward zero. The schedule bootstraps security while distributing coins, then progressively shifts miner revenue toward transaction fees.
⌖Reference points
01
New issuance, not total miner revenue
02
Halves every 210,000 blocks
03
Nodes reject overpayment
04
Trends toward zero