Zcash supply: the 21 million cap, halvings and the dev fund
Zcash has a maximum supply of 21 million ZEC, issued through block rewards that halve roughly every four years. Since the November 2024 halving each 75-second block creates 1.5625 ZEC until NU7, which scales the per-block amount down for 25-second blocks: 80% to miners, 8% to Zcash Community Grants and 12% to a coinholder-controlled fund. The next halving is expected around late November 2028.
Like Bitcoin, Zcash has a hard cap of 21 million coins and a halving schedule. Unlike Bitcoin, part of every block reward funds development. This page explains how new ZEC is created, who receives it and how the 2026 events, including the Orchard turnstile and NU7, fit in. For live numbers see Zcash network stats and the halving countdown.
Supply at a glance
| Item | Value |
|---|---|
| Maximum supply | 21,000,000 ZEC |
| Issued so far | About 16.9 million ZEC (implied by KuCoin's September 2026 figures: 4.89 million shielded = 28.9% of supply) |
| Block subsidy now | 1.5625 ZEC per block until NU7; after NU7 it is scaled down for 25-second blocks so issuance per day stays the same |
| New ZEC per day | About 1,800 (1,152 blocks a day at 75 seconds; NU7 is designed to keep this daily rate) |
| Next halving | Around late November 2028 (block 4,406,400 under pre-NU7 rules); the subsidy halves again |
| Smallest unit | 1 zatoshi = 0.00000001 ZEC |
Halving history
| Date | Event | Subsidy per block |
|---|---|---|
| 28 October 2016 | Launch, with a "slow start" ramp over the first 20,000 blocks | Up to 12.5 ZEC (150-second blocks) |
| 11 December 2019 | Blossom halves block time to 75 seconds | 6.25 ZEC (same issuance per day) |
| 18 November 2020 | First halving, block 1,046,400 (Canopy) | 3.125 ZEC |
| 23 November 2024 | Second halving, block 2,726,400 (NU6) | 1.5625 ZEC |
| Expected late November 2028 | Third halving | Half the then-current subsidy (0.78125 ZEC per block under the pre-NU7 75-second rules) |
With 75-second blocks the halving interval is 1,680,000 blocks, which would put the next halving at block 4,406,400. NU7 plans to cut block time to 25 seconds from around 5 November 2026. Developers chose a configuration that preserves the halving schedule (Cointelegraph, 18 Sep 2026), so the date should stay about the same while the block height and the per-block amount are recalculated. Our halving countdown uses live chain data.
Where each block reward goes
| Recipient | Share | Per block until NU7 |
|---|---|---|
| Miners | 80% | 1.25 ZEC plus fees |
| Zcash Community Grants | 8% | 0.125 ZEC |
| Coinholder-controlled fund | 12% | 0.1875 ZEC |
This 80/8/12 split runs from NU6.1 (block 3,146,400, 24 November 2025) until the 2028 halving. Mining profitability: mining calculator.
The dev fund, from Founders' Reward to coinholder fund
- 2016 to 2020: Founders' Reward. 20% of block rewards for the first four years, about 10% of the total supply, went to the founders, early investors, employees and the Zcash Foundation.
- 2020 to 2024: Dev Fund. From Canopy (18 November 2020), 20% of rewards went 8% to grants, 7% to the Electric Coin Company and 5% to the Zcash Foundation.
- 2024 to 2025: lockbox. At NU6 (23 November 2024) the ECC and Foundation shares ended. 8% went to Zcash Community Grants and 12% to a "lockbox" for later disbursement, after a community poll in July 2024.
- From 24 November 2025: coinholder-controlled fund. NU6.1 turned the lockbox into a fund whose spending ZEC holders vote on (ZIP 1016).
Critics argue that any dev fund is a tax on miners and holders; supporters say it pays for the cryptography and wallets that make Zcash work. Either way, it explains why miners receive 80%, not 100%.
How much supply is shielded
Shielded supply rose sharply in 2025: The Block reported 4.5 million shielded ZEC in October 2025, and it passed 5 million at its peak. In early January 2026 one holder unshielded more than 200,000 ZEC, leaving about 4.86 million shielded (Yahoo Finance, Jan 2026). By September 2026 about 4.89 million ZEC, roughly 28.9% of supply, was shielded (KuCoin).
Can supply be audited if balances are hidden?
Yes, at the pool level. Nodes track the total value in each shielded pool, and a pool's balance can never go negative. The 2026 Orchard vulnerability tested this: because a bug could in theory have minted hidden coins inside Orchard, the network made Orchard withdraw-only and routed every exit through a public turnstile into Ironwood. If more ZEC tried to leave than went in, the gap would show. None had been reported by October 2026.
NU7 and the Network Sustainability Mechanism
NU7 (block 3,543,405, around 5 November 2026) adds the Network Sustainability Mechanism through ZIP 234 and ZIP 235. In the configuration chosen, the halving schedule is preserved and previously removed supply is reintroduced starting in February 2031 (Cointelegraph, 18 Sep 2026). In a ZEC holder vote, 98.9% supported keeping halvings (FXStreet, Sep 2026). NU7 also disables v4 transactions, which reports say makes any remaining Sprout funds unspendable. The 21 million cap is not being raised.
Frequently asked questions
What is the maximum supply of Zcash?
21 million ZEC, the same cap as Bitcoin. About 16.9 million had been issued by September 2026, based on KuCoin's shielded-supply figures.
When is the next Zcash halving?
Around late November 2028, when the subsidy halves again. NU7 changes the block time but keeps the halving schedule, so check our live countdown for the current estimate.
Who gets the Zcash block reward?
Miners receive 80%. Zcash Community Grants receives 8% and a coinholder-controlled fund receives 12%, until the 2028 halving.
Did the Orchard bug inflate the supply?
No inflation was reported. The turnstile on Orchard withdrawals is designed to reveal any counterfeit coins, and no shortfall had been reported by October 2026.
What is a zatoshi?
The smallest unit of ZEC: 1 ZEC equals 100,000,000 zatoshi, named after Zooko Wilcox, Zcash's founder.