Coinbase reward per block — Coinbase reward per block (subsidy + fees)
Average block reward follows Bitcoin's monetary supply and its underlying output set: Coinbase reward per block. It explains how new coins enter circulation and how the ledger changes over time.
Read the series against Bitcoin's scheduled issuance and halving cycles. Structural shifts unfold slowly, so long-term comparisons matter more than daily noise.
Bitcoin's issuance rules are deterministic, while output and payment patterns are operational. This chart describes the chain's accounting, not demand by itself.