Zcash's Since block zero

Every ZEC the protocol has paid outside mining since the genesis block, computed block by block from the consensus rules and valued at the ZEC/USD close of the day it was paid. Heights by day from Blockchair; daily closes from Bitfinex.

Allocated outside mining

3.39M ZEC

20.0% of all ZEC issued

USD at receipt

$423.8M

each day valued at its close

Same ZEC at today's price

$4.4B

at $1,310.95 per ZEC

In-protocol lockbox

74.19K ZEC

value pool at block 3,542,086

By recipient

Who each consensus rule paid, for how long, and what that ZEC was worth on the days it arrived.

Recipient	Period	Share	ZEC	USD at receipt	Avg. price	Follow the money
Founders' RewardZcash Company, 48 rotating 2-of-3 multisig addresses	Oct 2016 to Nov 2020	20%	2,100,000	$279.9M	$133.29	Protocol spec §7.8 ↗
Bootstrap (ECC)Dev Fund 2020	Nov 2020 to Nov 2024	7%	367,500	$28M	$76.17	ZIP 214 ↗ZIP 1014 ↗
Zcash FoundationDev Fund 2020	Nov 2020 to Nov 2024	5%	262,500	$20M	$76.17	Zcash Foundation reports →ZIP 214 ↗ZIP 1014 ↗
Major GrantsDev Fund 2020	Nov 2020 to Nov 2024	8%	420,000	$32M	$76.17	ZCG totals →ZCG grants →ZIP 214 ↗ZIP 1014 ↗
Zcash Community GrantsZCG and Lockbox	Nov 2024 to today	8%	95,945.5	$25.6M	$266.69	ZCG totals →ZCG grants →ZIP 1015 ↗ZIP 1016 ↗
LockboxZCG and Lockbox	Nov 2024 to today	12%	143,918.25	$38.4M	$266.69	Coinholder grants program →Coinholder fund →ZIP 1015 ↗ZIP 2001 ↗ZIP 271 ↗ZIP 1016 ↗

Since 2026-09-23 (block 3,493,963), 48,123 more blocks have paid 6,015.375 ZEC to ZCG and added 9,023.0625 ZEC to the lockbox. The daily series closes at the last complete UTC day.

Year by year

ZEC allocated outside mining each calendar year. The halvings and Blossom show as steps; the price at receipt does the rest.

Year	Founders' Reward	Dev Fund 2020	ZCG	Lockbox	Total ZEC	USD at receipt
2016	68.56K	·	·	·	68.56K	$6.2M
2017	523.02K	·	·	·	523.02K	$99.9M
2018	523.06K	·	·	·	523.06K	$118.6M
2019	523.14K	·	·	·	523.14K	$29.7M
2020	462.23K	31.13K	·	·	493.36K	$27.8M
2021	·	261.33K	·	·	261.33K	$39.4M
2022	·	261.48K	·	·	261.48K	$23M
2023	·	261.45K	·	·	261.45K	$8.6M
2024	·	234.61K	5.52K	8.28K	248.4K	$7.6M
2025	·	·	52.31K	78.46K	130.77K	$16.8M
2026	·	·	38.12K	57.18K	95.3K	$46.3M

Where each slice went

What happened after the coinbase, as far as primary sources state it. Open questions stay open.

Oct 2016 to Nov 2020

Founders' Reward

2,100,000 ZEC20% of every block until the first halving.

Planned split, September 2016 · shares of the 21M supply

Investors1.65%346,500 ZECOver the first year of mining.
Founders, employees and advisors5.72%1,201,200 ZECOver four years.
Zcash Company strategic reserve1.19%249,900 ZECOver four years.
Zcash Foundation, by donation1.44%302,400 ZECOver four years. Pledged 273,000 ZEC in 2017; 87,000 ZEC received by January 2019.

Changes: From June 2019 the holders agreed to dilute the split in favour of ECC. Individual payouts are private by design.
Still open: The split after June 2019: ECC's August 2019 statement is offline and secondary sources disagree. Also what the Foundation finally received.
Sources: Continued funding and transparency, 2016 ↗Announcing the Zcash Foundation, 2017 ↗State of the Zcash Foundation, 2019 ↗ECC Q3 2019 report, forum copy ↗

Nov 2020 to Nov 2024

Dev Fund 2020

1,050,000 ZEC20% split 7 / 5 / 8 between ECC, the Zcash Foundation and Major Grants.

Consensus split, ZIP 214 · shares of the block subsidy

Bootstrap (ECC)7%367,500 ZECECC's operating budget, in quarterly transparency reports that ended with Q4 2024.
Zcash Foundation5%262,500 ZECOperations and grants, in quarterly reports, audits and Form 990s.
Major Grants8%420,000 ZECHeld by the Foundation and granted by ZOMG, renamed Zcash Community Grants in February 2022. Custody moved to the Financial Privacy Foundation at NU6. Every grant is in the ZCG ledger →

Still open: How much Major Grants money the Foundation moved to FPF after NU6, and in which transactions.
Sources: ECC transparency report, Q4 2024 ↗Zcash Foundation financial transparency ↗ZIP 1014 ↗

Nov 2024 to today

ZCG and Lockbox

254,902.1875 ZEC8% to Zcash Community Grants and 12% into the in-protocol lockbox, until the third halving.

Consensus split, ZIPs 1015 and 1016 · shares of the block subsidy · through block 3,542,086

Zcash Community Grants8%101,960.875 ZECPaid to the Financial Privacy Foundation for Zcash Community Grants. Every grant is in the ZCG ledger →
Lockbox12%152,941.3125 ZEC
- Disbursed at NU6.178,750 ZECTen outputs of 7,875 ZEC in block 3,146,400 to the coinholder fund t3ev37Q2uL…mnUwYo, a 2-of-3 multisig.
- Paid out to grantslive7,887.12705 ZEC
- Still in the fundlive70,862.87295 ZEC
- Accruing since NU6.1live74,191.3125 ZECInside the protocol, earmarked for the same fund. No withdrawal mechanism is deployed yet.

Keys: ZIP 271 gives the fund's three keys to the Zcash Foundation, Electric Coin Company and Shielded Labs. The Bootstrap board renounced ECC's role in February 2026; a draft ZIP would pass it to ZODL.
Grants: Coinholders vote on each grant and the key-holders sign the payouts. The Foundation and Shielded Labs vetoed the Q4 2025 grant to Bootstrap (ECC).
Next: A draft for NU7 keeps the 8% and 12% streams to the third halving with 25-second blocks.
Still open: Which organization holds which key, and the agreement that binds the key-holders.
Sources: ZIP 271 ↗Q4 2025 round results ↗Key-holders' statement on the ECC grant ↗Bootstrap board, Feb 2026 ↗Draft ZIP on key-holder organizations ↗zcash/zips pull request #1370 ↗

Milestones

The heights where the rules changed. Each links to its block on CipherScan.

2016-10-28Genesis. The Founders' Reward starts at 20% of each block, on a slow-start ramp. Block 0 ↗
2016-12-01The slow start ends: 12.5 ZEC per block, 2.5 ZEC of it Founders' Reward. Block 20,000 ↗
2019-12-11Blossom: 75-second blocks. The per-block subsidy halves; daily issuance does not. Block 653,600 ↗
2020-11-18First halving. The Founders' Reward ends and the Dev Fund starts: 7% ECC, 5% ZF, 8% Major Grants. Block 1,046,400 ↗
2024-11-23NU6, second halving. 8% to Zcash Community Grants, 12% accrues in the in-protocol lockbox. Block 2,726,400 ↗
2025-11-24NU6.1. Everything the lockbox held, 78,750 ZEC, leaves in ten coinbase outputs; the lockbox starts again from zero. t3ev37Q2uL…mnUwYoBlock 3,146,400 ↗
est. 2028Third halving at block 4,406,400: every stream in the ZIPs in force today ends there, unless a new upgrade changes it.

How this is checked

The rules are code; these real blocks and balances pin them down. The same checks run in the test suite.

2016-10-28First Founders' Reward output, slow-start ramp. The coinbase matches the rules.Block 1 ↗
2016-12-01End of the slow start: 2.5 ZEC Founders' Reward. The coinbase matches the rules.Block 20,000 ↗
2019-12-11Blossom: the per-block subsidy halves. The coinbase matches the rules.Block 653,600 ↗
2020-11-18First halving: 7 / 5 / 8 Dev Fund outputs. The coinbase matches the rules.Block 1,046,400 ↗
2024-11-23NU6: 0.125 ZEC to ZCG, 0.1875 ZEC into the lockbox. The coinbase matches the rules.Block 2,726,400 ↗
2025-11-24NU6.1: ten outputs of 7,875 ZEC disburse the lockbox. The coinbase matches the rules.Block 3,146,400 ↗
liveThe node reports 74,191.125 ZEC in the lockbox at block 3,542,085; the rules give 74,191.125 ZEC. They match to the zatoshi.Value pools ↗

Consensus rules from the Zcash protocol specification and ZIPs 207, 214, 1015 and 2001. A day runs from its first block to the block before the next day's first block. USD at receipt uses the Bitfinex ZEC/USD daily close; the genesis day has no close, so its 24.766875 ZEC carry no dollar value. Series through 2026-09-23, generated 2026-09-24.

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