# Tokenomics

Learn how tao and alpha tokens are emitted and distributed to participants on Bittensor.

_Source: https://beta.taostats.io/docs/concepts/tokenomics/tokenomics_

_Last reviewed: 2026-09-15_

Learn how tao and alpha tokens are emitted and distributed to participants on Bittensor.

[Tao](https://beta.taostats.io/docs/concepts/tokenomics/tao): The emission and distribution of tao into the subnets.

[Alpha Tokens](https://beta.taostats.io/docs/concepts/tokenomics/alpha-tokens): Each subnet has a token that can be purchased with tao.

[Subnet emission overview](https://beta.taostats.io/docs/concepts/how-emission-works/split-alpha-out): Alpha emission is divided between the participants and the subnet pool.

[Halving](https://beta.taostats.io/docs/concepts/tokenomics/halving): Bittensor tokens (tao and alpha) follow the Bitcoin halving schedule.

[Recycling](https://beta.taostats.io/docs/concepts/tokenomics/recycling): Neuron registrations, fees and swap costs result in tao/alpha being recycled,

[Staking](https://beta.taostats.io/docs/concepts/staking/staking-in-dtao): Buy and sell alpha in each subnet. Or for a safer option, stake into the root subnet.

## Definitions:

* **Max Supply**: total number of tokens that will be issued.  For all Subnet alpha tokens and for tao, this is 21 million (each).
* **Total Supply**: Max Supply - burned.  We can never exceed total supply, some tokens are burned.
* **Burned**: Tokens that have been destroyed without reducing issuance. They are never emitted again.
* **Recycled**: Tokens subtracted from issuance. These tokens can be issued again.
* **Circulating Supply**: Token that can be bought or sold.
  * For Subnets, this is a sum of alpha in the liquidity pool + all alpha that is staked.
  * For tao - this is all free tao and all staked tao.
* **Total Issuance**: Total of all tokens issued.  This is circulating supply + all token that is burned.