Pearl (PRL) has a maximum supply of 2.1 billion PRL, no premine and no halvings. Every block pays a reward slightly smaller than the one before, following a single formula in the node's source code. This page shows that formula, the reward and total supply at key block heights, how much PRL existed on October 6, 2026, and why over a third of it was mined in the first six days.
Data as of October 6, 2026, about 17:00 UTC (block ~124,157). Rewards and supply at a given block height are exact, because they come from consensus code. Calendar dates for future heights are estimates that assume 194-second blocks. Nothing here is investment advice; see the legal notice.
Key numbers
- Maximum supply: 2,100,000,000 PRL, approached gradually and never fully reached.
- Smallest unit: 1 grain = 0.00000001 PRL (8 decimals).
- Target block time: 194 seconds (3 min 14 s). Blocks averaged about 165 s in the 24 hours to October 6, 2026, 17:00 UTC.
- Block reward: 2,277.05 PRL at block 124,157 (October 6, 2026), plus small transaction fees. Block 1 paid 3,229.64 PRL.
- Supply mined: about 336.7 million PRL, 16.0% of the cap, as of October 6, 2026.
- New PRL per day: about 1.19 million in the 24 hours to October 6, 2026 (about 524 blocks), or about 1.01 million at the 194 s target.
- Halvings: none. The reward falls a little with every block.
- Premine, dev fee, treasury: none in the code. The genesis block pays 0 PRL.
- Half of all PRL mined: at block 650,226 (1.05 billion PRL), estimated around the end of 2029 at 194-second blocks, earlier if blocks stay faster than target.
- Coinbase maturity: the coinbase (the transaction in each block that creates new PRL) can be spent only after 100 blocks, about 5.4 hours at the target pace.
The emission formula, from the code
Pearl's node is a fork of btcd, a Bitcoin node written in Go (see what is Pearl). The reward for each block is computed by the function CalcBlockSubsidy in node/blockchain/validate.go. The subsidy is the amount of new PRL a block may create, before fees. For a block at height h:
reward(h) = 2,100,000,000 × K / ((h + K) × (h − 1 + K)) PRL
K = 650,226The code computes in grains and rounds down to a whole grain. The genesis block (height 0) pays 0. Adding up the rewards of blocks 1 to h, the terms cancel out and the total supply after block h is:
supply(h) = 2,100,000,000 × h / (h + 650,226) PRLThe same equations appear in §5.4 of the official Pearl INT whitepaper, and the network page gives the remaining-supply form K / (h + K). If a document and the code ever disagree, the code is what nodes enforce.
Why K = 650,226
K is four years of blocks at the 194-second target: 4 × 365 × 24 × 3,600 = 126,144,000 seconds, divided by 194, is 650,226.8, rounded down to 650,226. The code derives K from the chain's target block time and keeps 650,226 as a fallback constant. Put h = K into the supply formula and you get exactly half of 2.1 billion. The whitepaper says K was chosen to match Bitcoin, which also issued about half of its supply in its first four years.
The grain unit
1 PRL = 100,000,000 grains, the same 8-decimal structure as Bitcoin's satoshi. The cap is stored as totalSupply = 2100000000 * btcutil.GrainPerPearl. In node/btcutil/const.go you will also find MaxGrain set to 21 billion PRL. That is a per-transaction sanity limit inherited from btcd, not the supply cap.
Has the formula changed?
No. The emission code in the initial commit (April 26, 2026, the day before launch) matches the master branch on October 6, 2026, and none of the Pearl hard forks so far touched it.
Block reward by height
The table applies the formula at selected heights.
| Block height | Date | Reward per block (PRL) | Total supply after this block (PRL) | Share of 2.1B |
|---|---|---|---|---|
| 1 | Apr 27, 2026 | 3,229.64 | 3,229.64 | 0.00% |
| 10,000 | Apr 27, 2026 | 3,132.56 | 31,807,290.23 | 1.51% |
| 40,000 | May 3, 2026 | 2,866.17 | 121,699,269.51 | 5.80% |
| 100,000 | Aug 15, 2026 | 2,426.05 | 279,915,652.08 | 13.33% |
| 124,157 | Oct 6, 2026 | 2,277.05 | 336,693,470.80 | 16.03% |
| 200,000 | ~Mar 2027 (est.) | 1,888.93 | 493,986,304.82 | 23.52% |
| 300,000 | ~Nov 2027 (est.) | 1,512.27 | 663,000,170.48 | 31.57% |
| 650,226 | ~Dec 2029 (est.) | 807.41 | 1,050,000,000.00 | 50.00% |
| 1,000,000 | ~Feb 2032 (est.) | 501.41 | 1,272,552,971.53 | 60.60% |
Data as of October 6, 2026, ~17:00 UTC. Sources: CalcBlockSubsidy at commit 2f8b770 of the Pearl repository; supply is the sum of the rounded-down rewards (the closed formula agrees within 0.01 PRL). Past dates from block timestamps on explorer.pearlresearch.ai; future dates assume 194-second blocks from block 124,157.
You can check the formula against the chain. On the official explorer, block 1 pays 3,229.64134063 PRL and block 124,156 pays 2,277.05587591 PRL, both exactly the formula. As of October 2026 the reward drops by about 0.006 PRL per block.
Supply mined so far
As of October 6, 2026, at about 17:00 UTC, the chain was at block ~124,157 and about 336.7 million PRL had been mined: 16.0% of the 2.1 billion cap. This assumes every miner claimed the full reward; the rules allow claiming less, never more, and every coinbase we sampled claimed the full amount.
CoinGecko showed a circulating supply of 336.67 million PRL at 16:54 UTC the same day. That is the formula total at block 124,147: CoinGecko lags the chain by a few blocks and otherwise agrees with the code. Its total-supply field shows the 2.1 billion cap, not the amount mined.
Why older figures looked lower
Several lower circulating-supply numbers were quoted in 2026. Each one matches the mined supply at an earlier block, which points to stale data rather than coins locked away by the team or anyone else:
- CoinGecko's figure was frozen at 255.05 million PRL from July 21 to September 23, 2026, the supply at about block 89,887 (around July 20).
- CoinMarketCap's self-reported 225.82 million (quoted on September 23) matches block ~78,346 (June 26).
- CoinDesk's 269.2 million (quoted in early October) matches block ~95,609 (August 4).
We could not see how CoinMarketCap and CoinDesk compute supply, so "stale snapshot" is our inference for those two. To get today's figure yourself, take the latest height from the official explorer and apply supply(h). Wrapped tokens such as WPRL on Ethereum are not new supply; see fake PRL tokens and look-alikes.
Supply over time
This projection starts from block 124,157 on October 6, 2026 and assumes blocks arrive every 194 seconds on average.
| From Oct 6, 2026 | Block height | Reward (PRL) | Total supply (PRL) | Share of cap | New PRL per day |
|---|---|---|---|---|---|
| Now | 124,157 | 2,277.05 | 336.7M | 16.0% | ~1,014,000 |
| +1 year (Oct 2027) | 286,713 | 1,555.47 | 642.6M | 30.6% | ~693,000 |
| +2 years (Oct 2028) | 449,270 | 1,129.53 | 858.1M | 40.9% | ~503,000 |
| +4 years (Oct 2030) | 774,383 | 672.81 | 1.14B | 54.4% | ~300,000 |
| +10 years (Oct 2036) | 1,749,724 | 237.07 | 1.53B | 72.9% | ~106,000 |
Data as of October 6, 2026, ~17:00 UTC. Sources: emission formula in validate.go; starting height from explorer.pearlresearch.ai. Projection at 194-second blocks; new PRL per day excludes fees.
Supply roughly doubles within 12 months. The next year adds about 306 million PRL at 194-second blocks, about 91% of the supply that existed on October 6, 2026. If blocks kept their recent pace of about 165 s, supply after one year would be about 686 million PRL instead of 643 million.
Faster blocks do not change the curve by height; they pull every date forward. Because of the fast launch, the chain has averaged 113 s per block since genesis and is about 51,900 blocks ahead of a pure 194-second schedule. Difficulty retargets at every block, so block times drift back toward 194 s.
The growth rate falls quickly. Twelve-month issuance as a share of the supply at the start of the year is about 91% now, 33.5% a year from now, 8.6% after four years and 2.4% after ten years (at 194-second blocks).
| Share of the 2.1B cap | Block height | Estimated date at 194 s blocks |
|---|---|---|
| 25% | 216,742 | ~May 2027 |
| 50% | 650,226 | ~end of 2029 (Aug to Oct 2029 if blocks average 172 to 184 s) |
| 75% | 1,950,678 | ~Dec 2037 |
| 90% | 5,852,035 | ~2061 |
| 99% | 64,372,374 | ~396 years after launch |
Data as of October 6, 2026, ~17:00 UTC. Sources: emission formula in validate.go and emission_test.go; dates assume 194-second blocks from block 124,157.
No halvings
Bitcoin cuts its block reward in half every 210,000 blocks, about every four years. Pearl has no such steps: the reward falls by a tiny amount at every block. The repository's own emission tests check that the subsidy strictly decreases from one block to the next. The whitepaper gives two reasons for the smooth curve: avoiding the sudden income cliffs that halvings create, and keeping a fatter long-term tail of rewards to pay for network security.
Both coins reach 50% of their supply after about four years at their target pace, but the paths differ:
- At the 50% point, Pearl's reward is a quarter of its starting reward (807.41 PRL); Bitcoin's was half (25 BTC).
- After eight years, Pearl will have issued 66.7% of its cap, against 75% for Bitcoin. Pearl reaches 90% only after about 36 years.
- The reward never reaches zero within the block heights the software can count (about 13,200 years at target), so the cap is approached but never fully reached.
For miners, no halving means no single date when income drops by half. Revenue per GPU still falls over time as the reward shrinks and difficulty rises; see Pearl mining profitability.
Launch distribution
The code contains no premine, no developer fee and no treasury:
- The genesis block (April 27, 2026, 09:00 UTC) has a single output worth 0 PRL, an OP_RETURN output that nobody can spend.
- The only consensus rule on rewards is that the coinbase may pay at most the subsidy plus fees (validate.go). No payment to a project address is required.
- The node's own block template and the official pearl-gateway pay the whole reward to the miner's address. Pool fees, from 0% to 5% as of October 6, 2026, are charged by pools, not by the protocol; see Pearl mining pools.
No premine does not mean an even distribution. Mining started at difficulty 1, the lowest possible. Difficulty adjusts with a one-week time constant, so it took weeks to catch up with the hashrate that arrived:
| Block | Reached (UTC) | Time since genesis | Average block time in the previous 10,000 blocks | Difficulty | Total supply (PRL) |
|---|---|---|---|---|---|
| 10,000 | Apr 27, 18:42 | 9 h 42 min | ~3.5 s | 23.9 | 31.8M (1.5%) |
| 20,000 | Apr 28, 15:24 | 1.3 days | 7.4 s | 548 | 62.7M (3.0%) |
| 30,000 | Apr 30, 03:56 | 2.8 days | 13.2 s | 10,953 | 92.6M (4.4%) |
| 40,000 | May 3, 06:31 | 5.9 days | 26.9 s | 182,829 | 121.7M (5.8%) |
| 50,000 | May 11, 21:47 | 14.5 days | 74.6 s | 1.32M | 150.0M (7.1%) |
Data as of October 6, 2026, ~17:00 UTC. Sources: block timestamps and difficulty from explorer.pearlresearch.ai; supply from the emission formula. For comparison, difficulty was 34.81 million and blocks averaged about 165 s on October 6, 2026.
The first 40,000 blocks, mined in 5.9 days, created 121.7 million PRL: 5.8% of the cap and about 36% of everything mined by October 6, 2026. The whitepaper gives two reasons for the low starting difficulty. The first was to give early miners a fair chance before large AI companies add hashrate. The second was to "ensure the core team has minimal resources needed" for research, development and infrastructure. CEO Omri Weinstein repeated this on X on April 28, 2026. The second reason implies the team intended to mine during the cheap launch phase. How much it mined, and where those coins are held, has not been disclosed.
The node code was published at launch on April 27. When Weinstein announced the launch on X (April 28, 18:55 UTC), about 21,000 blocks and 65.7 million PRL (3.1% of the cap) had already been mined.
Daily emission and sell pressure
In the 24 hours to October 6, 2026, 17:00 UTC, the network produced about 524 blocks and 1.19 million new PRL. At the 194-second target it would be about 1.01 million PRL per day. At CoinGecko's price of $1.14 (October 6, 2026, 16:52 UTC), 1.19 million PRL is worth about $1.36 million. That is roughly 46% of the $2.98 million 24-hour exchange volume CoinGecko reported for native PRL at the same time. CoinGecko lists native PRL markets only on SafeTrade and BigONE.
Miners who pay for electricity or GPU rental in dollars or euros may sell part of their PRL to cover those costs. How much of the daily emission is actually sold is not known: some miners hold, and part of the trading volume has nothing to do with mining. These figures describe the size of new supply relative to the market. They are not a price forecast.
Transaction fees add little: about 0.08 PRL in a 34-transaction block on October 6, 2026.
Pearl vs Bitcoin supply
| Pearl (PRL) | Bitcoin (BTC) | |
|---|---|---|
| Maximum supply | 2,100,000,000 PRL | 21,000,000 BTC |
| Smallest unit | 1 grain = 10-8 PRL | 1 satoshi = 10-8 BTC |
| Target block time | 194 s (3 min 14 s) | 600 s (10 min) |
| Difficulty adjustment | Every block, one-week time constant | Every 2,016 blocks |
| First block reward | 3,229.64 PRL | 50 BTC |
| Reward schedule | Falls a little every block | Halves every 210,000 blocks |
| 50% of supply mined | Block 650,226 (~4 years at target) | Block 210,000 (~4 years) |
| Reward at the 50% point | 807.41 PRL (1/4 of the start) | 25 BTC (1/2 of the start) |
| Share mined after 8 years | 66.7% | 75% |
| After 12 years | 75% | 87.5% |
| After 36 years | 90% | 99.8% |
| Does the reward reach zero? | No, within the heights the software can count | Yes, around 2140 |
| Coinbase maturity | 100 blocks | 100 blocks |
Data as of October 6, 2026. Sources: Pearl figures from the node code (commit 2f8b770) and whitepaper §5.4; Bitcoin figures from its protocol rules. Shares after N years assume each chain's target block time.
What is Pearl?
How proof of useful work turns matrix multiplication into mining.
How to mine Pearl
Address, miner, pool: the steps to start earning PRL.
Mining profitability
How the falling reward and rising difficulty affect revenue.
Fake PRL tokens
Perle, WPRL and other look-alikes that are not native Pearl.
Frequently asked questions
What is the max supply of Pearl (PRL)?
2,100,000,000 PRL. The supply after block h is 2.1 billion × h / (h + 650,226), so the cap is approached gradually and never fully reached.
Does Pearl crypto have a halving?
No. The block reward falls by a tiny amount at every block instead of being cut in half every few years. When half of all PRL has been mined, the reward will be a quarter of the starting reward.
How many PRL are in circulation?
About 336.7 million PRL, or 16.0% of the cap, at block 124,157 on October 6, 2026. CoinGecko showed 336.67 million at the same time, which matches the code.
What is the Pearl block reward?
2,277.05 PRL at block 124,157 on October 6, 2026, plus small transaction fees. It started at 3,229.64 PRL and will be 807.41 PRL at block 650,226.
Was there a Pearl premine?
No: the code has no premine, developer fee or treasury, and the genesis block pays 0 PRL. However, mining started at difficulty 1 and 121.7 million PRL were mined in the first 5.9 days. The team said the low starting difficulty was partly meant to give the core team resources, which implies it mined early; how much it mined is undisclosed.
When will half of all PRL be mined?
At block 650,226, when 1.05 billion PRL will exist. At 194-second blocks that is around the end of 2029, and it comes earlier if blocks stay faster than the target.