> For the complete documentation index, see [llms.txt](https://docs.stakingrewards.com/staking-data/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.stakingrewards.com/staking-data/methodologies/mina-srb.md).

# Mina SRB

Learn how Mina staking rewards are calculated. MINASRB formula covers coinbase emission per block, blocks produced per epoch, total staked tokens, and validator performance.

MINASRB is a benchmark representing the mean, annualized staking rate across all MINA in the current staking ledger.

MINASRB is calculated and published by Staking Rewards via the [Mina Profile](https://www.stakingrewards.com/asset/mina) and [Data API](https://www.stakingrewards.com/data-api).

> **TL;DR:** Mina mints a fixed coinbase for every block produced. MINASRB is the annualized coinbase emission, measured from the number of blocks produced in the last completed epoch, divided by the total MINA in the current staking ledger. Validator-level rates factor in performance and commission.

$$
MINASRB = ae / st
$$

$$
ae = cb \* b\_e \* t\_y \* t\_d / T\_e
$$

<table data-full-width="false"><thead><tr><th width="141">Formula key</th><th width="176">Metric name</th><th>Description</th></tr></thead><tbody><tr><td>ae</td><td>Annual Emission</td><td>The annualized amount of newly minted MINA paid out as block rewards.</td></tr><tr><td>cb</td><td>Coinbase</td><td>The fixed block reward per produced block, read live from the chain's genesis constants (360 MINA since the Mesa upgrade).</td></tr><tr><td>b_e</td><td>Blocks per Epoch</td><td>The number of blocks produced in the last completed epoch (<code>stakingEpochData.epochLength</code>).</td></tr><tr><td>T_e</td><td>Epoch Duration</td><td>The wall-clock length of an epoch in seconds: slots per epoch (7,140) times the slot duration (90 s since the Mesa upgrade).</td></tr><tr><td>t_y, t_d</td><td>Year and Day Constants</td><td>365 days and 86,400 seconds.</td></tr><tr><td>st</td><td>Staked Tokens</td><td>The total MINA in the current epoch's staking ledger. This includes all delegated balances, including stake delegated to keys that are not currently producing blocks.</td></tr></tbody></table>

* Only about 39% of Mina slots currently produce a block, because a large share of stake is delegated to keys that do not produce. Measuring emission from blocks actually produced (rather than from the 75% target slot fill) captures this.
* The denominator is all staking-ledger stake. On Mina, idle stake does not dilute active producers (empty slots are simply lost), so delegators to an actively producing pool can earn more than MINASRB.
* MINASRB takes into account all accumulated rewards, whether they have been claimed or remain unclaimed.
* MINASRB operates on a non-compounded basis, meaning it excludes returns generated from the reinvestment of rewards.
* MINASRB is based on an assumption of 100% validator performance. For a MINASRB adjusted according to individual validator metrics, please refer to MINASRB(v).

#### Slashing

{% hint style="info" %}
Mina Protocol does not implement slashing. Validators and delegators do not risk losing staked funds due to validator misbehavior or downtime.
{% endhint %}

***

### Mina Validator Staking Rewards Rate: MINASRB(v) <a href="#mina-validator-staking-rewards-rate-minasrb-v" id="mina-validator-staking-rewards-rate-minasrb-v"></a>

Staking Rewards calculates the MINASRB for each validator based on their individual commission rate and block production performance.

$$
MINASRB(v) = MINASRB \* (1 - cr) \* p
$$

<table data-full-width="false"><thead><tr><th width="129">Formula key</th><th width="176">Metric name</th><th>Description</th></tr></thead><tbody><tr><td>cr</td><td>Commission Rate</td><td>The percentage commission rate the validator has set as a delegation fee for all delegators.</td></tr><tr><td>p</td><td>Performance</td><td>A binary indicator (0 or 1) representing whether the validator has successfully produced blocks.</td></tr></tbody></table>

***

**Observation Period:**

1. MINASRB is determined based on the latest generated block at the point of evaluation, with block production measured over the last completed epoch.
2. This data is then annualized for a comprehensive year-long projection.

**Calculation**

The calculation happens every 2 hours and is immediately published via [Data API](https://www.stakingrewards.com/data-api).

**Limitations**

* MINASRB employs a 365-day convention for annualizing staking rewards. This convention remains consistent and does not accommodate adjustments for leap years.
* MINASRB does not account for transaction fee rewards; only the protocol coinbase is counted.
* Emission is measured over the last completed epoch (about 7.4 days), so it reflects that epoch's slot fill.
* Individual validator returns may differ based on commission rates and block production activity.

***

### MINA Real Reward Rate (MINASRB^R) <a href="#mina-real-reward-rate-minasrb-r" id="mina-real-reward-rate-minasrb-r"></a>

The real reward rate calculates the MINASRB adjusted for inflation in the network.

$$
MINASRB^R = (1+MINASRB) /(1+i)-1
$$

$$
i = ae / ts
$$

<table data-full-width="false"><thead><tr><th width="150.33333333333331">Formula key</th><th width="265">Metric name</th><th>Description</th></tr></thead><tbody><tr><td>i</td><td>Inflation Rate</td><td>The annual inflation rate of the MINA token supply.</td></tr><tr><td>ae</td><td>Annual Emission</td><td>The annualized coinbase emission, as defined above.</td></tr><tr><td>ts</td><td>Total Supply</td><td>The current on-chain total currency (<code>totalCurrency</code>).</td></tr></tbody></table>

**Inflation Rate Behaviour**

Mina does not follow a percentage inflation schedule. New MINA is minted as a fixed coinbase for every block produced, so realised inflation depends on how many slots are filled with blocks. The protocol targets a 75% slot fill, but only about 39% of slots currently produce a block, so realised inflation is well below the nominal figure that a full slot fill would imply.

The Mesa upgrade (hard fork on 2026-09-03) halved the coinbase from 720 to 360 MINA and halved the slot duration from 180 s to 90 s. Emission per unit of time is therefore unchanged by the upgrade. Staking Rewards reads the coinbase, slot duration and slots per epoch live from the chain, so no value is hardcoded.

***

### Other Mina metrics calculated by Staking Rewards:

<table><thead><tr><th width="190">Metric</th><th>Description</th></tr></thead><tbody><tr><td>Delegated Tokens</td><td>The number of MINA tokens delegated to validators by external delegators.</td></tr><tr><td>Self Staked Tokens</td><td>The number of MINA tokens staked by validators directly from their own balance.</td></tr><tr><td>Staking Wallets</td><td>The total number of unique delegations on-chain. It doesn't distinguish based on unique delegator addresses.</td></tr><tr><td>Circulating Supply</td><td>The current on-chain total currency (<code>totalCurrency</code>) at the best tip. All MINA is treated as circulating, including balances in time-locked (vesting) accounts, which can be delegated.</td></tr></tbody></table>

***

#### Data Sources:

* Mina node GraphQL (on-chain total supply and circulating supply, block height, current epoch, staking-ledger hash and total, blocks produced in the last epoch, coinbase, slot duration, slots per epoch)
* Mina Foundation Staking Ledger Snapshots (per-validator stake, self-staked tokens, delegator counts — published per epoch by Mina Foundation). Each snapshot is identified by the on-chain staking-ledger hash and its total is checked against the on-chain staking-ledger total before use.
* CoinGecko (price)

***

#### References:

* <https://docs.minaprotocol.com/>
* <https://minaprotocol.com/>

***

:books: [Learn more about MINA Staking](https://www.stakingrewards.com/asset/mina)

:bar\_chart: [Calculate your MINA Staking Rewards](https://www.stakingrewards.com/calculator?asset=mina)

:gear: [Access historic Mina Staking Data via API](https://www.stakingrewards.com/data-api)

```
Last updated on 10/09/2026
```