How did Hive do in March 2026 from an inflation standpoint? In the past year Hive has been running hot. Let’s take a look how we started 2026!
The projected inflation for Hive for 2026 is around 5.2% on a yearly basis, or around 0.43% on a monthly basis.
Hive has a double currency system, HIVE and HBD, with conversions between them that add or remove HIVE from circulation on top of the regular inflation. Furthermore, the decentralized hive fund DHF, that serves as a DAO converts the HIVE that is in the DHF into HBD.
The 
Because of this additional mechanics the HIVE inflation and supply can be drastically different in real time than the regular/projected one.
To be able to follow the HIVE supply we need to take a look at all the different ways HIVE is created, author, curation, witness rewards, conversions etc, then net that out with the HIVE burned from conversions, accounts fees, null transfers etc. To get the virtual supply we need to do the same for the HBD supply as well.
HIVE Created
Here is the chart.
The chart above includes:
- Author rewards
- Curation rewards
- Witness rewards
- Staking rewards
We can notice some oscillations in the last period, first in 2024 due to low prices and high virtual supply base, then the virtual supply base was changed back on November 19, 2025, excluding the HBD in the DHF and we can notice the drop gap at the end of the chart.
Since February we have increased regular inflation due to high debt and the transition of the authors rewards payout from liquid HBD to liquid HIVE.
These are the regular ways new Hive enters circulation, and it is around 90k HIVE per day, from the previous 72k.
The thing is the conversions are playing a major role in the ecosystem. Here is the chart again, including conversions.
We can notice that the HBD to HIVE conversions are the dominant in the chart, and we can notice the increase in the last period. This is due to the low HIVE prices and when HBD is converted it creates a lot of HIVE.
The stabilizer can also impact the conversions a lot.
HIVE Removed from Circulation
Here is the chart.
The above takes into consideration six different ways of HIVE removed:
- Ninja Mined HIVE To HBD Conversions In DHF
- HIVE transfers to DHF and converted to HBD
- Transfers to null
- Null as post beneficiary - New accounts creation fee
- HIVE to HBD conversions
The HIVE transfers to the DHF are dominant. These are transfers made by the stabilizer.
Historical HIVE Supply
When all the above is added and removed, we get this chart for the all-time HIVE supply.
Up until August 2021, the supply was almost steadily increasing with a small fluctuation. Then there was a drop in the supply in September 2021. Since then, from time to time we can see some drops in the supply in February and April 2023.
March 2026 ended with 533M HIVE in circulation.
HBD Supply
Here is the chart for the HBD supply.
The light color is HBD in DHF. The HBD in the DHF is not freely circulating HBD and only enters circulation when payouts to the DHF workers are made.
HBD is being created and removed in various ways, but the conversions play the major role here in both directions. Other ways HBD are created are DHF proposal payouts, author rewards and interest.
We can see that in the last period there is a slight decrease in the HBD supply from 11M to around 10M HBD in circulation.
Virtual HIVE Supply
When we add the HIVE equivalent supply from the HBD to the HIVE supply we get the chart below.
I have further separated this chart with the aditional two types of`virtual supply. The first line include the virtual supply from the regular HBD that is around 10M HBD and the second one the DHF as well that is adtional 23M HBD. The base that is used for the inflation is now the middle line.
We can see the sharp increase in the virtual supply in the last month. This is worsening the overall HIVE economy.
We can see that the virtual supply fluctuates a lot, mostly because it is tied to the price of HIVE. As the price of HIVE drops, the virtual supply increases and the opposite.
Projected VS Realized HIVE Inflation in 2025 - 2026
This chart tells the story of the new HIVE entering circulation in 2025 and 2026.
We can see that in the first months of 2025 the projected vs realized inflation were close to each other/ Since March 2025 these two diverged and the realized inflation started to surpass the projected one. Up until March 2026 the projected inflation in absolute numbers is 34M HIVE, while the realized is at 71M. In terms of percentages, the projected for 2025 is at 5.8%, while the realized annualized inflation is at 9.5%, and from the first months of 2026 we are on track to hit 20%.
Monthly Inflation
If we plot the monthly inflation in 2024-2026, we get this.
This is a chart for the period of 2024-2026.
We can see that February and March of 2026 were especially high for the inflation with around 1.9%.
In absolute numbers in each of these months there is close to 10M new HIVE in circulation, while the regular one is around 2.4M.
Yearly Inflation [%]
The yearly, projected and realized inflation looks like this.
Here we can see the big picture. Since the start of the chain and its predecessor the projected inflation in white is that it should go down at approximately 0.5% per year. But due to conversions this has been not the case, and in 2021 it even pushed it to the negative. In most of the years the realized has been higher. In the past two year, 2024 and 2025 it has been around 9%, while the projected close to 5%.
But 2026 is really on a bad start and if the trend from the first three months continue we will end the year close to 20% inflation that is much higher than the previous record high of 13% back in 2019.
Net HIVE Created by Category in March 2026
Here is the new HIVE put in circulation by category for the month.
Conversions are by far at the top in the month with close to 7.5M! Conversions are the main variable that is changing the Hive inflation and when they are positive the inflation is above, or when they are negative the inflation is below the projected one.
Curation comes second with 1M HIVE added, followed by the authors rewards.
Some HIVE was burned for 
