In Proof-of-Work blockchains, the protocol acts as the emitting entity. Most PoW coins have set the emission and max supply, for example, Bitcoin has a max supply of 21 million coins. At the time of the creation of this paper its circulating supply was 18.6 million. With emission set in every block and halving that happens every four years, it will take approximately 120 years to mint everything. Emission is received by miners not in the form of a loan, but directly. However, only miners receive it. Ordinary users and even financial entities that hold large chunks of bitcoin get nothing. Miners either decide to hold onto the emitted money or sell it on the market. This system does not sell debt to the agents at its bottom, but devaluation of non-miner agents’ assets, even if ridiculously small, still happens, as the emission is received only by miners. Another thing is that supply is not balanced with value creation, meaning that the limited supply is not lining up to the growth of value in the system. That makes it deflationary, which on a nation-sized scale makes economies unhealthy and can even lead to a crisis.