The Halving Clock

–days
–hours
–minutes
–seconds
–blocks to go

Where this cycle stands

Past peaks Past lows This cycle

Every cycle, lined up at its halving

Price as a multiple of the price on halving day, log scale. Dots mark each cycle's peak and low. The shrinking height of each peak is the diminishing return.

The cycles in numbers

Peak = highest daily close within two years of the halving. Low = lowest close after that peak and before the next halving.

Returns by year of the cycle

Each cycle has run the same four calendar years: halving year, peak year, bear year, recovery year. Dashed cells are years still ahead.

Returns per unit of mining difficulty

Difficulty is retargeted every 2,016 blocks to match the network's hash rate, so hash-rate growth is difficulty growth. Measured halving to halving (the current cycle to date).

What a unit of hash rate earns

Miner revenue (new coins plus fees) per petahash per second per day, 30-day average, log scale. Dashed lines are halvings.