⛏️ Bitcoin Halving Cycles
Live countdown to the next halving, current subsidy, and per-cycle returns since 2012.
Next halving (Block 1,050,000)
—
Loading current block height…
Estimated date
—
based on 10-minute avg block time
Current block height
—
via mempool.space
Current block reward
3.125 BTC
since halving 4 (2024-04-19)
BTC issued
—
— of 21M (—%)
Days into cycle 4
—
— of ~1,461-day cycle
BTC Price & Halving Events
Overlay
Cycle Aligner
Each post-halving cycle's price normalized to 100 at the halving date, plotted against days since halving. Lets you eyeball whether the current cycle is tracking, leading, or lagging previous ones. Log Y axis so big and small runs share the frame.
Note. Pre-2014 BTC data has wide exchange dispersion; cycle 1's curve is indicative, not authoritative. Where our local feed is short on history, earlier cycles may render partially or not at all — production has the full archive.
Cycle Returns
Caveats. Reference prices at past halving dates are sourced from canonical daily closes (CoinGecko / multi-exchange consensus). Pre-2014 prices have wider exchange dispersion; treat early-cycle returns as order-of-magnitude. Cycle 4 is still in progress — its "end" column shows the latest available price, so the return moves day-to-day.
Days from Halving to Cycle Peak
Each bar shows how long the cycle's price peak took after the halving block. Past cycles use canonical close-price highs; the current cycle's bar is the peak so far with a "today" marker showing where we are.
Caveat. Past peaks are taken from daily close prices on the consensus feed. Intraday wicks (e.g. Dec 2017's $19,891) may differ by a few percent. Cycle 4 is in flight — its peak can move higher until the next halving.
Bitcoin's Annual Inflation Rate
Annual issuance ÷ circulating supply, on a log Y axis. Dashed lines mark long-run reference rates: gold mining (~1.7%/yr), the ECB inflation target (2%), and USD M2 growth (~6%). The 📍 marker shows today's rate — Bitcoin's hard-coded disinflation crossed under gold around the third halving and keeps falling toward zero.
How this works. At each daily block height we compute issuance = subsidy × 52,560 blocks/year and divide by the cumulative supply mined to that block. The line steps down by ~50% at each halving, then drifts slightly within each era as supply keeps growing against a fixed subsidy.
BTC Emissions Schedule
Scale
How this works. Each era spans 210,000 blocks (~4 years) and pays a fixed block subsidy. Era 0 (genesis) emitted 50 BTC/block × 210,000 = 10.5M BTC. Each subsequent era emits half as much. Total supply asymptotes to 20,999,999.9769 BTC by ~2140, after which only transaction fees pay miners.