After the first supply cut
December 2012 → July 2016
- Best month
- November 2013+450.02%
- Worst month
- December 2013−39.29%
BITCOIN HALVING CYCLE RETURNS
How has Bitcoin done between supply cuts?
Roughly every four years the reward for mining a block is cut in half. Compare what Bitcoin did in each stretch between those cuts.
Bitcoin returns between supply cuts
| Period | Months | Total change | Average month | Highest price | Lowest price | Rose | Fell |
|---|---|---|---|---|---|---|---|
| After the first supply cutDecember 2012 → July 2016 | 44 | +4,477.5% | +19.45% | $1,216.84 | $12.42 | 25 | 19 |
| After the second supply cutAugust 2016 → May 2020 | 46 | +1,427.9% | +8.94% | $19,870.62 | $465.28 | 26 | 20 |
| After the third supply cutJune 2020 → April 2024 | 47 | +541.4% | +5.99% | $73,790.55 | $8,824.32 | 27 | 20 |
| After the fourth supply cutMay 2024 → September 2026* | 29 | +42.8% | +2.00% | $126,236.00 | $49,025.01 | 16 | 13 |
Price fellPrice rose* Period still under way
The biggest month in each period.
The strongest and the weakest month inside each stretch.
After the second supply cut
August 2016 → May 2020
- Best month
- May 2017+70.38%
- Worst month
- November 2018−36.78%
After the third supply cut
June 2020 → April 2024
- Best month
- December 2020+46.99%
- Worst month
- June 2022−37.27%
After the fourth supply cut*
May 2024 → September 2026
- Best month
- November 2024+37.27%
- Worst month
- June 2026−20.45%
Understanding
Bitcoin Halving Cycle Returns
Where it stands today
Bitcoin is +42.8% since the fourth supply cut, across 29 months, against +541.4% over the third period's 47 months as of .
What a supply cut is
New bitcoin is created as a reward for mining a block. Roughly every four years that reward is cut in half, so fewer new coins arrive from then on. Four cuts have happened so far, and each one starts a new period on this page.
How each period is measured
A period runs from the first full month after one cut to the last month before the next. Total change compounds that period's monthly returns. The highest and lowest prices come from inside the months, so both sit outside the opening and closing prices.
What this comparison can and cannot tell you
Four periods is four readings, and the most recent one is not finished. A pattern across them describes what happened, not what happens next. Open the monthly record to see the months behind any period.
Keep exploring
Source: Maketo daily price record. Through 21 Sep 2026. Reading for .