This chart shows the return on investment (ROI) for assets overlaid from each halving. A halving is defined as the date where the mining reward of each block is cut in half. Bitcoin's halvings have previously occurred at: 2012-11-28, 2016-09-07, 2020-05-11, and 2024-04-19. After a halving occurs the ROI is calculated by dividing the current price by the price on the day of halving. For example, if the ROI value is 2 then Bitcoin has made a 100% move from the halving price. Note that the ROI value can go below 1 here — for example, if the ROI value is 0.88 then Bitcoin has dropped 12% since the halving. Each cycle peak so far has shown a diminished ROI as measured from its halving, supporting the theory of diminishing returns.