BTC Integrity Monitor

Is the fee market maturing on schedule?

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Fees as share of total block reward in BTC (90d avg)

The share of miner revenue derived from transaction fees rather than the block subsidy, measured in BTC. Relevant because the subsidy halves every four years and trends toward zero.

Is total security spend adequate for what's being secured?

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Annualized miner revenue ÷ market cap

Attackers must outspend ~—/hour and sustain it for hours or days. Security spend relative to market cap; trends downward at each halving and must be replaced by fees long-term.

Is the security being provided still decentralized?

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HHI of mining pools (last 7 days)

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Are transactions reliably mined regardless of who sends them?

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Weighted block-template match rate (last 7 days)

Across — blocks last week, — were mined by pools whose block contents closely matched the public mempool. Lower match rates can indicate transaction filtering, private fee deals, or alternative inclusion policies. Blocks from unidentified pools are excluded from the match-rate average — precisely the blocks most likely to deviate, so treat this as an optimistic bound.

Is custody concentrating into a small number of intermediaries that could be coerced or compromised?

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Supply held by tracked treasuries & funds

Tracked institutional holdings have grown sharply since the January 2024 launch of US spot Bitcoin ETFs, driven by ETF inflows and corporate treasury accumulation (notably Strategy). This figure covers publicly-disclosed treasuries and tracked funds; exchange custody adds a further substantial share. Concentrated custody re-introduces the trusted-third-party risk Bitcoin was designed to remove: holdings can be frozen, seized, or rehypothecated by intermediaries.

What is the level of node implementation diversity?

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Core / Knots / Other (% of reachable nodes)

Knots' share has grown rapidly since 2024 alongside debate over relay policy. Rising implementation diversity reduces monoculture risk, but divergent mempool policies between implementations can fragment transaction propagation.