An independent dashboard tracking the structural health of the Bitcoin network
Composite Integrity Score
Network integrity is currently moderate. Fee-market maturity and custodial concentration are the main downward pressures.
Indicator 1
Is the fee market maturing on schedule?
6.4%
Fees as share of total block reward (90d avg)
Fee share is drifting below the trajectory needed to replace block subsidy over the next halving cycles. Trend over 24 months: declining.
Indicator 2
Is total security spend adequate for what's being secured?
0.92%
Annualized miner revenue ÷ market cap
Estimated 1-hour 51% attack cost: $3.1M. Security spend remains well above the Budish threshold relative to value secured.
Indicator 3
Is the security being provided still decentralized?
0.21
HHI of top mining pools (30d)
Top 2 pools account for ~52% of blocks; stratum-template centralization (Foundry/AntPool) is the underlying risk, not pool-count alone.
Indicator 4
Is decentralization translating to actual neutrality, or being captured?
99.4%
Blocks willing to include OFAC-tagged tx
No systematic transaction censorship detected at the pool level. Average inclusion delay for sanctioned addresses is statistically indistinguishable from baseline.
Indicator 5
Is the asset drifting toward custodial concentration that bypasses the protocol's properties?
31.8%
Supply held by top-10 custodians (ETFs, exchanges)
Custodial share has risen from ~18% to ~32% in 24 months, largely ETF-driven. Self-custody as share of total supply is now at a multi-year low.
Indicator 6
What is the level of node implementation diversity?
86 / 12 / 2
Core / Knots / Other (% of reachable nodes)
Knots share has grown from ~2% (early 2024) to ~12%. Rising diversity reduces monoculture risk, but divergent relay policies between implementations can fragment mempool propagation.
The Composite Integrity Score is a weighted average of all six indicators, each normalized to a 0–100 scale against historical baselines and thresholds drawn from peer-reviewed literature (Budish 2018, Carlsten et al. 2016, Eyal & Sirer 2014, Heilman et al. 2015, among others).
Indicators 1 & 2 measure the economic sustainability of proof-of-work: whether fees can replace the diminishing block subsidy, and whether total security spend remains proportional to value at risk.
Indicators 3 & 4 measure structural and behavioral decentralization: who can produce blocks, and whether that production is being used to censor.
Indicators 5 & 6 measure off-chain capture and software monoculture — two ways the protocol's properties can be effectively bypassed even while the chain itself appears healthy.
All raw data, calculation code, and historical snapshots are published openly. This project accepts no funding from mining pools, exchanges, custodians, or wallet providers, and takes no position on which node implementation users should run.
BTC Integrity Monitor is an independent, non-commercial project that tracks measurable properties of the Bitcoin network relevant to its long-term integrity: economic sustainability, decentralization, censorship-resistance, custodial dispersion, and implementation diversity. This is not investment advice.