I just shipped the Adoption dimension to The Bitcoin Portal. It measures the direction and pace of monetary use on-chain (velocity). Right now it’s lean, focused on Value and Breadth from blockchain data. Merchants and Lightning are visible but not yet scored. You can already see the current reading and drill-down. Full historical Adoption scoring sits behind the new Analyst tier. Speaking of which, I also launched the Analyst tier last week (€15/month or €135/year, paid in Bitcoin). It gives you: - 6 years of historical data across the dimensions (including the Adoption one) and on-chain metrics. - A dedicated weekly structural read on how the BMHI is moving Free tier stays generous. The goal is to keep the core dashboard useful while giving serious users deeper context.

The Bitcoin Portal

The Bitcoin Portal — Bitcoin Monetary Health Intelligence

Daily on-chain intelligence for Bitcoin

The Bitcoin Portal

The Bitcoin Portal — Bitcoin Monetary Health Intelligence

Daily on-chain intelligence for Bitcoin

The Bitcoin Portal now has an Analyst tier

Six years of history and a weekly read on where the BMHI moved

Bullish BIP-110

Spam on Bitcoin — Last 7 days: ~70% of all transactions are non-monetary 473.95 MB of non-monetary data (50.8% of Tx vsize) permanently stored on every full node Bitcoin is being bloated by non-monetary traffic. BIP-110 is the cure. Run Knots + BIP-110

"BIP-110 catches almost no spam." That's become the main argument against it. By raw transaction count, it's not entirely wrong. But count is the wrong metric. After decoding every OP_RETURN on Bitcoin for the last 60 days: 91% is now one funded protocol: Alkanes -> Millions of tiny mints BIP-110 won't touch (and shouldn't, that's relay policy's job). But those mints exist because contracts were deployed for them. - Deployment = a WASM binary in a Taproot reveal. 627 of them in 60 days. - Every single one rejected by BIP-110. You don’t stop a metaprotocol by filtering its mints. You stop it at deployment.

Issue #29: Counting the Leaves

Core’s newest argument against BIP-110 says it catches only a few percent of spam. The number is correct. The conclusion is wrong, twice.

"Filtering arbitrary data is censorship. It betrays Bitcoin's neutrality." It doesn't. Every protocol is defined by what it refuses to carry. A voice codec dropping oversized packets is not silencing speech. A monetary network that won't defend its scope doesn't stay neutral. It just lets whoever has the most resources define its scope instead. New issue: why Bitcoin isn't a bulletin board, even when the bulletins are noble.

Issue#28: The Freedom-Text Trap

Three “freedom documents” just landed on Bitcoin in three days. The texts are noble. That’s exactly why you should look closer.

Foundry USA started mining large OP_RETURN data in May. They likely 'just' upgraded to v30 and ran the default. The harm followed anyway. New piece on what changed, why it matters, and why we need BIP-110.

Issue#27: Default Is Not Neutral

Foundry USA simply upgraded to v30. The harm followed anyway

Bitcoin Block Space Health this week: - Decentralization: 61 - Security: 41 A 20-point gap inside the same dimension. UTXO set is fine. Composition is slowly degrading. Large OP_RETURN payloads pinning Security to the floor. Why a single score would erase the story:

Issue #26: Block Space Health - Structurally Weak, Acutely Pressured

BMHI dimension deep-dive. Composition is slow-bleeding, large OP_RETURN payloads are pinning Security to the floor

Bitcoin's price is mostly a bet on its structure. This week I launched v2 of The Bitcoin Portal, anchored by the Bitcoin Monetary Health Index, a 0–100 score across 7 dimensions of structural health. Methodology versioned, transparent, opinionated.

The Bitcoin Portal

The Bitcoin Portal — Bitcoin Monetary Health Intelligence

Daily on-chain intelligence for Bitcoin

SpiderPool's large OP_RETURN activity has been accelerating lately -> Five in the last 7 days. Most recent one: a 10KB MP3 (royalty-free UI click sound from http://SoundJay.com) inscribed in a single transaction via three OP_RETURN outputs, using a 'pwm1:' file-inscription protocol.

mempool - Bitcoin Explorer

Explore Bitcoin

BIP-110 fixes this.

The Bitcoin Portal

The Bitcoin Portal — Bitcoin Monetary Health Intelligence

Daily on-chain intelligence for Bitcoin

Issue #24 is out. BIP-110 already shifted the game. Here's how 👇

Issue #24: BIP-110 Is a Statement

BIP-110 is being read as a patch awaiting activation. That reading is too small.

New issue: The 45% Problem 30% (3-year avg) → 37% (6 months ago) → 45% today. Bitcoin’s blockspace is getting flooded with non-financial data. The fee market won’t fix it. Miners won’t fix it. Here’s what will.

Issue #23: The 45% Problem

The share of non-financial blockspace crossed 45%. Six months ago it was 37%. The trend is not your friend.

Bitcoin Portal Alerts have a new home! Dedicated account, open protocol, real-time signals. The right place for Bitcoin-native data. Follow:

Bitcoin Portal Alerts

Real-time Bitcoin alerts by thebitcoinportal.com

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Bitcoin ASIC supply chain: Bitmain + MicroBT = 82% of global output. Both Chinese. Less known: most ASIC chips are fabricated at TSMC. The chokepoint is Taiwan. BMHI #22:

Issue #22: Mining Health — Part 2

Security Power, Stability and Chokepoint

Bitcoin Block Space Weekly #11 is out. BIP-110 is coming. The only question is: who signals first? This week I break down the mining landscape: Who spams, who doesn't, who's most likely to make the first move, and my take on how activation plays out.

Issue #11: Who Will Signal First?

The mining landscape, the miner’s dilemma, and a new way to have your say

0.08%... That's the fee premium SpiderPool earns over Ocean by filling blocks with non-financial data. Issue #2 is out. The data on who's filling Bitcoin's blocks.

Issue #2: F2Pool & SpiderPool: The OP_RETURN Connection

One pool stepped back. Another scaled up. Why?

“v30 won't change much - miners already bypass policy with direct submission anyway." I tracked 3months OP_RETURN data to test that claim: - Before Oct 10: Minimal large OP_RETURNs - Oct 10: v30 is released - Same day: F2Pool mines a 97KB OP_RETURN. - After Oct 10: Clear increase. Who's doing this? F2Pool , Marathon, SpiderPool -> Combined 22-23% of the hashrate 23% of miners can turn 100% of nodes into large file (spam) storage devices. v30 relay policy enabled this. Consensus rules will fix it.

Bitcoin hashrate trending higher -> Now at 972EH/s. Wen 1000EH/s? I’d say quite soon…

Crypto sentiment back to Fear zone 😨 Bitcoin price is highly correlated with sentiment. We could test $110k today… Fear zones are usually good times to accumulate though.

Bitcoin hashrate again back to 1000EH/s 👀