About these pages
These pages publish what Bitcoin pays for its own security, on public data, on a declared basis, dated. They are made by the people behind $NAT, a token that pays Bitcoin miners a second subsidy — so read the separation below before you read the figures.
What is measured, and what is argued
Measured: miner revenue, market capitalisation, their ratio, the fee share, the halving schedule and what it does to the ratio. These come from public series and anyone can reproduce them; the methodology page says exactly how.
Argued: that the resulting figure is too low, and that a reward paid from outside Bitcoin is worth trying. That is a position, held by the people who publish this, and it is not established by the arithmetic. The page on whether the security budget is a real problem puts the opposing case at its strongest rather than at its weakest.
The interest to declare
$NAT is ours. A larger $NAT would pay more to miners, and would also be worth more to whoever holds it. That is a real conflict of interest and it is why the figures here are computed on the basis least favourable to our own argument, why all three bases are published, and why no page here forecasts a price or a market capitalisation for $NAT. Where a NAT figure appears it is arithmetic on a market capitalisation, stated as such.
Who publishes this
The project posts as @choirzooh, which is the way to reach us and the fastest way to get a correction looked at. The wider case, the evidence wall and the sourced quotes are at the Armory.
Corrections
Send a correction to the account above with the page and the figure. If it is right, the fix goes into the generator and every page carrying that figure is rebuilt in one pass. Dated snapshots are left untouched, so what was published on a given day remains inspectable. A figure that has been corrected is not quietly replaced: the snapshot from before the correction stays online.
Licence
The figures and the data files are CC BY 4.0. Quote them, chart them, and cite this page. If you need a stable citation target, use the dated snapshot at /security-budget/2026-09-07/, which will not change.