Bitcoin's fee market prices the next block. It doesn't price what that block costs the network for the next decade. The SCCR measures that gap — a daily, reproducible index of Bitcoin's block-space storage economics. Fear & Greed, but for permanence.
Three independent implementations (JS, Python, C) agree to the last decimal. The reproduction kit is public — verify every digit yourself.
Versioned parameters, an open audit (including our own 10× correction), and a falsifiable thesis. The moat is trust, not data.
20+ endpoints, 26 sources, 10,000+ captures, self-hosted Bitcoin Core node. The index is measured, not scraped.
Everyone indexes price. Nobody indexes the cost of permanent storage. This is the gap.
| Date | SCCR | Blocks | Below 1× |
|---|---|---|---|
| 2026-09-10 | 0.2929 | 134 | 100% |
| 2026-09-11 | 0.2703 | 160 | 100% |
| 2026-09-12 | 0.2006 | 155 | 99.35% |
| 2026-09-13 | 0.1882 | 154 | 100% |
| 2026-09-14 | 0.2501 | 151 | 100% |
| 2026-09-15 | 0.2457 | 163 | 99.39% |
| 2026-09-16 | 0.2789 | 139 | 99.28% |
Early series — a handful of daily measurements so far. We publish the caveat with the number. The daily tracker accumulates a clean point each day; the index firms up as the series grows.
Read the full story: The Externality Is Growing · The Working Paper