Coinbase Output Complexity
Average number of coinbase output addresses per block - a proxy for payout-model decentralization (direct, non-custodial schemes pay many miners in the coinbase).
What is it?
This metric measures the average number of output addresses present in the coinbase transaction of blocks (network average). The coinbase is the transaction that creates new bitcoins and distributes the block reward. Classic custodial pools pay their miners separately and use only one or two coinbase outputs. Conversely, direct, non-custodial payout models pay each miner straight in the coinbase, creating transactions with very many outputs. The average number of outputs is therefore a proxy for the diversity of payout models.
How to read
An average close to 1 to 2 indicates a predominance of classic custodial models. A rising average reflects the growth of direct coinbase payouts (non-custodial models), where many miners are paid within a single block. The metric should be read as an underlying trend.
Key zones
Low level (≈ 1 to 2): custodial models dominant. Rising level: growing adoption of direct coinbase payouts. There is no normative threshold; the information lies in the evolution over time.
What to observe
Watch for sustained increases in the average, which accompany the rise of direct-payout pools. Set it against the share of the pools concerned (for example OCEAN's share) to link coinbase complexity to the adoption of non-custodial models.
Historical context
Large-scale direct coinbase payout models emerged from late 2023 with the arrival of non-custodial pools. The metric tracks this phenomenon as it unfolds; its history grows progressively as new blocks are analysed.
Expert notes
The measure relies on the number of distinct coinbase output addresses, a faithful but not strictly identical proxy for the exact number of outputs. It is a network average: a few blocks with very many outputs are enough to lift the average. The series is recent and deepens over time.
Common mistakes to avoid
A single block with several hundred outputs does not by itself reflect a network trend - what matters is the average over time. Moreover, a high number of coinbase outputs does not measure the quality or security of mining, only the structure of reward distribution.
Programmatic access
REST API
curl -sS \
'https://api.trinityinsights.io/api/v1/onchain/coinbase-output-complexity/history?days=90' \
-H 'X-API-Key: $TRINITY_API_KEY'MCP server
{
"tool": "get_chart_value",
"metric_id": "coinbase-output-complexity",
"timeframe": "1y"
}Required tier: pro. See the pricing grid for the tier list and the MCP documentation for multi-client configuration.
Related metrics
Institutional disclaimer
Trinity Insights is an educational and analytical tool. The metric above does not constitute investment advice. Trinity Insights is not a Crypto-Asset Service Provider (CASP) registered under MiCA Regulation (EU) 2023/1114. See the full disclaimer.