diff --git a/docs/bitcoin.md b/docs/bitcoin.md
index 1c241e7f2..3cca37e0c 100644
--- a/docs/bitcoin.md
+++ b/docs/bitcoin.md
@@ -31,7 +31,7 @@ This allotted amount is locked together with value time lock for simplicity of r
 
 ## Events
 
-### `bitcoin_processor_databases_revert`
+### `bitcoin_databases_revert`
 Occurs every time the databases are reverted due to a bitcoin reorg.
 
 Event data:
@@ -41,12 +41,37 @@ Event data:
 }
 ```
 
-### `bitcoin_processor_observing_loop_failed`
-Occurs every time the bitcoin processor fails an observing loop.
+### `bitcoin_lock_monitor_lock_released`
+Occurs every time the lock monitor releases a value lock.
 
 Event data: none
 
-### `bitcoin_processor_observing_loop_success`
-Occurs every time the bitcoin processor successfully completes a processing loop.
+### `bitcoin_lock_monitor_lock_renewed`
+Occurs every time the lock monitor renews an existing lock.
 
-Event data: none
\ No newline at end of file
+Event data: none
+
+### `bitcoin_lock_monitor_new_lock`
+Occurs every time the lock monitor creates a new lock.
+
+Event data: none
+
+### `bitcoin_lock_monitor_loop_failure`
+Occurs every time the lock monitor loop fails.
+
+Event data: none
+
+### `bitcoin_lock_monitor_loop_success`
+Occurs every time the lock monitor loop succeeds.
+
+Event data: none
+
+### `bitcoin_observing_loop_failure`
+Occurs every time the bitcoin observing loop fails.
+
+Event data: none
+
+### `bitcoin_observing_loop_success`
+Occurs every time the bitcoin observing loop succeeds.
+
+Event data: none
diff --git a/lib/bitcoin/BitcoinProcessor.ts b/lib/bitcoin/BitcoinProcessor.ts
index baf218eee..fd6e75713 100644
--- a/lib/bitcoin/BitcoinProcessor.ts
+++ b/lib/bitcoin/BitcoinProcessor.ts
@@ -20,6 +20,7 @@ import MongoDbBlockMetadataStore from './MongoDbBlockMetadataStore';
 import MongoDbLockTransactionStore from './lock/MongoDbLockTransactionStore';
 import MongoDbServiceStateStore from '../common/MongoDbServiceStateStore';
 import MongoDbTransactionStore from '../common/MongoDbTransactionStore';
+import Monitor from './Monitor';
 import RequestError from './RequestError';
 import ResponseStatus from '../common/enums/ResponseStatus';
 import ServiceInfoProvider from '../common/ServiceInfoProvider';
@@ -64,12 +65,12 @@ export default class BitcoinProcessor {
   /** The first Sidetree block in Bitcoin's blockchain. */
   public readonly genesisBlockNumber: number;
 
+  /** Monitor of the running Bitcoin service. */
+  public monitor: Monitor;
+
   /** Store for the state of sidetree transactions. */
   private readonly transactionStore: MongoDbTransactionStore;
 
-  /** Days of notice before the wallet is depleted of all funds */
-  public lowBalanceNoticeDays: number;
-
   private versionManager: VersionManager;
 
   /** Last seen block */
@@ -112,7 +113,6 @@ export default class BitcoinProcessor {
       BitcoinClient.convertBtcToSatoshis(config.bitcoinFeeSpendingCutoff),
       this.transactionStore);
 
-    this.lowBalanceNoticeDays = config.lowBalanceNoticeInDays || 28;
     this.serviceInfoProvider = new ServiceInfoProvider('bitcoin');
 
     this.bitcoinClient =
@@ -150,6 +150,8 @@ export default class BitcoinProcessor {
       BitcoinClient.convertBtcToSatoshis(valueTimeLockTransactionFeesInBtc),    // Txn Fees amount in satoshis
       this.versionManager
     );
+
+    this.monitor = new Monitor(this.bitcoinClient);
   }
 
   /**
@@ -536,17 +538,7 @@ export default class BitcoinProcessor {
       throw new RequestError(ResponseStatus.BadRequest, SharedErrorCode.SpendingCapPerPeriodReached);
     }
 
-    // Write a warning if the balance is running low
     const totalSatoshis = await this.bitcoinClient.getBalanceInSatoshis();
-
-    const estimatedBitcoinWritesPerDay = 6 * 24;
-    const lowBalanceAmount = this.lowBalanceNoticeDays * estimatedBitcoinWritesPerDay * transactionFee;
-    if (totalSatoshis < lowBalanceAmount) {
-      const daysLeft = Math.floor(totalSatoshis / (estimatedBitcoinWritesPerDay * transactionFee));
-      Logger.error(`Low balance (${daysLeft} days remaining), please fund your wallet. Amount: >=${lowBalanceAmount - totalSatoshis} satoshis.`);
-    }
-
-    // cannot make the transaction
     if (totalSatoshis < transactionFee) {
       const error = new Error(`Not enough satoshis to broadcast. Failed to broadcast anchor string ${anchorString}`);
       Logger.error(error);
@@ -675,9 +667,9 @@ export default class BitcoinProcessor {
         await this.processTransactions(startingBlock);
       }
 
-      EventEmitter.emit(EventCode.BitcoinProcessorObservingLoopSuccessful);
+      EventEmitter.emit(EventCode.BitcoinObservingLoopSuccess);
     } catch (error) {
-      EventEmitter.emit(EventCode.BitcoinProcessorObservingLoopFailed);
+      EventEmitter.emit(EventCode.BitcoinObservingLoopFailure);
       Logger.error(error);
     } finally {
       this.pollTimeoutId = setTimeout(this.periodicPoll.bind(this), 1000 * interval, interval);
@@ -766,7 +758,7 @@ export default class BitcoinProcessor {
     Logger.info(LogColor.lightBlue(`Reverting database to ${LogColor.green(lastKnownValidBlockHeight || 'genesis')} block...`));
     await this.trimDatabasesToBlock(lastKnownValidBlockHeight);
 
-    EventEmitter.emit(EventCode.BitcoinProcessorDatabasesRevert, { blockHeight: lastKnownValidBlockHeight });
+    EventEmitter.emit(EventCode.BitcoinDatabasesRevert, { blockHeight: lastKnownValidBlockHeight });
     return lastKnownValidBlock;
   }
 
diff --git a/lib/bitcoin/EventCode.ts b/lib/bitcoin/EventCode.ts
index 37b5b4a7b..e00970bda 100644
--- a/lib/bitcoin/EventCode.ts
+++ b/lib/bitcoin/EventCode.ts
@@ -2,7 +2,12 @@
  * Event codes used by Bitcoin Processor.
  */
 export default {
-  BitcoinProcessorDatabasesRevert: 'bitcoin_processor_databases_revert',
-  BitcoinProcessorObservingLoopFailed: 'bitcoin_processor_observing_loop_failed',
-  BitcoinProcessorObservingLoopSuccessful: `bitcoin_processor_observing_loop_successful`
+  BitcoinDatabasesRevert: 'bitcoin_processor_databases_revert',
+  BitcoinLockMonitorLockReleased: `bitcoin_lock_monitor_lock_released`,
+  BitcoinLockMonitorLockRenewed: `bitcoin_lock_monitor_lock_renewed`,
+  BitcoinLockMonitorNewLock: `bitcoin_lock_monitor_new_lock`,
+  BitcoinLockMonitorLoopFailure: `bitcoin_lock_monitor_loop_failure`,
+  BitcoinLockMonitorLoopSuccess: `bitcoin_lock_monitor_loop_success`,
+  BitcoinObservingLoopFailure: 'bitcoin_observing_loop_failure',
+  BitcoinObservingLoopSuccess: `bitcoin_observing_loop_success`
 };
diff --git a/lib/bitcoin/Monitor.ts b/lib/bitcoin/Monitor.ts
new file mode 100644
index 000000000..d8f8b57c3
--- /dev/null
+++ b/lib/bitcoin/Monitor.ts
@@ -0,0 +1,18 @@
+import BitcoinClient from './BitcoinClient';
+
+/**
+ * Monitor for the running Bitcoin service.
+ */
+export default class Monitor {
+
+  public constructor (private bitcoinClient: BitcoinClient) { }
+
+  /**
+   * Gets the size of the operation queue.
+   */
+  public async getWalletBalance (): Promise<any> {
+    const walletBalanceInSatoshis = await this.bitcoinClient.getBalanceInSatoshis();
+    const walletBalanceInBtc = walletBalanceInSatoshis / 100000000;
+    return { walletBalanceInBtc };
+  }
+}
diff --git a/lib/bitcoin/lock/LockMonitor.ts b/lib/bitcoin/lock/LockMonitor.ts
index 3ee47ff63..c056f1e19 100644
--- a/lib/bitcoin/lock/LockMonitor.ts
+++ b/lib/bitcoin/lock/LockMonitor.ts
@@ -1,6 +1,8 @@
 import BitcoinClient from '../BitcoinClient';
 import BitcoinLockTransactionModel from '../models/BitcoinLockTransactionModel';
 import ErrorCode from '../ErrorCode';
+import EventCode from '../EventCode';
+import EventEmitter from '../../common/EventEmitter';
 import LockIdentifier from '../models/LockIdentifierModel';
 import LockIdentifierSerializer from './LockIdentifierSerializer';
 import LockResolver from './LockResolver';
@@ -100,7 +102,9 @@ export default class LockMonitor {
       Logger.info(`Starting periodic polling for the lock monitor.`);
       await this.handlePeriodicPolling();
 
+      EventEmitter.emit(EventCode.BitcoinLockMonitorLoopSuccess);
     } catch (e) {
+      EventEmitter.emit(EventCode.BitcoinLockMonitorLoopFailure);
       const message = `An error occurred during periodic poll: ${SidetreeError.stringify(e)}`;
       Logger.error(message);
     } finally {
@@ -276,7 +280,10 @@ export default class LockMonitor {
     const height = await this.bitcoinClient.getCurrentBlockHeight();
     const lockTransaction = await this.bitcoinClient.createLockTransaction(totalLockAmount, this.versionManager.getLockDurationInBlocks(height));
 
-    return this.saveThenBroadcastTransaction(lockTransaction, SavedLockType.Create, desiredLockAmountInSatoshis);
+    const savedLockModel = await this.saveThenBroadcastTransaction(lockTransaction, SavedLockType.Create, desiredLockAmountInSatoshis);
+    EventEmitter.emit(EventCode.BitcoinLockMonitorNewLock);
+
+    return savedLockModel;
   }
 
   /**
@@ -311,6 +318,7 @@ export default class LockMonitor {
     // If we have gotten to here then we need to try renew.
     try {
       await this.renewLock(currentValueTimeLock, desiredLockAmountInSatoshis);
+      EventEmitter.emit(EventCode.BitcoinLockMonitorLockRenewed);
     } catch (e) {
 
       // If there is not enough balance for the relock then just release the lock. Let the next
@@ -383,7 +391,10 @@ export default class LockMonitor {
         currentLockIdentifier.transactionId,
         currentLockDuration);
 
-    return this.saveThenBroadcastTransaction(releaseLockTransaction, SavedLockType.ReturnToWallet, desiredLockAmountInSatoshis);
+    const savedLockModel = await this.saveThenBroadcastTransaction(releaseLockTransaction, SavedLockType.ReturnToWallet, desiredLockAmountInSatoshis);
+    EventEmitter.emit(EventCode.BitcoinLockMonitorLockReleased);
+
+    return savedLockModel;
   }
 
   private async saveThenBroadcastTransaction (
diff --git a/tests/bitcoin/BitcoinProcessor.spec.ts b/tests/bitcoin/BitcoinProcessor.spec.ts
index d688b140c..bd15678fb 100644
--- a/tests/bitcoin/BitcoinProcessor.spec.ts
+++ b/tests/bitcoin/BitcoinProcessor.spec.ts
@@ -12,7 +12,6 @@ import BlockMetadataWithoutNormalizedFee from '../../lib/bitcoin/models/BlockMet
 import ErrorCode from '../../lib/bitcoin/ErrorCode';
 import IBitcoinConfig from '../../lib/bitcoin/IBitcoinConfig';
 import JasmineSidetreeErrorValidator from '../JasmineSidetreeErrorValidator';
-import Logger from '../../lib/common/Logger';
 import RequestError from '../../lib/bitcoin/RequestError';
 import ResponseStatus from '../../lib/common/enums/ResponseStatus';
 import ServiceVersionModel from '../../lib/common/models/ServiceVersionModel';
@@ -194,7 +193,6 @@ describe('BitcoinProcessor', () => {
 
       const bitcoinProcessor = new BitcoinProcessor(config);
       expect(bitcoinProcessor.genesisBlockNumber).toEqual(config.genesisBlockNumber);
-      expect(bitcoinProcessor.lowBalanceNoticeDays).toEqual(28);
       expect((bitcoinProcessor as any).config.transactionPollPeriodInSeconds).toEqual(60);
       expect((bitcoinProcessor as any).config.sidetreeTransactionPrefix).toEqual(config.sidetreeTransactionPrefix);
       expect(bitcoinProcessor['transactionStore']['databaseName']).toEqual(config.databaseName);
@@ -230,7 +228,6 @@ describe('BitcoinProcessor', () => {
 
       const bitcoinProcessor = new BitcoinProcessor(config);
       expect(bitcoinProcessor.genesisBlockNumber).toEqual(config.genesisBlockNumber);
-      expect(bitcoinProcessor.lowBalanceNoticeDays).toEqual(28);
       expect((bitcoinProcessor as any).config.transactionPollPeriodInSeconds).toEqual(60);
       expect((bitcoinProcessor as any).config.sidetreeTransactionPrefix).toEqual(config.sidetreeTransactionPrefix);
       expect(bitcoinProcessor['transactionStore']['databaseName']).toEqual(config.databaseName);
@@ -809,13 +806,10 @@ describe('BitcoinProcessor', () => {
         transactionFee: bitcoinFee,
         serializedTransactionObject: 'string'
       }));
-      const loggerErrorSpy = spyOn(Logger, 'error').and.callFake((message: string) => {
-        expect(message).toContain('fund your wallet');
-      });
+
       await bitcoinProcessor.writeTransaction(hash, bitcoinFee);
       expect(getCoinsSpy).toHaveBeenCalled();
       expect(broadcastSpy).toHaveBeenCalled();
-      expect(loggerErrorSpy).toHaveBeenCalled();
       expect(monitorAddSpy).toHaveBeenCalled();
       done();
     });
diff --git a/tests/bitcoin/Monitor.spec.ts b/tests/bitcoin/Monitor.spec.ts
new file mode 100644
index 000000000..5b7809af5
--- /dev/null
+++ b/tests/bitcoin/Monitor.spec.ts
@@ -0,0 +1,19 @@
+import Monitor from '../../lib/bitcoin/Monitor';
+
+describe('BitcoinFileReader', () => {
+  let monitor: Monitor;
+  beforeAll(() => {
+    const mockBitcoinClient = { getBalanceInSatoshis: () => {} };
+    monitor = new Monitor(mockBitcoinClient as any);
+  });
+
+  describe('getWalletBalance', async () => {
+    it('should get wallet balance', async () => {
+      const mockBalance = 123;
+      spyOn(monitor['bitcoinClient'], 'getBalanceInSatoshis').and.returnValue(Promise.resolve(mockBalance));
+
+      const balance = await monitor.getWalletBalance();
+      expect(balance).toEqual({ walletBalanceInBtc: 0.00000123 });
+    });
+  });
+});