diff --git a/Makefile b/Makefile
index bdcecc7be..0ef3c2264 100644
--- a/Makefile
+++ b/Makefile
@@ -166,6 +166,13 @@ lotus-stats:
 .PHONY: lotus-stats
 BINS+=lotus-stats
 
+lotus-pcr:
+	rm -f lotus-pcr
+	go build $(GOFLAGS) -o lotus-pcr ./cmd/lotus-pcr
+	go run github.com/GeertJohan/go.rice/rice append --exec lotus-pcr -i ./build
+.PHONY: lotus-pcr
+BINS+=lotus-pcr
+
 lotus-health:
 	rm -f lotus-health
 	go build -o lotus-health ./cmd/lotus-health
diff --git a/cmd/lotus-pcr/main.go b/cmd/lotus-pcr/main.go
new file mode 100644
index 000000000..881112d2b
--- /dev/null
+++ b/cmd/lotus-pcr/main.go
@@ -0,0 +1,435 @@
+package main
+
+import (
+	"bytes"
+	"context"
+	"fmt"
+	"io/ioutil"
+	"net/http"
+	_ "net/http/pprof"
+	"os"
+	"path/filepath"
+	"strconv"
+
+	"github.com/ipfs/go-cid"
+	logging "github.com/ipfs/go-log/v2"
+
+	"github.com/mitchellh/go-homedir"
+	"github.com/urfave/cli/v2"
+
+	"golang.org/x/xerrors"
+
+	"github.com/filecoin-project/go-address"
+	"github.com/filecoin-project/lotus/api"
+	"github.com/filecoin-project/lotus/build"
+	"github.com/filecoin-project/lotus/chain/types"
+	"github.com/filecoin-project/lotus/tools/stats"
+	"github.com/filecoin-project/specs-actors/actors/abi"
+	"github.com/filecoin-project/specs-actors/actors/builtin"
+	"github.com/filecoin-project/specs-actors/actors/builtin/miner"
+	"github.com/filecoin-project/specs-actors/actors/runtime/exitcode"
+)
+
+var log = logging.Logger("main")
+
+func main() {
+	local := []*cli.Command{
+		runCmd,
+		versionCmd,
+	}
+
+	app := &cli.App{
+		Name:  "lotus-pcr",
+		Usage: "Refunds precommit initial pledge for all miners",
+		Description: `Lotus PCR will attempt to reimbursement the initial pledge collateral of the PreCommitSector
+   miner actor method for all miners on the network.
+
+   The refund is sent directly to the miner actor, and not to the worker.
+
+   The value refunded to the miner actor is not the value in the message itself, but calculated
+   using StateMinerInitialPledgeCollateral of the PreCommitSector message params. This is to reduce
+   abuse by over send in the PreCommitSector message and receiving more funds than was actually
+   consumed by pledging the sector.
+
+   No gas charges are refunded as part of this process, but a small 3% (by default) additional
+   funds are provided.
+
+   A single message will be produced per miner totaling their refund for all PreCommitSector messages
+   in a tipset.
+`,
+		Version: build.UserVersion(),
+		Flags: []cli.Flag{
+			&cli.StringFlag{
+				Name:    "lotus-path",
+				EnvVars: []string{"LOTUS_PATH"},
+				Value:   "~/.lotus", // TODO: Consider XDG_DATA_HOME
+			},
+			&cli.StringFlag{
+				Name:    "repo",
+				EnvVars: []string{"LOTUS_PCR_PATH"},
+				Value:   "~/.lotuspcr", // TODO: Consider XDG_DATA_HOME
+			},
+		},
+
+		Commands: local,
+	}
+
+	if err := app.Run(os.Args); err != nil {
+		log.Warn(err)
+		return
+	}
+
+}
+
+var versionCmd = &cli.Command{
+	Name:  "version",
+	Usage: "Print version",
+	Action: func(cctx *cli.Context) error {
+		cli.VersionPrinter(cctx)
+		return nil
+	},
+}
+var runCmd = &cli.Command{
+	Name:  "run",
+	Usage: "Start message reimpursement",
+	Flags: []cli.Flag{
+		&cli.StringFlag{
+			Name:    "from",
+			EnvVars: []string{"LOTUS_PCR_FROM"},
+		},
+		&cli.BoolFlag{
+			Name:    "no-sync",
+			EnvVars: []string{"LOTUS_PCR_NO_SYNC"},
+		},
+		&cli.IntFlag{
+			Name:  "percent-extra",
+			Value: 3,
+		},
+		&cli.IntFlag{
+			Name:  "head-delay",
+			Usage: "the number of tipsets to delay message processing to smooth chain reorgs",
+			Value: int(build.MessageConfidence),
+		},
+	},
+	Action: func(cctx *cli.Context) error {
+		go func() {
+			http.ListenAndServe(":6060", nil)
+		}()
+
+		ctx := context.Background()
+		api, closer, err := stats.GetFullNodeAPI(cctx.String("lotus-path"))
+		if err != nil {
+			log.Fatal(err)
+		}
+		defer closer()
+
+		r, err := NewRepo(cctx.String("repo"))
+		if err != nil {
+			return err
+		}
+
+		if err := r.Open(); err != nil {
+			return err
+		}
+
+		from, err := address.NewFromString(cctx.String("from"))
+		if err != nil {
+			return xerrors.Errorf("parsing source address (provide correct --from flag!): %w", err)
+		}
+
+		if !cctx.Bool("no-sync") {
+			if err := stats.WaitForSyncComplete(ctx, api); err != nil {
+				log.Fatal(err)
+			}
+		}
+
+		tipsetsCh, err := stats.GetTips(ctx, api, r.Height(), cctx.Int("head-delay"))
+		if err != nil {
+			log.Fatal(err)
+		}
+
+		percentExtra := cctx.Int("percent-extra")
+
+		for tipset := range tipsetsCh {
+			if err := ProcessTipset(ctx, api, tipset, from, percentExtra); err != nil {
+				return err
+			}
+
+			if err := r.SetHeight(tipset.Height()); err != nil {
+				return err
+			}
+		}
+
+		return nil
+	},
+}
+
+type MinersRefund struct {
+	refunds map[address.Address]types.BigInt
+}
+
+func NewMinersRefund() *MinersRefund {
+	return &MinersRefund{
+		refunds: make(map[address.Address]types.BigInt),
+	}
+}
+
+func (m *MinersRefund) Track(addr address.Address, value types.BigInt) {
+	m.refunds[addr] = types.BigAdd(m.refunds[addr], value)
+}
+
+func (m *MinersRefund) Count() int {
+	return len(m.refunds)
+}
+
+func (m *MinersRefund) Miners() []address.Address {
+	miners := make([]address.Address, 0, len(m.refunds))
+	for addr := range m.refunds {
+		miners = append(miners, addr)
+	}
+
+	return miners
+}
+
+func (m *MinersRefund) GetRefund(addr address.Address) types.BigInt {
+	return m.refunds[addr]
+}
+
+type processTipSetApi interface {
+	ChainGetParentMessages(ctx context.Context, blockCid cid.Cid) ([]api.Message, error)
+	ChainGetParentReceipts(ctx context.Context, blockCid cid.Cid) ([]*types.MessageReceipt, error)
+	StateMinerInitialPledgeCollateral(ctx context.Context, addr address.Address, precommitInfo miner.SectorPreCommitInfo, tsk types.TipSetKey) (types.BigInt, error)
+	StateGetActor(ctx context.Context, actor address.Address, tsk types.TipSetKey) (*types.Actor, error)
+	MpoolPushMessage(ctx context.Context, msg *types.Message) (*types.SignedMessage, error)
+	GasEsitmateGasPremium(ctx context.Context, nblocksincl uint64, sender address.Address, gaslimit int64, tsk types.TipSetKey) (types.BigInt, error)
+	WalletBalance(ctx context.Context, addr address.Address) (types.BigInt, error)
+}
+
+func ProcessTipset(ctx context.Context, api processTipSetApi, tipset *types.TipSet, wallet address.Address, percentExtra int) error {
+	log.Infow("processing tipset", "height", tipset.Height(), "key", tipset.Key().String())
+
+	cids := tipset.Cids()
+	if len(cids) == 0 {
+		return fmt.Errorf("no cids in tipset")
+	}
+
+	msgs, err := api.ChainGetParentMessages(ctx, cids[0])
+	if err != nil {
+		log.Errorw("failed to get tipset parent messages", "err", err)
+		return nil
+	}
+
+	recps, err := api.ChainGetParentReceipts(ctx, cids[0])
+	if err != nil {
+		log.Errorw("failed to get tipset parent receipts", "err", err)
+		return nil
+	}
+
+	if len(msgs) != len(recps) {
+		log.Errorw("message length does not match receipts length", "messages", len(msgs), "receipts", len(recps))
+		return nil
+	}
+
+	refunds := NewMinersRefund()
+
+	count := 0
+	for i, msg := range msgs {
+		m := msg.Message
+
+		a, err := api.StateGetActor(ctx, m.To, tipset.Key())
+		if err != nil {
+			log.Warnw("failed to look up state actor", "actor", m.To)
+			continue
+		}
+
+		if a.Code != builtin.StorageMinerActorCodeID {
+			continue
+		}
+
+		// we only care to look at PreCommitSector messages
+		if m.Method != builtin.MethodsMiner.PreCommitSector {
+			continue
+		}
+
+		if recps[i].ExitCode != exitcode.Ok {
+			log.Debugw("skipping non-ok exitcode message", "cid", msg.Cid.String(), "exitcode", recps[i].ExitCode)
+		}
+
+		var precommitInfo miner.SectorPreCommitInfo
+		if err := precommitInfo.UnmarshalCBOR(bytes.NewBuffer(m.Params)); err != nil {
+			log.Warnw("failed to decode precommit params", "err", err)
+			continue
+		}
+
+		refundValue, err := api.StateMinerInitialPledgeCollateral(ctx, m.To, precommitInfo, tipset.Key())
+		if err != nil {
+			log.Warnw("failed to calculate", "err", err)
+			continue
+		}
+
+		if percentExtra > 0 {
+			refundValue = types.BigAdd(refundValue, types.BigDiv(refundValue, types.NewInt(100*uint64(percentExtra))))
+		}
+
+		log.Infow("processing message", "from", m.From, "to", m.To, "value", m.Value.String(), "gas_fee_cap", m.GasFeeCap.String(), "gas_premium", m.GasPremium.String(), "gas_used", fmt.Sprintf("%d", recps[i].GasUsed), "refund", refundValue.String())
+
+		count = count + 1
+		refunds.Track(m.To, refundValue)
+	}
+
+	if refunds.Count() == 0 {
+		log.Debugw("no messages to refund in tipset")
+		return nil
+	}
+
+	var messages []*types.Message
+	refundSum := types.NewInt(0)
+
+	for _, maddr := range refunds.Miners() {
+		refundValue := refunds.GetRefund(maddr)
+
+		// We want to try and ensure these messages get mined quickly
+		gasPremium, err := api.GasEsitmateGasPremium(ctx, 0, wallet, 0, tipset.Key())
+		if err != nil {
+			log.Warnw("failed to estimate gas premium", "err", err)
+			continue
+		}
+
+		msg := &types.Message{
+			Value: refundValue,
+			From:  wallet,
+			To:    maddr,
+
+			GasPremium: gasPremium,
+		}
+
+		refundSum = types.BigAdd(refundSum, msg.Value)
+		messages = append(messages, msg)
+	}
+
+	balance, err := api.WalletBalance(ctx, wallet)
+	if err != nil {
+		return xerrors.Errorf("failed to get wallet balance :%w", err)
+	}
+
+	// Calculate the minimum balance as the total refund we need to issue plus 5% to cover fees
+	minBalance := types.BigAdd(refundSum, types.BigDiv(refundSum, types.NewInt(500)))
+	if balance.LessThan(minBalance) {
+		log.Errorw("not sufficent funds to cover refunds", "balance", balance.String(), "refund_sum", refundSum.String(), "minimum_required", minBalance.String())
+		return xerrors.Errorf("wallet does not have enough balance to cover refund")
+	}
+
+	failures := 0
+	refundSum.SetUint64(0)
+	for _, msg := range messages {
+		if _, err = api.MpoolPushMessage(ctx, msg); err != nil {
+			log.Errorw("failed to MpoolPushMessage", "err", err, "msg", msg)
+			failures = failures + 1
+			continue
+		}
+
+		refundSum = types.BigAdd(refundSum, msg.Value)
+	}
+
+	log.Infow("tipset stats", "messages_sent", len(messages)-failures, "refund_sum", refundSum.String(), "messages_failures", failures)
+
+	return nil
+}
+
+type repo struct {
+	last abi.ChainEpoch
+	path string
+}
+
+func NewRepo(path string) (*repo, error) {
+	path, err := homedir.Expand(path)
+	if err != nil {
+		return nil, err
+	}
+
+	return &repo{
+		last: 0,
+		path: path,
+	}, nil
+}
+
+func (r *repo) exists() (bool, error) {
+	_, err := os.Stat(r.path)
+	notexist := os.IsNotExist(err)
+	if notexist {
+		err = nil
+	}
+	return !notexist, err
+
+}
+
+func (r *repo) init() error {
+	exist, err := r.exists()
+	if err != nil {
+		return err
+	}
+	if exist {
+		return nil
+	}
+
+	err = os.Mkdir(r.path, 0755) //nolint: gosec
+	if err != nil && !os.IsExist(err) {
+		return err
+	}
+
+	return nil
+}
+
+func (r *repo) Open() (err error) {
+	if err = r.init(); err != nil {
+		return
+	}
+
+	var f *os.File
+
+	f, err = os.OpenFile(filepath.Join(r.path, "height"), os.O_RDWR|os.O_CREATE, 0644)
+	if err != nil {
+		return
+	}
+	defer func() {
+		err = f.Close()
+	}()
+
+	var raw []byte
+
+	raw, err = ioutil.ReadAll(f)
+	if err != nil {
+		return
+	}
+
+	height, err := strconv.Atoi(string(bytes.TrimSpace(raw)))
+	if err != nil {
+		return
+	}
+
+	r.last = abi.ChainEpoch(height)
+	return
+}
+
+func (r *repo) Height() abi.ChainEpoch {
+	return r.last
+}
+
+func (r *repo) SetHeight(last abi.ChainEpoch) (err error) {
+	r.last = last
+	var f *os.File
+	f, err = os.OpenFile(filepath.Join(r.path, "height"), os.O_RDWR, 0644)
+	if err != nil {
+		return
+	}
+
+	defer func() {
+		err = f.Close()
+	}()
+
+	if _, err = fmt.Fprintf(f, "%d", r.last); err != nil {
+		return
+	}
+
+	return
+}