According to @saylor, Elon Musk stated that "Energy is the true currency; Bitcoin is based on energy," reinforcing an energy-based framework for BTC valuation; source: X post by @saylor dated Nov 30, 2025. Under Bitcoin’s proof-of-work, miners expend electricity to produce valid blocks, making electricity pricing a core driver of mining economics; sources: Bitcoin Whitepaper by Satoshi Nakamoto (2008) and Cambridge Bitcoin Electricity Consumption Index (CBECI). For trading, monitor hash price and miner revenue per TH/s to assess miner margin conditions that track energy costs and network competitiveness; source: Luxor Hashrate Index definitions.