How It Works — Bitcoin Intrinsic Value Calculator

The Production Cost of Bitcoin

[Placeholder — author to supply explanation of the thermodynamic floor argument.]

[Placeholder — author to supply explanation of semiconductor efficiency trend and market self-selection.]

Mining efficiency in TH/kWh — Antminer series, 2014–present

[Placeholder — author to supply explanation of gold as unit of account.]

BTC price vs. production cost — linear scale

BTC price vs. production cost — log scale

[Placeholder — author to supply explanation of Graham's Mr. Market and random walk hypothesis.]

[Placeholder — author to supply explanation of price-to-production-cost ratio and linear regression.]

Price-to-production-cost ratio — raw, smoothed, and linear regression