The average block reward and the energy cost to produce that block sets a floor for the price of bitcoin.

Bitcoin gives the most accurate insight into the true cost of compute. The biggest input cost for AI is just the cost of compute.

Over time we’ll see metrics like hashprice [1] become a good proxy for the cost of training and running a frontier model.

1. https://data.hashrateindex.com/network-data/bitcoin-hashprice-index