Monero’s Power Efficiency Index (PEI) paints a much tighter valuation picture than Zcash.
From a 2022 baseline of $96.50, Monero’s PEI climbed to $141.40 in 2023, $207.19 in 2024, $303.60 in 2025, and $444.87 in 2026. That represents a 4.61× compounded power-efficiency progression, or roughly +361%, as Monero’s network performance and energy efficiency improved over the period.
The market did not keep pace with that progression for most of the cycle. Monero’s actual price finished 8.9% below PEI in 2023, roughly 50.9% below PEI in 2024, and about 39.5% below PEI in 2025.
In PEI terms, those years represented varying degrees of undervaluation, with 2024 standing out as the deepest discount relative to Monero’s power-efficiency fundamentals.
That changed in 2026. With Monero trading at approximately $504.46 against a PEI of $444.87, the market has moved $59.59 above the index, or about 13.4% above its power-efficiency-implied valuation.
Under the PEI framework, Monero has therefore shifted from undervalued territory into moderately overvalued territory.
The important part is the size of the lead. A 13.4% premium is relatively small compared with the much larger divergences PEI can identify elsewhere.
Monero’s price has finally caught up with years of compounded physical improvement and has now moved slightly ahead of it. The 2026 scoreboard is therefore close: Market Price 113.4 — PEI Fundamentals 100.
Monero PEI Scorecard
| Year | PEI | Actual Price | Price vs. PEI |
|---|---|---|---|
| 2022 | $96.50 | $104.22 | +8.0% |
| 2023 | $141.40 | $128.86 | -8.9% |
| 2024 | $207.19 | $101.74 | -50.9% |
| 2025 | $303.60 | $183.73 | -39.5% |
| 2026 | $444.87 | $504.46 | +13.4% |
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Disclaimer: The underlying inputs, calculations, and mathematical relationships used in the Power Efficiency Index are intended to be transparent and verifiable. The math is verifiable; the interpretation is experimental. PEI is a research framework, not a prediction of future price, guaranteed fair value, or financial advice. Actual market prices are influenced by many variables outside the model, including supply, demand, liquidity, regulation, adoption, speculation, and broader economic conditions.
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