Bitcoin’s Power Efficiency Index (PEI) now gives a different signal from the longer 18-month reading. Using same-date network hashrate readings of 1,024 EH/s on October 11, 2025 and 1,024 EH/s on October 11, 2026, plus leading announced ASIC efficiency improving from 9.5 to 8.9 J/TH, the 12-month PEI is 1.067×.
PEI = (1,024 ÷ 1,024) × (9.5 ÷ 8.9) = 1.067×.
The model’s Physical Price is the lowest observed BTC price inside the window: $57,747.77 on July 1, 2026. Applying PEI produces a Relative Price of $61,640.88. Bitcoin was trading near $83.9K on October 12, putting market price roughly $22.2K, or 36.1%, above the PEI reading.
That reverses the direction of our 18-month analysis, where market price sat below PEI. The reason is straightforward: over this 12-month slice, network hashrate finished almost exactly where it began while mining efficiency improved only modestly. The selected measurement window matters.
The 8.9 J/TH input is still manufacturer-rated performance for the announced S23 XP Hyd., not broad field validation. A short launch video from WDMS shows the machine: original X post.
Editor’s Note: PEI is an experimental comparative research framework. The math is verifiable; the interpretation is conditional on the selected inputs and dates. It is not a price target, guaranteed fair value, or financial advice.
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