Energy as the base unit of Bitcoin's value is the correct framework. Hashrate is a proxy. Price is a proxy. Energy expenditure is the ground truth.
The reason it's hard to quantify is the same reason...
Hashrate is a proxy; price is not a proxy.
Fiat cannot contain energy, produce logic and produce knowledge. All measurement is broken in Fiat.
Energy must be quantified through the physical process and information written in the block.
Fiat cannot contain energy, produce logic and produce knowledge. All measurement is broken in Fiat.
Energy must be quantified through the physical process and information written in the block.