CryptoQuant CEO Ki Young Ju revived the “Bitcoin equals energy” thesis on Wednesday, arguing that proof-of-work is becoming the settlement layer for an AI-driven economy where power, not narratives, is the binding constraint. “Energy is money. Bitcoin precisely measures the value of energy,” Ju wrote. Globally, he claimed curtailed renewable energy exceeds 200TWh annually, representing more than $20 billion in economic losses, positioning Bitcoin mining as an instant monetization path for surplus generation. It’s a technology that takes energy from one place and transports it anywhere.”At press time, Bitcoin traded at $86,779.