Pearl pays for matrix multiplication. So does the AI market. The honest test of "proof of useful work" is whether the work the network pays for is worth as much as the work customers pay for — and right now it is not close. This page tracks the gap.
Every figure below re-runs against live chain state and the stored price.
Same fleet, same capital charge, three strategies. Capital is charged in full to all three — the question is what the fleet should do, not what a marginal coin costs.
Mining revenue per GPU-hour as a share of what the same hour earns serving AI. 100% is parity.
Idle GPU-hours cost nothing to mine. The more of the fleet is sold to inference, the less is left.
Two independent routes to the same number. Where they agree, both are probably right.
The sell side. What an operator can charge per million tokens sets what a GPU-hour is worth.