Is Bitcoin Undervalued? What Elon Musk’s Energy Money Idea and Hashrate Data Reveal

The debate over whether Bitcoin is undervalued gained new momentum in September 2026 after statements from Elon Musk about the relationship between energy and monetary value. At the same time, analyses from crypto market experts like Charles Edwards indicate that BTC is trading about 36% below its so-called “energy value,” raising questions about the asset’s fundamentals and price potential.

Energy Money: Elon Musk’s Perspective

During a recent interview, entrepreneur Elon Musk once again advocated the idea that the money of the future will be measured in terms of energy consumed, that is, in wattage. For Musk, who has previously criticized Bitcoin’s energy consumption, the link between energy and monetary value is inevitable, especially in an increasingly digital and automated world. According to him, “at the end of the day, money is information and energy.”

This perspective reinforces Bitcoin’s role as a form of “energy money,” since its issuance and security depend directly on global energy expenditure, reflected in the network’s hashrate.

What Is Bitcoin’s Energy Value?

The idea of energy value was popularized by analysts like Charles Edwards, founder of Capriole Investments, who created the “Energy Value” concept for Bitcoin. According to Edwards, BTC’s fair price should be calculated based on the energy cost of mining, taking into account the hashrate and electricity costs.

In early September 2026, Edwards pointed out that Bitcoin was trading at a discount of about 36% compared to its energy value. This means that, according to this metric, the current price is below what would be expected considering the computational power and energy costs invested to maintain the network.

Hashrate on the Rise: What Does It Mean for Investors?

The hashrate—a measure of the computational power dedicated to Bitcoin mining—recently reached all-time highs, reflecting greater security and competition among miners. In September 2026, Bitcoin’s global hashrate surpassed 600 EH/s, an unprecedented level that suggests continued confidence among network participants, even amid price fluctuations.

For investors, rising hashrate is a sign of network strength, but it can also indicate that Bitcoin’s price is lagging behind the real cost of maintaining the network. Historically, periods when BTC’s price was below its energy value preceded significant recoveries, though there is no guarantee the pattern will repeat.

Possible Price and Industry Impacts

If the energy value metric is correct, Bitcoin may be in a window of opportunity for long-term investors, especially those who consider technical fundamentals and not just short-term speculation. However, macroeconomic factors such as US monetary policy and global regulation continue to impact price behavior.

The debate over Bitcoin’s energy consumption remains sensitive, especially among environmentalists and regulators. On the other hand, transparency in energy consumption and its link to the asset’s value may reinforce the narrative of scarcity and security—important differentiators for BTC compared to other cryptocurrencies.

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With information from BeInCrypto Brazil.

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Alexandre Bianchi

Fundador da Bianchi Capital e do Zayion AI. ~10 anos no mercado de ativos digitais, autor de referência e presença na mídia.

Autor de “O Manual do Criptoinvestidor”Presença na RedeTVPublicado no Terra+150 mil seguidores

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