Price, difficulty, hashrate and what it actually costs to produce a PRL — off live chain state.
Every point is observed on-chain, from genesis. Emission is fixed by height, so rising hashrate does not mint more coins — it only spreads the same emission across more spend.
Retargets toward a 194 s block. Running below target means difficulty is still climbing.
Marginal is electricity only — the floor for already-paid-for hardware. All-in adds amortised capital. Full model →