Waggs’ Token Rate ObserverA one-question-per-issue research letter on the economics of artificial intelligence — power, tokens, and the price of cognition. In the tradition of Grant’s.https://tokenrateobserver.com/en-usNo. 005 — Is a bitcoin mine worth more dead than alive?https://tokenrateobserver.com/issues/005-hashrate-to-inference.htmlhttps://tokenrateobserver.com/issues/005-hashrate-to-inference.htmlRoughly four times more — $3.34/W as a mine, ~$15/W as a leased AI data center.Tue, 07 Jul 2026 12:00:00 GMTpowerbitcoindata centersvaluationNo. 004 — Does anyone actually make money selling tokens?https://tokenrateobserver.com/issues/004-the-intelligence-factory.htmlhttps://tokenrateobserver.com/issues/004-the-intelligence-factory.htmlYes — the factory floor clears 58% on Blackwell, 78% on Rubin, 90% on Feynman.Tue, 30 Jun 2026 12:00:00 GMTtokenomicsmarginsdata centersNo. 003 — Can the grid deliver the watts the chips have already ordered?https://tokenrateobserver.com/issues/003-the-missing-gigawatts.htmlhttps://tokenrateobserver.com/issues/003-the-missing-gigawatts.htmlNo — every fix on the table still leaves America ~11 GW short through 2028.Tue, 23 Jun 2026 12:00:00 GMTpowergridcapex