Energy is a balance-sheet input before it is a narrative

Energy stories are usually told through geopolitics first and cash flow second. Miners, manufacturers, refiners, and transport operators experience the order the other way around. Their exposure begins with the cost of a unit of power or fuel.

Sats per unit is useful precisely because it strips away some of the narrative. It asks how much of the Bitcoin monetary unit an operating input represents, then lets the answer move with both sides of the market.