Some have been unsuccessful in determining if Bitcoin's price trails or leads hash power.
I actually cant believe its even being debated. Obviously there are outlying events or catalysts that will ALWAYS break a model, such as now, a market recession where many move to liquidate risky assets. E.g. Bitcoin.
Attached is the best current price discovery model for bitcoin. https://medium.com/capriole/bitcoin-value-energy-equivalence-6d00d1baa34a .
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source https://www.reddit.com/r/btc/comments/fm8sm2/energy_value_of_bitcoin/
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