hyperliquid changed crypto forever now whenever i look at a project, i just want to know where the money comes from, who’s paying, and what for B3IQ is a good example, were their customers pay to use GPU capacity the owner has the machine and gets paid when that capacity is rented very simple business
Buy compute today and you pay a different price than the company next door, with no public number to check it against. A benchmark would be one published price tracking what most buyers spend, close enough that a bank will lend against it. An hour on one chip generation buys different work than an hour on the next, and training a model isn't the same job as serving one, so there's no obvious unit to quote. Buyers and lenders haven't settled on one, and those building the data backbone are early. Lenders charge for the gap. Finance a GPU cluster and the bank spends its time on the credit profile of whoever signed the long-term contract rather than on demand for the compute. Borrowers without that backing pay around four percentage points more. Energy lenders require borrowers to hedge half or more of expected volume before financing a project. Compute lenders have nothing to point borrowers toward, so they price that risk into the loan. Oil traded for a century before futures on a public benchmark existed. @Natlevywesthead argues compute won't get that long.
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