I dare to say it, but it may not be right. DePin's bottom logic is to earn online, why, if we look at #BTC as a DePIn project:

1. Power supply mining machine
2. The miner performs hash operation
3. Find a valid hash
4. Receive block rewards and transaction fees

So it can be clearly seen that electricity is converted into computing power, computing power is converted into rewards, and ultimately the price of BTC is calculated through electricity bills, which is why many partners often prefer to look at electricity bills when calculating BTC prices.

So my understanding is that what DePin does is to buy a "ticket" to convert energy into rewards by selling hardware, and energy is actually the basis for pricing rewards. Electricity energy is to consider electricity costs, and human energy is to consider labor costs, such as Stepn (running shoes), even human mining machines.