A power measurement assembly mounted within an axle. In a specific example, the axle is a spindle that is interconnects the cranks of a bicycle, exercise, bicycle, or other fitness equipment. The power measurement assembly may include strain gauges connected with an appropriate circuit (e.g., Wheatstone bridge) that provides an output of the force on the axle by a rider pedaling the crank. In the case of an axle, the strain gauges measure the torsion due to the applied torque on the crank. The value is converted to a power value by a processor and that value is then wirelessly transmitted for display. The processor and/or the transmitter may be mounted within the axle. A separate power measurement assembly may be mounted on one of the cranks, which may include its own processor and transmitter or may take advantage of the processor and transmitter within the axle.