  Chandra X-ray observations of the giant elliptical galaxy M87 resolve the
thermal state of the hot interstellar medium into the accretion (Bondi) radius
of its central 3 10^9 Msun black hole. We measure the X-ray gas temperature and
density profiles and calculate the Bondi accretion rate, Mdot_Bondi \sim 0.1
Msun/yr. The X-ray luminosity of the active nucleus of M87 observed with
Chandra is L_{x, 0.5-7 \keV} \sim 7 \times 10^{40}erg/s. This value is much
less than the predicted nuclear luminosity, L_{Bondi} \sim 5 \times 10^{44}
erg/s, for accretion at the Bondi rate with a canonical accretion radiative
efficiency of 10%. If the black hole in M87 accretes at this rate it must do so
at a much lower radiative efficiency than the canonical value. The
multiwavelength spectrum of the nucleus is consistent with that predicted by an
advection-dominated flow. However, as is likely, the X-ray nucleus is dominated
by jet emission then the properties of flow must be modified, possibly by
outflows. We show that the overall energetics of the system are just consistent
with the predicted Bondi nuclear power. This suggests that either most of the
accretion energy is released in the relativistic jet or that the central engine
of M87 undergoes on-off activity cycles. We show that, at present, the energy
dumped into the ISM by the jet may reduce the accretion rate onto the black
hole by a factor \propto (v_j/c_s)^{-2}, where v_j is the jet velocity and c_s
the ISM sound speed, and that this is sufficient to account for the low nuclear
luminosity.
