Bitcoin Mining Energy Usage
Given recent press reports on energy usage by the Bitcoin network, it is helpful to use the S19 miner specifications to measure the total network energy consumption.
The entire Bitcoin Network could use around 35.5 TeraWatt Hours.
That is less the amount out energy, in the form of fuel, wasted be vehicle idling (in traffic and at lights). According to the US Government, in the 2020, 1.7 billion gallons of fuel were wasted idling.
With an energy content of gasoline (33.41 kWh/gal) and diesel (37.95 kWh/gal), the total wasted energy averages to 58.84 TWh. That is 1.65x what the Bitcoin Network needs to function using the most efficient equipment available. Now not all miner use the most efficient equipment but it gives a fair order of magnitude comparison for energy usage.
Paul Mangione
Fort Schuyler Advisors
