is riddled with errors.

1. The current break-even Watts per GH/s is estimated at 0.589 W per GH/s. Taking this metric to compute Bitcoin's energy consumption is completely unrealistic as the efficiency of ASICs currently online is around 1/4th this value. As I documented in as of January 2016 the average energy of Bitcoin mining ASICs was around 0.15 J/GH (or W per GH/s). Nowadays it is even lower because miners continuously upgrade to more recent hardware that has better W per GH/s efficiency.

2. The page assumes miners pay average electricity costs of 0.06 USD per kWH. I was personally running a GPU farm in Washington state in Douglas County in 2011 and was paying 0.02 USD per kWH. Multiple utilities offer very low rates in various counties of Washington State: Chelan County, Grant County, etc. This is why other professional miners also set up data centers in this state, like MegaBigPower. The current rate offered by the Douglas County PUD is 0.0233 USD per kWH ( I would be surprised if the largest professional miners who make up most of the mining power were paying more than 0.04 (which is already TWICE more expensive than the Douglas County rates.)

3. The page states Bitcoin's estimated annual energy consumption is 11.14 TWh and that this represents 0.05% of the world's energy consumption. This implies the world's energy consumption is 22300 TWh, but this is wrong. According to IEA statistics the world's consumption for year 2014 was 9425 Mtoe, or 109613 TWh. The page seems to confuse energy consumption with electricity consumption. The numbers would line up assuming the latter. Probably all mentions of "energy" should be replaced with "electricity".

Shared publicly