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may use up to 0.5% of the world’s energy by the end of this year

“It may be impossible to ever know the exact energy consumption of the Bitcoin network, but upper and lower bounds of its energy consumption can be reliably calculated using economic models” reports He used this value to quantify the energy consumption of the network as a whole (currently the same as the country of Ireland).Based on that figure, he calculated that the equilibrium point will occur when the Bitcoin network reaches around 7.67 gigawatts of power consumption.By the end of this year, Bitcoin may account for a whopping half of a percent of the world’s total energy demand.One possible tactic we discussed on the phone would be to require Bitcoin mining operations that are above a certain size to report their energy consumption to a state agency.

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