We all have seen this articles.
Bitcoin consumes xx TWh of electricity, enough to run the whole country of Argentina.
But how does that match up in comparison with the US?
This is the headline from May 4th 2022.
- How much energy? Bitcoin, the world's largest cryptocurrency, currently consumes an estimated 150 terawatt-hours of electricity annually — more than the entire country of Argentina, population 45 million.
Now lets replace Argentina with US and see what we get.
How much energy? Bitcoin, the world's largest cryptocurrency, currently consumes an estimated 150 terawatt-hours of electricity annually — 3.75% of the entire country of US (4000 terawatt-hours), population 330 million.
US also uses 26 times more electricity than Argentina while only having 7 times the population.
Lets put some more countries into the mix.
- China consumes 8300 (2 times US) terawatt-hours of electricity while having a population of 1.4 billion (4 times US).
If I just divide electricity by population of these countries as a measure of efficiency. We get
Argentina consumes 3.33 MWhr/person
China consumes 5.714 MWhr/person
US consumes 12.12 MWhr/person
And if we add bitcoin to the list and use 180 million as the current users on the network.
Bitcoin consumes 0.83 MWhr/person.
I know Bitcoin is not a country but a global service. But I thought we should treat it like one because the articles seem to do that way more. Also Bitcoin is open to all 8 billion people of the world. Ive ignored that for now.
Also I divided electricity by population and not gdp, because then arent we saying if it makes you rich, go ahead use more energy.
As for my views on energy consumption, I dont fucking care how much any country uses energy. You do whats right by you and your country.
All this esg narrative is like a rich guy with his electric flat tops going to a tribe in the woods and telling them not to burn firewood because it leads to CO2 emissions. Disgusting.
Hope everyone gets to see all the numbers together, instead of some headline generating article on the internet. Save it if you want for when you want to answer with numbers to anyone who say "Bitcoin consumes too much electricity".