Bitcoin (BTC) energy consumption relative to selected countries worldwide 2023

BTC energy consumption was the size of small country in 2023 according to a comparison that puts the crypto's footprint against that of 10 global nations. The source mentions it picked the countries due to their high energy consumption. As of May 2023 and based off the source's estimates on how big the Bitcoin energy consumption is around that time in TWh per year, the virtual coin's electrical footprint was around 10 percent of Russia's entire energy production. The source reaches this estimate by assuming that miner costs and income are the same thing: The higher the miner income, the more powerful machinery it can support. Essentially, the source first calculates how much miners earn, then estimates how much of this income is spent on electricity and how much per kWH, to finally be converted into consumption figures.