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.
Energy consumption from Bitcoin compared to the total energy consumption in selected countries worldwide as of December 5, 2023
The source compared its estimates on overall Bitcoin energy consumption against the energy consumption found in "some of the world’s biggest energy consuming nations". Other countries were not available, nor did the source provide information on where it had gotten the country's figures.
Supplementary notes
The source did not provide figures other than the ones shown here.
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Digiconomist. (December 5, 2023). Energy consumption from Bitcoin compared to the total energy consumption in selected countries worldwide as of December 5, 2023 [Graph]. In Statista. Retrieved November 15, 2024, from https://www.statista.com/statistics/881522/bitcoin-energy-consumption-relative-to-select-countries/
Digiconomist. "Energy consumption from Bitcoin compared to the total energy consumption in selected countries worldwide as of December 5, 2023." Chart. December 5, 2023. Statista. Accessed November 15, 2024. https://www.statista.com/statistics/881522/bitcoin-energy-consumption-relative-to-select-countries/
Digiconomist. (2023). Energy consumption from Bitcoin compared to the total energy consumption in selected countries worldwide as of December 5, 2023. Statista. Statista Inc.. Accessed: November 15, 2024. https://www.statista.com/statistics/881522/bitcoin-energy-consumption-relative-to-select-countries/
Digiconomist. "Energy Consumption from Bitcoin Compared to The Total Energy Consumption in Selected Countries Worldwide as of December 5, 2023." Statista, Statista Inc., 5 Dec 2023, https://www.statista.com/statistics/881522/bitcoin-energy-consumption-relative-to-select-countries/
Digiconomist, Energy consumption from Bitcoin compared to the total energy consumption in selected countries worldwide as of December 5, 2023 Statista, https://www.statista.com/statistics/881522/bitcoin-energy-consumption-relative-to-select-countries/ (last visited November 15, 2024)
Energy consumption from Bitcoin compared to the total energy consumption in selected countries worldwide as of December 5, 2023 [Graph], Digiconomist, December 5, 2023. [Online]. Available: https://www.statista.com/statistics/881522/bitcoin-energy-consumption-relative-to-select-countries/
