Published on May 17th, 2018 | by bitcoin0
New Study Gives Value to Bitcoin’s Absurd Energy Consumption
But miners are making these calculations on different types of hardware with different levels of energy efficiency, so we can’t convert that figure directly to energy consumption.
If you assume that the entire network is using the most efficient known mining hardware—the Antminer S9 from Bitmain—that yields de Vries’s lower bound energy consumption of 2.6GW.
However, we know that people are using other, less efficient hardware, so the true energy consumption is probably significantly higher.
That yielded energy consumption of 7.7GW, which serves as an upper bound of the bitcoin network’s energy consumption.
The zero-sum computational race that drives bitcoin’s prodigious energy consumption has very little to do with the number of transactions per block.