The most reputable such estimate comes from the University of Cambridge Bitcoin Electricity Consumption Index, according to which the global bitcoin network currently consumes about 80 terawatt-hours of electricity annually, roughly equal to the annual output of 23 coal-fired power plants, or close to what is consumed by the nation of Finland.
An Algeciras class ship, the world’s largest and the same size as Evergiven, but with slightly more capacity, can hold 24,000 of these 20-foot shipping containers.
To reach that figure, the Cambridge analysts start by geolocating mining activity, based on users’ IP addresses 2.
According to Cambridge, 62% of global miners rely on hydropower for at least some of their electricity; 38% use some coal, and about 39% use at least some combination of solar, wind, or geothermal.
A May analysis by the crypto firm Galaxy Digital, for example, pointed out that bitcoin consumes a lot less electricity than the ATMs and data centers of traditional banks.
The bitcoin mining community leans on an oft-repeated, but so far mostly unsupported, claim that their activities could actually expedite the construction of new solar and wind farms without diverting power from other uses—houses, hospitals, warehouses, electric vehicles, literally almost anything that uses electricity.
In May, Elon Musk said Tesla would no longer accept bitcoin as a payment method because of environmental concerns, and the currency’s value promptly tanked.