Bitcoin Energy Consumption Index estimates the cost of annual bitcoin mining to be 32 Terawatt*Hour.

Their methodology for the estimate can be summarized as follows:

- Calculate total mining revenue based on current Bitcoin price
- Assume that 60% of revenue will be spent on electricity
- Estimate how much 1 Kilowatt*Hour of electricity cost miners
- Calculate the total cost

On December 5, 2017, the estimate for annual energy consumption was **32 Terawatt*Hour**.

Let’s say an average car drives 12,000 miles per year, with average fuel efficiency being 20 miles per gallon, resulting in `12,000 miles / 20 miles per hour =`

600 gallons of gas being consumed by a car per year. One gallon of gas generates about 33.41 Killowat-Hour. Hence an average car consumes about `600 gallons * 33.41 Kilowatt-Hour =`

20046 Killowat-Hour, in a given year.

Let’s assume Bitcoin price will stabilize at 32T Terawatt*Hour per year or 3.2e+10 Kilowatt*Hour.

Which is like putting `3.2e+10 Kilowatt*Hour / 20046 Killowat*hour =`

**1,596,328 more cars on the road**.

Most of Bitcoin miners currently located in China where coal is the main energy source.

In the past year Bitcoin value went from $200 to $11000, an increase of more than 50 times. If it continues to grow at this rate, we will be looking at energy consumption equivalent to **79,816,400** cars. As a reference point, there are only 30,875,086 registered vehicles in the state of California.

No further comments.

Alex Yursha says

That’s fine. Its part of learning. People spend a lot of energy on things they believe in. Even if Bitcoin crashes, many technological advances produced by it such as distributed decentralized consensus protocol, ASIC appliances, etc. will remain.