[Analysis] Bitcoin uses a lot of energy, so where are the energy companies? - Brandon Green

It's an indisputable fact that Bitcoin uses a lot of energy, writes Bitcoin Magazine contributor Brandon Green. In fact Bitcoin uses approximately 41 terawatt-hours (TWh) of energy per year, which is roughly equal to the annual energy consumption of the entire country of New Zealand, according to CoinShares’ June 2019 mining report. Would it make sense for energy companies to pay more attention to bitcoin mining? Green thinks so. " Energy suppliers should be clamoring over the opportunity to get a steady, predictable power use customer, and Bitcoin is exactly that," he writes. Green's back-of-the-napkin math says:

If the entire Bitcoin mining network was running in the U.S., using U.S. power grid energy at the average industrial cost of $0.0693 per kilowatt hour, then miners would spend around $7.8 million per day on electricity (based on CoinShares’ 41 TWh estimate).