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Bitcoin Mining

How Much Power Does Bitcoin Network Consume? Here’s What Glassnode Estimates

Keshav Verma
by Keshav Verma
2 years ago
·
Posted in Bitcoin ASIC Miner
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Here’s some data from Glassnode that reveals estimates related to the power consumption of the Bitcoin network, if all miners used the same mining machines.

Bitcoin Network Best-Case Scenario Would Be 4.8x More Efficient Than Worst-Case

As per the on-chain analytics firm Glassnode, the power estimates are based on the current hashrate of the BTC network. The “mining hashrate” is an indicator that measures the total amount of computing power connected to the Bitcoin blockchain right now.

In the real world, this hashrate is contributed by miners spread across the globe, who all have different situations and environments to deal with that result in different profit margins for each of them. The available capital with each miner can also be quite different, so only the largest companies can afford to upgrade their facilities to the latest and most efficient rigs.

Related Reading: Bitcoin’s Correlation With Other Risk Assets To Watch For In 2023, Report Suggests

All these differences result in a very diverse network, where a large variety of mining rigs would be in use between the miners, and even across the same facility, the machines may be a mix of old and new models.  This obviously makes it quite tricky to calculate a true power consumption estimate for Bitcoin, so what Glassnode has done is calculate the power of the network by assuming a uniform blockchain, for four different mining rigs. The below chart displays this data.

Bitcoin AISC Global Power Consumption

Looks like the worst-case scenario consumes nearly 24 GW in power | Source: Glassnode

The four machines used here are S9, S17, S19 Pro, and S19 XP Hyd from the Antminer series. Released in 2017, the S9 is the least efficient machine out of these, so the power consumption figure for the Bitcoin network if the entire hashrate was from S9 alone provides an approximate upper bound of almost 24 Gigawatt (GW). On the other hand, the best-case scenario (the S19 XP Hyd, launched this year) would put the figure at around 5 GW. Naturally, both these bounds are purely theoretical and are highly unlikely to be a representation of the real blockchain.

Related Reading: Binance FUD Leads To Drop In Bitcoin Volume, Other Exchanges See 52% Rise

The actual power consumption figure is probably near the 7 GW and 11 GW estimates of the other two machines (S17 and S19 Pro, respectively). In fact, these hashrate-based figures are close to the Cambridge Bitcoin Electricity Consumption Index, which puts the estimated power at around 10 GW.

With these estimates for the different mining rigs, Glassnode has also showcased the efficiency gains involved with these machines. Compared to if the network had only S9, the S17 scenario would be 2.2x more efficient, while S19 Pro would be 3.3x. The S19 XP Hyd, the best case, is around 4.8x more efficient.

BTC Price

At the time of writing, Bitcoin’s price floats around $16,800, down 5% in the last week.

Bitcoin Price Chart

BTC continues to consolidate | Source: BTCUSD on TradingView
Featured image from Brian Wangenheim on Unsplash.com, charts from TradingView.com, Glassnode.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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