The U.S. Energy Information Administration’s Sneak Attack on Bitcoin

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Also in the accompanying report is an estimate of the amount of electricity used by U.S.-based Bitcoin miners. The estimate the agency came up with is between 0.6% and 2.3% of all U.S. electricity consumption. This is a wide band, but nevertheless it is couched in terms to imply that, whatever the actual figure, it’s too much. Even the lower end of the band, the report clarifies, would equal the annual electricity usage for all of Utah, West Virginia or other similar states. The higher end, we’re told, is equivalent to the power consumption of roughly six million homes.

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