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According to Ars Technica:

One estimate suggests the Bitcoin network consumes as much energy as Denmark.

There are other sources that make similar claims:

The Bitcoin Energy Consumption Index tracker puts Bitcoin’s current estimated annual energy use at almost 32 terawatt-hours, roughly equivalent to Serbia’s yearly electricity consumption and ahead of at least 159 other countries, including Ireland and most nations in Africa.

The BitCoin Energy Consumption Index is apparently a common source. However, it seems that this article uses a lot of assumptions.

Does the Bitcoin network use about as much energy as Denmark or Ireland, as of late 2017?

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    This question is kind of circular. The claim is that the Bitcoin Energy Consumption Index estimates the usage of the Bitcoin network, based on a number of stated assumptions. "Note that one may reach different conclusions on applying different assumptions." What would you accept as confirmation or refutation of this?
    – Oddthinking ♦
    Commented Dec 8, 2017 at 8:25
  • 3
    Related: Does one transaction on Bitcoin require 215 kWh?.
    – DevSolar
    Commented Dec 8, 2017 at 8:57
  • A better statement might have been something like "the Bitcoin network is estimated to consume as much electricity as Denmark" - around 110 PJ each year. Denmark's energy consumption is much higher at around 700-750 PJ a year
    – Henry
    Commented Dec 8, 2017 at 15:49
  • Ideally all electric heaters will run computations one day. ;) Until then, here is an attempt at a more balanced article from a bitcoin follower: blog.bitcoin.org.hk/…
    – herzmeister
    Commented Dec 12, 2017 at 20:48

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