> So de Vries calculated how much electricity bitcoin miners would have to consume for bitcoin mining to no longer be profitable. He assumed that electricity pr

> So de Vries calculated how much electricity bitcoin miners would have to consume for bitcoin mining to no longer be profitable. He assumed that electricity prices make up 60 percent of the cost of mining and that electricity costs an average of 5 cents per KWh. That yielded energy consumption of 7.7GW, which serves as an upper bound of the bitcoin network's energy consumption That's not the upper bound, since there a monetization strategies that end up using other people's hardware and electricity. Websites that run JavaScript miners are ridiculously inefficient but also don't have to meet his profitability formula because the electricity is paid by someone different than the person/entity that gets the Bitcoin.