The way the model works is very interesting: 1. Calculate total mining revenues, across all miners in the Bitcoin network. 2. Estimate that, on average, miner

The way the model works is very interesting: 1. Calculate total mining revenues, across all miners in the Bitcoin network. 2. Estimate that, on average, miners spend 60% of their revenues on electricity. (I believe the origin of this number are the calculations in this paper [0]). 3. Find out how much miners pay per kWh on average. 4. Convert the costs into a consumption. There is some discussion of the origin of the assumptions, and some criticism and validation here [1] and here [2] respectively. [0] https://www.cell.com/joule/fulltext/S2542-4351(18)30177-6 https://www.cell.com/joule/fulltext/S2542-4351(18)30177-6 Specifically, see the calculations using Antminer S9 in Table 2. [1] https://digiconomist.net/bitcoin-energy-consumption#assumptions https://digiconomist.net/bitcoin-energy-consumption#assumpti... [2] https://digiconomist.net/bitcoin-energy-consumption#validation https://digiconomist.net/bitcoin-energy-consumption#validati...