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To estimate a miner’s electricity cost, convert its wattage to kilowatts, multiply by the hours it runs, then multiply by your tariff’s price per kilowatt-hour (kWh). For a continuous load, the core formula is (watts ÷ 1,000) × 24 × electricity rate per day. Your actual bill can be higher because of fixed charges, demand charges, cooling and other facility loads. Network-wide Bitcoin figures are separate modeled estimates and cannot be substituted for one machine’s meter reading.
The calculation in one minute
Use the miner’s measured or manufacturer-specified power draw, not its hashrate, to calculate energy. Let P be power in watts, H be operating hours, and R be the applicable electricity price in dollars per kWh.
- Energy:
(P ÷ 1,000) × HkWh. - Energy charge:
(P ÷ 1,000) × H × R. - Continuous daily use:
(P ÷ 1,000) × 24kWh. - Continuous monthly use: daily kWh multiplied by the number of days in that billing period.
This is unit arithmetic, not a performance test. Real draw varies with the ASIC model, firmware, operating temperature, fan speed, pool settings, overclocking and underclocking. A plug-in energy meter or facility meter is the best way to replace a specification with a measured value.
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Step 1: Find the correct power figure
Use the miner’s input power in watts at the operating mode you intend to run. A specification may describe a nominal value, a range or a value measured under particular conditions. If you have several machines, add their measured wattage before applying the formula. Include power supplies and any always-on controller equipment if your meter measures them together.
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Step 2: Convert watts to kilowatts
Electricity tariffs are normally expressed per kWh, so divide watts by 1,000. A 3,250-watt load is 3.25 kW. A 1,500-watt load is 1.5 kW.
Step 3: Multiply by operating time
Multiply the kilowatt value by actual hours. A machine that runs continuously for 24 hours uses 3.25 × 24 = 78 kWh per day in this hypothetical example. If it is curtailed for six hours, use 18 operating hours instead of 24.
Step 4: Apply the energy rate
Multiply kWh by the rate that applies during those hours. At a hypothetical flat rate of $0.08/kWh, 78 kWh costs 78 × 0.08 = $6.24 in energy charges for one day. This excludes taxes, delivery fees, demand charges and fixed customer charges unless they are already included in the quoted rate.
Worked daily and monthly example
Assume a hypothetical 3,250 W miner runs 24 hours every day at a flat $0.08/kWh rate:
| Period | Calculation | Energy | Energy charge |
|---|---|---|---|
| One hour | 3,250 ÷ 1,000 |
3.25 kWh | $0.26 |
| One day | 3.25 × 24 |
78 kWh | $6.24 |
| 30-day month | 78 × 30 |
2,340 kWh | $187.20 |
| 31-day month | 78 × 31 |
2,418 kWh | $193.44 |
The numbers are hypothetical and represent only the mining unit’s energy. A billing cycle with 28, 29 or 31 days changes the monthly result, so use the utility’s actual start and end dates.
Estimating the whole site bill
The mining unit’s draw is not necessarily the facility’s draw. Cooling, ventilation, networking, lighting, transformers, pumps and power-conversion losses add consumption. The U.S. Energy Information Administration (EIA) identifies electricity for mining machines and cooling as major operating demand; it also states that electricity is the primary operating cost of a cryptocurrency-mining facility.
Separate proportional and non-proportional charges
Build the estimate in layers so a low advertised kWh price does not hide a larger bill:
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- Calculate the miner and auxiliary equipment’s kWh.
- Add cooling and other infrastructure kWh, using a submeter where possible.
- Multiply each time period’s kWh by its applicable energy rate.
- Add fixed customer or service charges for the billing period.
- Add demand charges based on the tariff’s measured peak kilowatts, if applicable.
- Add taxes, regulatory fees and other line items shown on the tariff.
For an all-in effective price, divide the complete bill by total site kWh for that period. This effective figure is useful for comparing offers, but retain the underlying demand and fixed-charge data because the result changes with utilization.
Why a demand charge can dominate
A tariff may charge for the highest average load during a defined interval, such as 15 minutes, rather than only for total kWh. A facility that runs many ASICs at a steady high load can therefore pay a substantial demand charge even when its energy rate looks inexpensive. Ask the utility how the peak is measured, whether a ratchet applies, and whether curtailed load still affects the billing maximum.
How to compare electricity rates for Bitcoin mining
Compare every offer against the same load profile and billing period. Electricity prices differ by region, utility territory, customer class, contract, market conditions and power-purchase agreement. Some miners generate part or all of their own electricity. Without a location, customer class and tariff date, there is no defensible “cheapest” rate.
| Comparison item | What to record | Why it matters |
|---|---|---|
| Energy price | Price per kWh for each time block | Directly changes variable energy cost. |
| Fixed charges | Monthly service, meter and account fees | Material for small installations and low utilization. |
| Demand charges | Rate per kW, interval length and peak rules | Can overwhelm a low kWh price at commercial scale. |
| Time-of-use windows | Peak, shoulder and off-peak hours, including weekends | Allows savings only if machines can shift or curtail load. |
| Variable or wholesale exposure | Index, settlement interval, caps and pass-through fees | Creates price volatility and potential spike risk. |
| Customer class | Residential, small commercial, industrial or special mining tariff | Determines eligibility, taxes and tariff structure. |
| Contract terms | Length, minimum take, deposits, renewal and exit provisions | A low introductory rate may not be the long-term rate. |
| Curtailment | Notice period, allowed hours, compensation and penalties | Reduces energy use but also reduces mining hours. |
| Interconnection and capacity | Available service capacity, upgrade cost and timeline | A nominal rate is irrelevant if the site cannot receive the required power. |
Use one standardized comparison worksheet
For each offer, enter the same miner wattage, number of machines, operating schedule, cooling load and billing days. Calculate energy charges by time block, then add fixed and demand charges. Report both the monthly bill and the all-in dollars per kWh. Keep a separate sensitivity case for a high-price interval or a reduced operating schedule.
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Time-of-use and curtailment decisions
With time-of-use pricing, calculate kWh in each window instead of multiplying all hours by one average rate. If a machine can be switched off, compare the avoided energy and demand charges with the mining revenue lost during the outage. A curtailment agreement may offer compensation or a lower tariff, but its notice, duration and recovery rules must be included in the model.
Power draw, hashrate and ASIC efficiency are different measurements
Power draw tells you how much electricity the equipment consumes at a given moment. Hashrate describes computational work, commonly in terahashes per second (TH/s). Cambridge’s Bitcoin Electricity Consumption Index expresses ASIC efficiency in joules per terahash (J/TH); lower J/TH means less energy for the same hashing output.
- Watts: instantaneous electrical input.
- TH/s: hashing throughput.
- J/TH: energy efficiency, approximately watts divided by TH/s under comparable conditions.
For example, two machines can draw the same watts but produce different hashrates, or produce the same hashrate with different wattage. Compare efficiency together with acquisition price, expected useful life, repairability, noise, heat output and electrical installation requirements. Cambridge’s model uses specifications from more than 100 distinct SHA-256 ASIC models and adjusts them for real-use factors such as operating conditions and overclocking; a brochure’s laboratory number is not automatically a site result.
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Heat and cooling follow the electrical load
Nearly all the electrical power consumed by an ASIC eventually becomes heat. A 3.25 kW continuous miner therefore releases roughly 3.25 kW of heat into the room, before considering other equipment. Air-conditioning or immersion systems add their own electrical consumption. Measure the facility, not just the miner, when evaluating capacity and operating cost.
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How much electricity does Bitcoin mining use worldwide?
There is no network-wide utility meter for Bitcoin. Cambridge states that actual power demand cannot be determined directly because the network is decentralized, so its CBECI methodology publishes hypothetical lower-bound, best-guess and upper-bound estimates. The index uses a hybrid top-down model, specifications for many ASICs and assumptions about operating conditions. Its power value in gigawatts is a load estimate at a point in time; annualized TWh extrapolates that load and uses a seven-day moving average.
| Estimate | Figure | Date and qualification |
|---|---|---|
| Global Bitcoin-mining electricity use | 67–240 TWh, with a 120 TWh point estimate | Cambridge estimates for 2023, reported by EIA in February 2024; historical modeled values. |
| Estimated power demand | 9.1 GW lower bound, 19.0 GW best estimate, 44.0 GW upper bound | Cambridge estimate at the end of January 2024, reported by EIA. |
| Annualized equivalents | 80 TWh lower, 170 TWh best estimate, 390 TWh upper | Derived from the January 2024 modeled load; not a direct meter reading. |
| U.S. cryptocurrency-mining share | 0.6%–2.3% of U.S. electricity consumption | EIA preliminary 2024 estimate for cryptocurrency mining broadly, not Bitcoin alone; combines top-down and bottom-up methods. |
| Modeled hardware efficiency and consumption | 23.7 J/TH and 183 TWh | Figures attributed to a Cambridge 2025 report snapshot through December 31, 2024; treat as historical modeled indicators, not live 2026 values. |
The wide ranges reflect uncertainty about machine populations, equipment efficiency, geographic distribution, operating hours and other inputs. Do not multiply a global TWh estimate by your household rate and call the result a miner’s bill. Cambridge’s network-cost model uses its own assumed rate and profitability framework.
Electricity expense is not mining profitability
A positive mining margin requires revenue to exceed all relevant costs, not merely the power bill. Revenue depends on the bitcoin price, block subsidy, transaction fees, pool terms, hashrate and luck. Costs include electricity, hardware purchase and depreciation, facility rent, cooling, networking, labor, repairs, financing, taxes and downtime.
| Item | Include in a profitability model? | Typical treatment |
|---|---|---|
| Mining-unit electricity | Yes | Measured kWh multiplied by the applicable tariff. |
| Cooling and auxiliary power | Yes | Submeter or allocate site consumption to the machines. |
| Hardware acquisition and depreciation | Yes | Spread capital cost over an assumed useful life, with a residual-value case. |
| Rent, labor and maintenance | Yes | Allocate monthly operating expenses to the fleet. |
| Network revenue | Yes | Use current reward, fee, pool and uptime assumptions. |
| Network-wide modeled production cost | No, not directly | Cambridge’s metric compares modeled network electricity expense with daily rewards but excludes hardware depreciation, rent and labor. |
Cambridge’s default $0.05/kWh is a methodology assumption for its global model, accessed in 2026. It is not a consumer quote, a universal market rate or a recommendation. EIA’s description of electricity as the primary operating cost explains why a lower tariff can improve margins, but it cannot by itself establish profitability.
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- Inventory the load: record each ASIC’s wattage, quantity, power supply, cooling equipment and networking gear.
- Measure where possible: use a suitably rated meter or utility interval data; do not use a consumer plug meter beyond its voltage, current or continuous-load limits.
- Define the schedule: specify hours online, planned curtailment, maintenance and expected uptime.
- Map the tariff: record energy blocks, demand rules, fixed fees, taxes, contract conditions and curtailment provisions.
- Calculate kWh: apply
(watts ÷ 1,000) × hoursto each load and time block. - Calculate charges: multiply each block by its rate, then add demand, fixed and other bill items.
- Check capacity: verify service size, breaker ratings, transformer limits, ventilation and heat rejection.
- Run scenarios: model high and low rates, different uptime, cooling overhead, hardware efficiency and bitcoin-revenue assumptions.
- Reconcile: compare the model with the next utility bill or meter interval data and investigate any persistent gap.
Common mistakes and how to correct them
Using hashrate as if it were wattage
TH/s is output, not electrical input. Obtain watts from a specification or meter, then use J/TH to compare efficiency.
Forgetting the 1,000 conversion
Multiplying watts directly by hours produces watt-hours, not kWh. Divide by 1,000 before applying a per-kWh tariff.
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Assuming 30 days for every bill
Use the actual billing-period days. A 31-day continuous load consumes 3.33% more energy than a 30-day period.
Applying one flat rate to a complex tariff
Separate time-of-use blocks, demand charges and fixed fees. An advertised energy rate may not be an all-in rate.
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Ignoring cooling and conversion losses
Submeter the site or apply a documented overhead factor, then validate it against utility data. Cooling demand rises with ambient temperature and operating conditions.
Treating a network estimate as a personal bill
Global TWh and GW figures are modeled network totals. A personal estimate must use your equipment, schedule, site and tariff.
Calling a historical figure current
Attach the date and geography to every rate or network statistic. Cambridge and EIA figures cited above are historical estimates, not a live 2026 reading.
Bottom line
Start with measured watts, convert to kW, multiply by operating hours, and apply the tariff for each time period. Then add cooling, demand, fixed and other charges to obtain a realistic site cost. Compare power offers on identical load and contract assumptions, and evaluate ASIC efficiency in J/TH alongside hardware and facility costs. Bitcoin network electricity figures from Cambridge and EIA are useful for scale, but they are dated models with uncertainty—not a substitute for your meter or bill.
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