[schmichael]

> You're assuming hashrates and electricity consumption are 1:1, ignoring improvements in efficiency.

You're right, but since the price of bitcoin has risen over the past month the increase in hash rate could be due to miners turning back on less efficient equipment that wasn't profitable at lower prices.

It's really impossible to know, but since the price is rising I think it's likely additional hash power would mean more mining equipment coming online -- therefore using additional power -- while leaving existing mining hardware but still profitable hardware running.