Thanks for this calculation. It was indeed sounding strange such an enormous figure. Your estimate is much more reasonable. However, so some extent the problem remains, even though not that big.
1. my calculation was using ONLY residential electricity (peoples homes) where compared to ONLY peoples homes bitcoin uses 0.029-0.1%..
if i included world corporation and industrial. the bitcoins use would be even further lower % (making even better results for bitcoin).
2. bitcoin mining is done in regions of china that use hydro. in iceland that use geothermal and also in area's of america that do hydro. so although media says "CHINA electric is only X% hydro...".. thats just chatter about china the country.. however bitcoin is using the hydro supply.
3. unlike gold. think about it. there are no electric excavators, they are diesel based. there are no solar powered sluice machines, again thats diesel. and same for the dirt trucks. diesel.
bitcoin is high majority renewable and gold is very high diesel.
Good answer.
I was unaware that so much of the Chinese electric is hydro - this changes things of course. And even more does the icelandic geothermal one, which cannot even be blamed to warm up the atmosphere.
And as for gold, I could add to what you have said that modern gold extraction is using Cyanide (CN) which is very polluting and its massive use in gold mones devastating for the environment.
Luckily there is still no Proof of Cyanide protocol in Bitcoin.