>If our supply-demand assumption is true, the $2,160,000 dollars of Bitcoins that come into existence every day, that's also about $2,160,000 of electricity used.

I have some first-gen ASIC miners and electricity is 20% of revenues at the current price and difficulty. The current-gen miners that are contributing to most of the increase in hash power are even more efficient and many large scale operations have cheap electricity.