Network Power Consumption (PN)
A baseline value for network power consumption can be found by multiplying the total network hashrate with a “best case” value for the power/hashrate ratio that a miner can achieve.
PN = HN x PM / HM
PN = 296000 (GH/s) x 110.6 (W) x 1000 (MH/GH) / ( 31.2 (MH/s) x 10^6 (W/MW) )
PN = 1049 MW
As a side note, people often confuse power (W) and energy (power x time, eg. Wh). For instance, assuming an average daily PNd of 1049 MW we can calculate that days Energy consumption by multiplying by the number of hours in a day.
ENd = PNd x Td
ENd = 1049 (MW) x 24 (h/d) / 1000 (GW/MW)
ENd = 19.7 GWh