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Let's start with sleep. This has been called suspend or standby before. The state of the computer is kept in memory. So it does draw some power during the sleep. The good thing is that the transition back on (the resume) is fast. Hibernate writes the computer state to disk. Then it goes to a state that draws no power. The state is written to file "hiberfile.sys", whose size depends on the amount of RAM you have. The hibernate state is slower to resume than sleep, but faster than a whole boot up.