Memory Hard Functions (MHFs) have been proposed as an answer to the growing inequality between the computational speed of general purpose CPUs and Application Specific Integrated Circuits (ASICs). MHFs have seen widespread applications including password hashing, key stretching and proofs of work. Several metrics have been proposed to quantify the “memory hardness” of a function. Cumulative memory complexity (CMC) (or amortized Area × Time complexity) attempts to quantify the cost to acquire/build the hardware to evaluate the function — after normalizing the time it takes to evaluate the function. By contrast, bandwidth hardness attempts to quantify the amortized energy costs of evaluating this function on hardware — which in turn is largely dominated by the number of cache misses. Ideally, a good MHF would be both bandwidth hard and have high cumulative memory complexity. While the cumulative memory complexity of leading MHF candidates is well understood, little is known about the bandwidth hardness of many prominent MHF candidates. Our contributions are as follows: First, we provide the first reduction proving that, in the parallel random oracle model, the bandwidth hardness of a Data-Independent Memory Hard Function (iMHF) is described by the red-blue pebbling cost of the directed acyclic graph (DAG) associated with that iMHF. Second, we show that the goals of designing an MHF with high CMC/bandwidth hardness are well aligned. In particular, we prove that any function with high CMC also has relatively high energy costs. This result leads to the first unconditional lower bound on the energy cost of scrypt in the parallel random oracle model. Third, we analyze the bandwidth hardness of several prominent iMHF candidates such as Argon2i, winner of the password hashing competition, aATSample and DRSample — the first practical iMHF with essentially asymptotically optimal CMC. We show Argon2i, aATSample and DRSample are maximally bandwidth hard under appropriate cache size. Finally, we show that the problem of finding a red-blue pebbling with minimum energy cost is NP-hard.