Cambridge study: sustainable energy rising in Bitcoin mining

The ‘Cambridge Digital Mining Industry Report’ says the 52.4% use of sustainable energy sources for Bitcoin mining, which includes 9.8% nuclear and 42.6% renewables such as hydropower and wind, compares to a 2022 estimate of 37.6% overall sustainable energy use. 

The report issued today (28 April) also finds that natural gas, at 38.2% (up from 25.0% in 2022), has replaced coal (now 8.9%, down from 36.6% in 2022) as the single largest energy source used in Bitcoin mining. 

Based on the reported data, which represents 48% of global mining activity, the study estimates Bitcoin’s annual electricity consumption at 138 TWh (terawatt-hours), or about 0.5% of global consumption, and corresponding network-wide emissions at 39.8 MtCO₂e (megatonns of carbon dioxide equivalent). 

The data further highlights the crucial role North America plays in the digital mining industry, with the US at 75.4% of total reported Bitcoin mining activity followed by Canada at 7.1%. 

Report is based on practitioner insight from Bitcoin operations in 23 countries 

The findings are based on a comprehensive survey conducted by the CCAF involving 49 digital mining firms, of which 41% are publicly listed. The participating companies had headquarters in 16 different jurisdictions, with operations spanning 23 countries. 

The lead author of the ‘Cambridge Digital Mining Industry Report’ is Alexander Neumueller, Research Lead, Digital Assets Energy and Climate Impact at the CCAF.

This report directly addresses a persistent data gap by relying on direct practitioner insights rather than abstractions. By offering a granular perspective based on data covering nearly half the global mining activity, we aim to anchor the debate on robust, transparent evidence and inform grounded policy discussions about this rapidly evolving industry.

Alexander Neumueller, Research Lead, Digital Assets Energy and Climate Impact at the CCAF