Bitcoin mining is becoming greener, according to new research from the Cambridge Centre for Alternative Finance (CCAF).
Its latest industry report finds that 52.4% of the electricity powering the Bitcoin network now comes from sustainable sources—up from 37.6% in 2022.
This includes 42.6% from renewables such as wind and solar and 9.8% from nuclear.
The study, based on data from 49 mining firms representing nearly half of global mining power, estimates Bitcoin’s annual electricity consumption at 138 terawatt-hours (TWh), equivalent to 0.5% of global demand.
Corresponding emissions are pegged at 39.8 megatonnes of CO₂ equivalent, although this could be lower—between 32.9 and 37.6 MtCO₂e—if off-grid and flare-gas mining are factored in.
Natural gas has overtaken coal as the largest single energy source, now accounting for 38.2% of the network’s power mix.
Coal’s share has dropped sharply to 8.9%, down from 36.6% in 2022.
The United States dominates the mining landscape, accounting for 75.4% of surveyed activity, followed by Canada at 7.1%.
However, the report notes that the US figure may be inflated due to a respondent base skewed towards North America. Emerging activity is also reported in South America, the Middle East, and Northern Europe.
Electronic waste is estimated at 2.3 kilotonnes annually, though nearly 87% of firms report reselling, repurposing, or recycling decommissioned equipment.
Miners cite regulatory uncertainty, energy price volatility and limited deployment opportunities as key challenges.
In response, many are diversifying operations geographically and investing in risk mitigation strategies.
The findings suggest that Bitcoin mining is becoming more sustainable and efficient, reflecting a broader industry trend towards environmental responsibility.
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