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.
