Cambridge University report: The proportion of sustainable energy used in Bitcoin mining has increased to 52.4%

A new study from the Cambridge Centre for Alternative Finance (CCAF) at Cambridge Judge Business School has found that the use of sustainable energy in Bitcoin mining has increased to 52.4%, while natural gas has replaced coal as the largest single energy source for Bitcoin mining. The report states that the use of sustainable energy in Bitcoin mining is 52.4%, including 9.8% nuclear energy and 42.6% renewable energy (such as hydropower and wind power). In contrast, the overall use of sustainable energy in 2022 is estimated to be 37.6%. Natural gas has become the largest single energy source for Bitcoin mining, accounting for 38.2% (up from 25.0% in 2022), while the use of coal has fallen to 8.9% (down from 36.6% in 2022).

Based on the reported data (which represents 48% of global mining activity), the study estimates that Bitcoin's annual electricity consumption is 138 TWh, accounting for about 0.5% of the world's total electricity consumption, and the corresponding emissions for the entire network are 39.8 million tons of carbon dioxide equivalent (MtCO2e). The data further highlights North America’s key role in the digital mining industry, with the United States accounting for 75.4% of total reported Bitcoin mining activity, followed by Canada at 7.1%.