The Cambridge Centre for Alternative Finance (CCAF) has released a report on the Bitcoin mining industry. Key highlights include:
- Sustainable energy sources now account for 52.4% of 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.
- Natural gas has become the largest energy source used in Bitcoin mining, accounting for 38.2%, replacing coal which now accounts for 8.9%.
- The study estimates Bitcoin's annual electricity consumption at 138 TWh, or 0.5% of global consumption.
- North America plays a crucial role in the digital mining industry, with the US accounting for 75.4% of total reported Bitcoin mining activity.
This report is based on a comprehensive survey of 49 digital mining firms across 23 countries.
