A groundbreaking study by Cambridge University has revealed that a majority of the energy powering the Bitcoin mining industry now comes from sustainable sources.
The Cambridge Centre for Alternative Finance (CCAF) has released the latest edition of its flagship Cambridge Digital Mining Industry Report, offering a comprehensive analysis of the network’s energy footprint and operational trends.
The report, which surveyed 49 mining firms (41% of them publicly listed) across 23 countries, represents nearly 48% of global Bitcoin mining hashrate. Key participants included Bitfarms, CleanSpark, Hut 8, IREN, MARA, and Riot, among others.
The findings show that 52.4% of the energy used by the Bitcoin network in 2024 was derived from hydroelectric, nuclear, and other renewable sources. This marks a substantial increase from 37.6% in 2023.
Moreover, the study reveals a key transformation in fossil fuel usage. Natural gas has overtaken coal as the largest single energy source for Bitcoin mining. Usage of natural gas surged to 38.2%, up from 25% in 2023, while coal usage plummeted to 8.9%, down from 36.6%.
The researchers estimate that Bitcoin miners collectively consumed 76 terawatt-hours (TWh) of electricity in 2024, a 60% year-over-year decrease. This shift can be attributed in part to the halving event, which occurred in March 2024, leading to a 50% reduction in the block reward paid to miners.
Despite the decrease in total energy consumption, the report highlights a 24% year-over-year improvement in mining hardware efficiency. This technological progress is helping mitigate some of the network’s environmental footprint.
As environmental scrutiny of Bitcoin mining continues, this new data could reshape public and regulatory narratives. The shift toward cleaner energy and more efficient operations indicates that the crypto industry may be moving in a more sustainable direction.
