PANews reported on April 29 that a new study by the Cambridge Center for Alternative Finance (CCAF) at the Cambridge Judge Business School at the University of Cambridge found that the proportion of sustainable energy used 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 pointed out that the proportion of sustainable energy used 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 proportion of sustainable energy used 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 proportion of coal used has dropped to 8.9% (down from 36.6% in 2022).
Based on reported data, which represents 48% of global mining activity, the study estimates that Bitcoin's annual electricity consumption is 138 TWh, about 0.5% of the world's total electricity consumption, while 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 the total reported Bitcoin mining activity, followed by Canada at 7.1%.
