Inside the 2025 Cambridge Digital Mining Report: Energy, Emissions, and the Evolution of Bitcoin Mining
- Mike C.
- Apr 30
- 2 min read
The Cambridge Centre for Alternative Finance (CCAF) has released its first-ever Digital Mining Industry Report, offering the most detailed, data-driven analysis to date of the global Bitcoin mining ecosystem. Based on direct survey responses from 49 mining firms—representing 48% of Bitcoin’s global network hashrate—this report delivers unparalleled insights into energy usage, hardware efficiency, miner sentiment, and sustainability strategies.
🔌 Electricity Use: Powering Proof-of-Work
Bitcoin mining consumed an estimated 138 terawatt-hours (TWh) of electricity in 2024—about 0.54% of global electricity consumption. While this is a considerable footprint, mining hardware efficiency has improved significantly, reaching 28.2 joules per terahash (J/TH)—a 24% year-over-year gain.
🌱 Greener, But Not Green Enough
Sustainable energy now powers 52.4% of Bitcoin mining. Notably:
Renewables (42.6%) include hydropower (23.4%) and wind (15.4%)
Nuclear accounts for 9.8%
However, natural gas remains the largest single source at 38.2%, followed by coal (8.9%)
Despite this mix, the sector still emits around 39.8 million metric tons CO₂e, or roughly 0.08% of global GHG emissions.
🌎North America Dominates
The U.S. has emerged as the epicenter of Bitcoin mining, accounting for 75.4% of the reported hashrate, followed by Canada (7.1%). This reflects both regulatory appeal and energy access advantages in North America.
🖥️ Hardware: A Concentrated Market
The mining hardware market remains highly concentrated:
Bitmain commands 82% of the ASIC market
MicroBT and Canaan fill out the rest
Most equipment is reused or recycled, with only 2.3 kilotonnes of e-waste projected from 2024 retirements
💰 Economics and Risk: What Keeps Miners Up at Night?
Miners cite energy prices (57%) and regulatory uncertainty (47%) as their top concerns. Key risk strategies include:
Business diversification (64%)
Power price hedging (60%)
Geographic expansion (55%)
📈 What’s Next? AI and High-Performance Computing
Miners are increasingly exploring new revenue streams, including high-performance computing (HPC) for AI workloads, natural gas utilization, and waste heat recovery. The traditional block subsidy model is under pressure from Bitcoin halving cycles, driving the need for innovation.
Final Thoughts
The Cambridge report is a landmark in Bitcoin mining transparency. It highlights an industry becoming more efficient, more sustainable, and more complex—yet still burdened by environmental scrutiny and market risk. As mining collides with AI and decentralized finance, the need for clear data and responsible practices has never been greater.
