Bitcoin mining's electricity use is growing faster than its carbon footprint: low-carbon sources now supply 59.4% of the network's power, with hydropower moving ahead of natural gas as the largest single source, according to preliminary Cambridge research. The same survey found interest in artificial intelligence and high-performance computing appears much stronger than current adoption among miners.
Bitcoin's power draw grew faster than its emissions between June 2024 and December 2025. Annual electricity consumption reached roughly 190 terawatt-hours by December 2025, up from 138 terawatt-hours recorded in June 2024, according to preliminary research from the Cambridge Centre for Alternative Finance.
Estimated emissions over the same period climbed from about 40 million metric tons of carbon dioxide equivalent to 48 million tons — growth of around 20%, against roughly 38% for electricity use. Alexander Neumueller shared the figures at the inaugural Energy Investors Forum in Dallas, ahead of the release of Cambridge's second Digital Mining Industry Report.
Hydropower replaces natural gas as the largest power source
Most of that gap came from changes in the electricity mix behind crypto mining. Low-carbon energy accounted for 59.4% of total power use, compared with 52.4% previously.
Hydropower became the largest single energy source, moving ahead of natural gas. Each unit of electricity therefore carries a lower carbon intensity than before.
Geography shaped the result as well. Broader survey coverage included more operations in hydro-rich countries such as Ethiopia, where new capacity from the Grand Ethiopian Renaissance Dam has helped attract mining businesses seeking lower-cost power. Changing survey participation can itself influence estimates of Bitcoin's global energy sources.
Cambridge based its findings mainly on survey responses from companies representing just over half of the global Bitcoin hashrate. Neumueller noted that participation improved compared with the previous report, yet survey data can favour companies and regions that are more willing to share operational details.
Nine in ten miners expect AI to spread, few have moved
Cambridge also asked whether miners are shifting toward AI and high-performance computing. Only about one in ten surveyed companies had already assigned part of their power capacity to AI or accelerated computing services. More than 40% of those not yet in the sector said they are actively considering it, while around 10% reported no plans to pursue either business.
But Neumueller cautioned that interest alone should not be viewed as a firm commitment. Mining companies cited stronger financial stability and broader revenue opportunities as reasons for considering diversification, and high capital costs remained the largest barrier.
Converting a mining site into an AI data centre requires advanced cooling systems, stronger networking, reliable infrastructure and higher engineering standards, so suitable land and electricity alone are often not enough. Even so, almost nine out of ten survey participants expect AI and high-performance computing to become more common across the mining sector in the coming years.
Source: Live Bitcoin News
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