As someone who cares about the environment, and works in the Bitcoin industry, I was eager to read this report, which draws on survey data from 49 digital mining firms (41% publicly listed, 59% privately held), with headquarters in 16 jurisdictions and operations spanning 23 different countries, and capturing nearly half (48%, or 268 EH/s) of the Bitcoin network hashrate at the time of data collection, this study provides new data on the operational intricacies, market dynamics, and environmental impact shaping the industry.
Surveyed miners reported to mainly utilize sustainable energy sources (52.4%), signifying a marked increase compared to previous estimates (37.6% in 2022), comprising renewables (42.6%) and nuclear (9.8%). Additionally, natural gas (38.2% in 2024 vs. 25.0% in 2022) replaced coal (8.9% in 2024 vs. 36.6% in 2022) as the largest single energy source.
Mining farms are actively exploring innovative energy strategies (such as flared gas utilisation, waste-heat recovery, or DSR) to blend more seamlessly into the existing energy system, thereby boosting operational efficiency and potentially opening up new revenue streams.
Thank you to
Cambridge Centre for Alternative Finance, Cambridge Judge Business School
and the authors
Alexander Neumüller
,
Gina Pieters, PhD
,
Kamiar Mohaddes
,
Valentin Rousseau
and
Bryan Zhang
.
https://lnkd.in/et2RvMFK
