US Tightens Grip on Bitcoin Mining—75.4% Market Share Fueled by 52.4% Clean Energy
America’s bitcoin miners just flipped the script—dominating three-quarters of global hash rate while quietly cleaning up their act. The latest data shows a staggering 52.4% of US mining now runs on renewable sources, proving Wall Street wrong about crypto’s carbon footprint.
Behind the numbers: Texas’ deregulated power grid and stranded energy projects turned the US into a mining Mecca. Meanwhile, China’s loss became Wyoming’s gain after the 2021 mining ban.
The kicker? This ’dirty industry’ now uses more clean energy than Amazon’s entire operations—and does it while printing money during banking crises. Take that, Jamie Dimon.
Sustainability Practices
The study highlighted a rise in sustainable energy use, with 52.4% of miners now relying on renewables at 42.6% and nuclear at 9.8%, up from 37.6% in 2022. Natural gas also became the top single energy source at 38.2%, overtaking coal, which dropped to 8.9% from 36.6%.
On the other hand, the network’s annual electricity consumption ROSE by 17% to 138 TWh, approximately 0.54% of global electricity usage. This increase came despite a 24% improvement in mining equipment efficiency, which reached an estimated 28.2 joules per terahash (J/TH) by mid-2024.
Electricity remains the dominant operational expense for miners, accounting for over 80% of cash-based costs, with median rates reported at $45 per MWh.
The industry’s greenhouse gas emissions are estimated at 39.8 million metric tons of CO₂ each year, about 0.08% of global emissions. The study says this number could drop to 32.9 million tons in cases where flared gas is used. 70.8% of miners also reported using climate mitigation measures, such as waste-heat recovery and demand-side response (DSR), with 888 GWh of reduced load reported in 2023.
Meanwhile, the mining hardware market is dominated by a few companies, with Bitmain, the leading ASIC manufacturer, holding 82% of the market, while the firmware market is more varied. Further, around 86.9% of decommissioned equipment is repurposed or recycled, with mining-related e-waste estimated at 2.3 kilotonnes for 2024.
Market Dominance and Challenges
The study also shows that more Bitcoin mining is now based in North America, with the United States accounting for 75.4%, and Canada following with 7.1%. However, it noted that activity is also growing in emerging markets like South America and the Middle East.
Economically, the U.S. mining sector has become a major contributor. A separate report by The Perryman Group found that the industry generates over 31,000 jobs and adds more than $4.1 billion in gross product annually. Texas leads with $1.7 billion and 12,200 jobs, followed by Georgia ($316.8 million, 2,300 jobs) and New York ($225.9 million, 1,600 jobs).
Despite the momentum, CCAF’s analysis reveals that the mining industry is still facing some challenges, including regulatory uncertainty, volatile energy prices, and unpredictable Bitcoin market conditions. As a result, more players are turning to diversification strategies in areas such as AI computing and energy innovation to sustain profitability.
