Bitcoin Mining Goes Green: Over Half Its Power Now Comes From Renewable Sources

Bitcoin’s energy-hungry reputation takes a hit as new data shows renewables now fuel more than 50% of mining operations—proving even crypto can’t ignore ESG trends forever.

Behind the numbers: Hydro, solar, and wind are quietly cleaning up mining’s act, while stranded gas flares get a second life. The math works—until the next halving cuts rewards in half and miners start eyeing coal plants again.

The irony? Wall Street still won’t touch Bitcoin ETFs, but they’ll happily bankroll oil sands. Priorities.

North American dominance

The US continued to dominate the global mining landscape, with 75.4% of the reported Bitcoin hash rate originating from the country, while Canada followed with 7.1%.

Emerging mining activity was identified in South America and the Middle East, although North America’s position remains dominant.

The mining hardware market exhibited high concentration levels, with Bitmain holding an 82% market share and the top three manufacturers, Bitmain, MicroBT, and Canaan, collectively controlling over 99% of the market. 

Industry-wide ASIC efficiency improved to 28.2 joules per terahash, reflecting a 24% increase in efficiency compared to the previous year.

Electronic waste (e-waste) remained relatively contained, with 86.9% of decommissioned mining hardware expected to be repurposed or recycled. Estimates pointed to an actual e-waste production of approximately 2.3 kilotonnes for the period assessed.

Miner economics under strain

Electricity accounted for over 80% of miners’ operational expenses, with a median electricity cost of $45 per megawatt-hour and total all-inclusive operating costs averaging $55.50 per megawatt-hour. 

Despite compressing profit margins due to halving impacts, the sector maintained profitability through efficiency gains and power management strategies.

Surveyed miners identified energy price volatility and regulatory uncertainty as their primary concerns. To mitigate these risks, they employed business diversification, geographical expansion, and power hedging strategies. 

The report cited limited deployment capacity and hardware supply chain bottlenecks as the main barriers to industry expansion.

Forecasting data suggested that miners maintained strong predictive capabilities. The median projected year-end 2024 Bitcoin price was $80,500, compared to the actual closing price of $93,390. 

The median network hash rate forecast of 750 exahashes per second (EH/s) closely matched the realized hash rate of 796 EH/s.

New revenue streams and environmental initiatives 

The traditional miner revenue model, which is heavily reliant on block subsidies, faces mounting pressure amid the evolving market conditions.

In response, mining firms have begun diversifying into high-performance computing sectors, particularly servicing artificial intelligence workloads, while also exploring sustainable energy initiatives.

Energy innovation is becoming a CORE operational focus, and mining firms are increasingly engaging in gas flaring mitigation projects, developing waste heat recovery solutions, and participating in demand response programs to integrate more effectively with power grids.

Approximately 70.8% of surveyed miners reported active engagement in climate mitigation efforts, reflecting an industry-wide push to reduce environmental impact.

The Cambridge report concluded that the Bitcoin mining sector is evolving toward a more sustainable and diversified operational model, driven by technological, economic, and environmental pressures.