- North America now contributes over 80% of global Bitcoin mining power, with the United States leading the sector.
- Bitcoin miners are increasing their use of renewable and nuclear energy, but electricity usage and emissions are rising.
- The industry faces ongoing challenges, including regulatory changes and market volatility, prompting interest in alternative strategies.
New research from the Cambridge Centre for Alternative Finance (CCAF) reports that North America is now responsible for 82.5% of the global Bitcoin mining computing power. This finding is based on a survey of 49 mining firms across 23 countries, which together represent nearly half of the entire Bitcoin network’s hashrate.
The study indicates that the United States alone accounts for 75.4% of the industry’s mining activity, with Canada following at 7.1%.
Meanwhile, mining operations are also expanding in regions such as South America and the Middle East. According to the CCAF, the proportion of miners using renewable energy, such as wind or solar, has increased to 42.6%, while 9.8% use nuclear power—up from 37.6% renewables reliance in 2022.
Natural gas is now the most common energy source at 38.2%, overtaking coal, which has dropped to 8.9% of usage from 36.6%.
Despite gains in equipment efficiency— improving nearly 24% to an estimated 28.2 joules per terahash—the annual electricity consumption of Bitcoin mining has climbed 17% to 138 terawatt-hours (TWh), roughly 0.54% of the world’s power use. Electricity costs remain miners’ main expense, making up over 80% of total operational spending with a median rate of $45 per megawatt-hour.
CCAF estimates that the sector is responsible for 39.8 million metric tons of carbon dioxide emissions each year, or about 0.08% of all global emissions. This total could drop to 32.9 million tons if miners shift further towards flared gas—waste gas from oil extraction that would otherwise be released into the atmosphere.
The survey shows that 70.8% of miners have adopted various climate mitigation techniques, including waste-heat recovery and demand-side response, leading to 888 gigawatt-hours of reduced electricity use in 2023.
In the mining hardware sector, a few manufacturers dominate, with Bitmain controlling 82% of the application-specific integrated circuit (ASIC) market. However, the software or firmware side is more competitive.
Reuse and recycling rates are also notable, as almost 87% of outdated equipment is given a new life, while the industry’s electronic waste stands at about 2.3 kilotonnes in 2024.
Economically, Bitcoin mining has a sizable impact in the U.S. According to a report by The Perryman Group, the sector provides more than 31,000 jobs and adds over $4.1 billion to the national economy each year. Texas leads individual states with $1.7 billion in economic output and over 12,000 jobs.
Despite these successes, the CCAF warns that Bitcoin mining must still contend with regulatory uncertainty, fluctuating energy prices, and unpredictable market conditions. As a result, some businesses are now exploring new areas such as Artificial Intelligence computing and energy innovation to boost their resilience and profitability.
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