PANews, April 29th - A new study by the Cambridge Centre for Alternative Finance (CCAF) at the Cambridge Judge Business School has found that the use of sustainable energy in Bitcoin mining has increased to 52.4%, with natural gas now replacing coal as the largest single energy source for Bitcoin mining. The report indicates that the use of sustainable energy in Bitcoin mining is at 52.4%, comprising 9.8% nuclear energy and 42.6% renewable energy sources such as hydropower and wind energy. In comparison, the overall use of sustainable energy in 2022 was estimated at 37.6%. Natural gas has become the largest single energy source in Bitcoin mining, accounting for 38.2% (up from 25.0% in 2022), while coal usage has dropped to 8.9% (down from 36.6% in 2022).

Based on the report's data, which represents 48% of global mining activity, the study estimates Bitcoin's annual electricity consumption at 138 TWh, approximately 0.5% of the global total electricity consumption, with the entire network corresponding to emissions of 39.8 million metric tons of carbon dioxide equivalent (MtCO2e). The data further highlights North America's critical role in the digital mining industry, with the United States accounting for 75.4% of the Bitcoin mining activities in the report, followed by Canada at 7.1%.