US Dominates BTC Mining With 75.4% Share as Clean Energy Use Hits 52.4%: Report

According to new research from the Cambridge Centre for Alternative Finance (CCAF), North America now accounts for 82.5% of the global Bitcoin mining power.The report draws from survey responses from 49 mining companies operating across 23 countries, accounting for nearly half of the Bitcoin network’s hashrate.Sustainability PracticesThe 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 ChallengesThe 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 Groupfoundthat 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.