Bitcoin mining is consuming more electricity than ever, but its carbon footprint is growing at a slower pace thanks to a cleaner energy mix. Preliminary research from the Cambridge Centre for Alternative Finance, shared at the inaugural Energy Investors Forum, shows annual electricity consumption reached around 190 terawatt-hours by December 2025, up from 138 TWh in June 2024. Carbon emissions rose to approximately 48 million metric tons of CO₂ equivalent, a 20% increase, while electricity use surged by 38%.
The key driver was a shift toward low-carbon sources. Hydropower became the largest single energy source, overtaking natural gas, and sustainable power (renewables plus nuclear) accounted for 59.4% of total consumption, compared to 52.4% in the previous report. Growing mining activity in hydro-rich regions like Ethiopia, boosted by the Grand Ethiopian Renaissance Dam, contributed to the greener profile. Researcher Alexander Neumueller noted that each unit of electricity now carries a lower carbon intensity, though rising network activity still pushes overall emissions higher.
On the artificial intelligence front, only one in ten surveyed mining companies currently allocates power capacity to AI or high-performance computing. However, over 40% are actively considering entering the sector, and nearly 90% expect AI and HPC to become more common across the industry. High capital costs and the need for advanced infrastructure remain major barriers.
