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

In accordance with new analysis from the Cambridge Centre for Various Finance (CCAF), North America now accounts for 82.5% of the worldwide Bitcoin mining energy.

The report attracts from survey responses from 49 mining firms working throughout 23 nations, accounting for practically half of the Bitcoin community’s hashrate.

Sustainability Practices

The study highlighted an increase in sustainable vitality use, with 52.4% of miners now counting on renewables at 42.6% and nuclear at 9.8%, up from 37.6% in 2022. Pure fuel additionally turned the highest single vitality supply at 38.2%, overtaking coal, which dropped to eight.9% from 36.6%.

Then again, the community’s annual electrical energy consumption rose by 17% to 138 TWh, roughly 0.54% of worldwide electrical energy utilization. This improve got here regardless of a 24% enchancment in mining gear effectivity, which reached an estimated 28.2 joules per terahash (J/TH) by mid-2024.

Electrical energy stays the dominant operational expense for miners, accounting for over 80% of cash-based prices, with median charges reported at $45 per MWh.

The trade’s greenhouse fuel emissions are estimated at 39.8 million metric tons of CO₂ annually, about 0.08% of worldwide emissions. The examine says this quantity may drop to 32.9 million tons in circumstances the place flared fuel is used. 70.8% of miners additionally reported utilizing local weather mitigation measures, reminiscent of waste-heat restoration and demand-side response (DSR), with 888 GWh of decreased load reported in 2023.

In the meantime, the mining {hardware} market is dominated by just a few firms, with Bitmain, the main ASIC producer, holding 82% of the market, whereas the firmware market is extra various.  Additional, round 86.9% of decommissioned gear is repurposed or recycled, with mining-related e-waste estimated at 2.3 kilotonnes for 2024.

Market Dominance and Challenges

The examine additionally reveals that extra Bitcoin mining is now based mostly in North America, with the USA accounting for 75.4%, and Canada following with 7.1%. Nonetheless, it famous that exercise can also be rising in rising markets like South America and the Center East.

Economically, the U.S. mining sector has turn into a serious contributor. A separate report by The Perryman Group found that the trade generates over 31,000 jobs and provides greater than $4.1 billion in gross product yearly. Texas leads with $1.7 billion and 12,200 jobs, adopted by Georgia ($316.8 million, 2,300 jobs) and New York ($225.9 million, 1,600 jobs).

Regardless of the momentum, CCAF’s evaluation reveals that the mining trade continues to be dealing with some challenges, together with regulatory uncertainty, risky vitality costs, and unpredictable Bitcoin market situations. Because of this, extra gamers are turning to diversification methods in areas reminiscent of AI computing and vitality innovation to maintain profitability.