Cambridge has released its 2024 update on Bitcoin electricity consumption, and the results align closely with the data we have independently published over the past year.
According to the Cambridge Centre for Alternative Finance:
- 42.6% of Bitcoin’s electricity usage comes from renewable energy
- 52.4% is classified as sustainable energy, including renewables and low-carbon sources like hydro and nuclear
Our own dataset, covering the 2023–2024 period, found:
- 41.5% renewable
- 50.3% sustainable
This level of consistency between two independently developed models is not incidental. It signals a growing convergence around a more accurate picture of Bitcoin mining’s energy profile. It also affirms the strength of our methodology in capturing the evolving dynamics of Bitcoin’s global electricity consumption.
The Problem With Legacy Estimates
Despite this alignment, other prominent data providers continue to publish significantly lower estimates:
- CCRI: 32.3% renewable, approximately 41% sustainable
- CRM: 15.1% renewable, no sustainability estimate
- Digiconomist: 25.1% renewable, 36% sustainable, with the highest reported emissions and e-waste assumptions
These models tend to overlook several key aspects of modern mining operations. Most notably, they often exclude off-grid mining entirely. Cambridge’s latest report finds that 26% of miners now operate off-grid, using power sources that are frequently cleaner and more sustainable than the grid.
Furthermore, many of these estimates rely on outdated or imprecise data, such as using mining pool IP addresses to determine miner location. This approach fails to capture geographic migration trends or reflect updated energy market conditions. Some models also rely solely on national grid carbon intensity averages without accounting for seasonal fluctuations, regional variation, or actual electricity procurement strategies.
A Methodology Built for Accuracy
Our approach offers a more comprehensive and realistic assessment of Bitcoin’s energy mix. It is grounded in up-to-date, location-specific data and tracks how miner behavior intersects with global energy systems. Key features of our methodology include:
- One of the world’s most robust databases of miner locations
- Dynamic grid energy profiles and emissions factors that reflect real-time conditions
- Incorporation of mining powered by otherwise flared or vented methane gas
- Adjustments for off-grid and curtailed renewable energy sources
This model captures the complexity and fluidity of Bitcoin’s energy usage with far greater precision, avoiding oversimplified assumptions and static baselines.
A Turning Point for Bitcoin ESG Narratives
The convergence between our data and Cambridge’s findings represents a pivotal moment for Bitcoin’s environmental conversation. For years, exaggerated claims about Bitcoin’s carbon footprint have dominated headlines. But as data collection methods evolve and improve, a clearer picture is emerging—one that highlights meaningful progress in sustainability and underscores the importance of methodological rigor.
The ESG conversation around Bitcoin is entering a new phase, one where accuracy, transparency, and context matter more than ever. We are proud to have helped lead this shift, offering dependable insights backed by robust, field-informed data.
Read more here: https://www.jbs.cam.ac.uk/wp-content/uploads/2025/04/2025-04-cambridge-digital-mining-industry-report.pdf
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