Bitcoin mining is using more electricity than ever, but a larger share of that energy is now coming from cleaner sources, according to new research from the Cambridge Centre for Alternative Finance.
Preliminary data shows Bitcoin mining’s annualized electricity demand climbed to around 190 terawatt-hours (TWh) by December 2025, a 38% increase from the 138 TWh recorded in June 2024. The rise reflects the growing size of the Bitcoin network and the increasing amount of computing power being used by miners.
One of the biggest changes highlighted in the research is the growing role of hydropower. Hydroelectric energy has now surpassed natural gas as the largest energy source used by Bitcoin miners. Overall, low-carbon energy sources accounted for 59.4% of the reported energy mix, up from 52.4% in the previous study.
Despite the shift toward cleaner energy, total carbon emissions linked to Bitcoin mining still increased. Estimated greenhouse gas emissions rose by about 20%, climbing from roughly 40 million tonnes to 48 million tonnes of CO₂ equivalent. Researchers noted that cleaner energy sources helped slow emissions growth, but the increase in electricity consumption outweighed those gains.
The report also found that more mining machines joined the network during the study period. While newer equipment is generally more energy-efficient, the rapid expansion of mining activity more than offset those improvements, leading to higher overall power demand.
Researchers cautioned that the figures are still preliminary and could be adjusted when the final report is released later in 2026. The estimates are based on survey responses from mining companies representing slightly more than half of the global Bitcoin network’s computing power.
The study also examined the growing interest among Bitcoin miners in artificial intelligence (AI) and high-performance computing (HPC). Around 10% of surveyed miners said they have already allocated part of their power capacity to AI-related operations, while more than 40% said they are actively exploring the possibility.
However, researchers noted that moving into AI is not as simple as repurposing mining facilities. AI data centres require advanced cooling systems, reliable power supplies, and sophisticated networking infrastructure that many mining sites do not currently have.
Even so, most miners believe AI and HPC services will become a larger part of the industry in the coming years. Several publicly traded mining companies have already announced major investments and partnerships in the sector as they look for new revenue sources beyond Bitcoin mining.
Overall, the findings show that Bitcoin mining continues to expand rapidly, increasing its electricity needs while gradually relying more on low-carbon energy sources. At the same time, many mining companies are exploring opportunities in AI and high-performance computing as the industry evolves beyond its traditional focus on cryptocurrency production.
