Bitcoin Mining’s Largest Power Source Is Now Hydropower, Cambridge Study Finds

Bitcoin mining’s estimated annual electricity consumption climbed sharply between mid-2024 and the end of 2025, even as the sector increased its reliance on low-carbon energy sources, according to preliminary data from the Cambridge Centre for Alternative Finance. 

The data showed annualized electricity consumption rose 38% to approximately 190 terawatt-hours (TWh) in December 2025 from 138 TWh in June 2024. Estimated greenhouse gas emissions also increased during the period, rising 20% to around 48 million metric tonnes of carbon dioxide equivalent. 

Despite the higher energy demand, the industry’s energy mix became cleaner. The share of low-carbon power used in Bitcoin mining increased to 59.4% by December 2025, up from 52.4% roughly 18 months earlier. 

Hydropower emerged as the largest single source of electricity for Bitcoin mining, overtaking natural gas in the latest energy mix, according to the preliminary findings.

Source: TheEnergyMag