North America has emerged as a powerhouse in the global Bitcoin mining sector, now commanding 82.5% of the world’s mining power, according to recent findings by the Cambridge Centre for Alternative Finance. This analysis is based on survey data from 49 mining companies spread across 23 nations, representing nearly half of the overall Bitcoin network’s computing capability.

### Embracing Green Energy

The Cambridge research underscores a notable shift towards green energy within the mining community. Renewable energy sources are now utilized by 52.4% of Bitcoin miners, with 42.6% from renewables and 9.8% from nuclear power—an increase from 37.6% in the previous year. Natural gas has also surpassed coal as the primary energy source, now at 38.2%, as coal usage plummeted to 8.9% from 36.6%.

Despite advancements in mining equipment efficiency, which saw a 24% increase to an estimated 28.2 joules per terahash, the network’s electricity consumption has surged by 17% to 138 TWh, equating to around 0.54% of the planet’s total electricity use. Operational costs remain heavily influenced by electricity expenses, making up over 80% of miners’ cash-based costs, with a median rate of $45 per MWh.

The sector’s greenhouse gas emissions are calculated at approximately 39.8 million metric tons of CO2 annually, representing about 0.08% of worldwide emissions. However, this figure could decrease to 32.9 million tons if flared gas is utilized. Additionally, 70.8% of miners have adopted climate mitigation strategies, resulting in a reported 888 GWh of reduced load in 2023.

The mining hardware market shows a significant concentration with Bitmain dominating 82% of the ASIC manufacturer market. However, the firmware market presents more variety. In terms of sustainability, about 86.9% of retired equipment is either repurposed or recycled, contributing to an estimated 2.3 kilotonnes of e-waste in 2024.

### Regional Growth and Economic Impact

The shift towards North American dominance in Bitcoin mining is clear, with the United States alone accounting for 75.4% of the activity, followed by Canada at 7.1%. Emerging markets such as South America and the Middle East are also experiencing growth in mining operations.

A separate study by The Perryman Group highlighted the economic impact of the mining sector in the U.S., generating over 31,000 jobs and contributing more than $4.1 billion in gross product annually. Texas is at the forefront, followed by Georgia and New York.

However, the industry is not without its challenges. Factors such as regulatory uncertainty, fluctuating energy prices, and unpredictable Bitcoin market conditions pose significant hurdles. These challenges have prompted miners to explore diversification strategies, including AI computing and energy innovation, to maintain profitability.

Exciting times for Bitcoin mining as North America leads with a 75.4% share & clean energy utilization soars to 52.4%. The industry’s green pivot and economic contributions are noteworthy despite facing challenges. #BitcoinMining #RenewableEnergy #SustainableTech