According to early findings from EnergyMag, Bitcoin mining used roughly 190 terawatt-hours of electricity in December 2025. This represents a 38% increase from the 138 terawatt-hours used in June 2024.
Summary
- Bitcoin mining electricity use rose 38% to 190 TWh between June 2024 and December 2025.
- Hydropower became mining’s largest energy source as low-carbon power reached 59.4% of the reported mix.
- Only 10% of surveyed miners had already allocated power to AI or accelerated computing services.
I recently attended the Energy Investors Forum in Dallas where Alexander Neumueller from the Cambridge Centre for Alternative Finance shared some interesting data. They’re also planning to release an updated version of their Digital Mining Industry Report sometime in 2026, which I’ll be looking forward to reviewing.
The study revealed that hydropower is now the primary energy source for Bitcoin mining, surpassing natural gas. The use of low-carbon power sources increased to 59.4%, up from 52.4% in the last survey. Despite this positive trend, overall estimated greenhouse gas emissions rose by 20%, increasing from approximately 40 million to 48 million tonnes of carbon dioxide equivalent.
New data from the Cambridge Centre for Alternative Finance reveals that hydropower has become the biggest energy source for Bitcoin mining, surpassing natural gas. Bitcoin mining’s electricity use increased significantly, jumping 38% from 138 terawatt-hours in June 2024 to approximately 190 terawatt-hours in December.
— Wu Blockchain (@WuBlockchain) July 26, 2026
Hydropower takes the largest share of mining power
A recent report from Cambridge Digital Mining found that in 2025, natural gas was the biggest power source for miners, providing 38.2% of their electricity. Renewable energy sources combined accounted for 42.6%, with nuclear power contributing another 9.8%. Coal use has significantly decreased, falling to just 8.9% compared to 36.6% in 2022.
Recent data shows a shift in the ranking of energy sources used for Bitcoin mining. Hydropower is now ahead of natural gas, though Cambridge hasn’t yet published a complete analysis of each source. This change is partly due to better data collection in countries with significant hydropower resources, like Ethiopia. Ethiopia has been increasing its Bitcoin mining operations, taking advantage of the inexpensive electricity generated by the Grand Ethiopian Renaissance Dam.
Electricity demand rises faster than emissions
Bitcoin network electricity use rose by approximately 52 terawatt-hours when comparing the two measured periods. This 190 terawatt-hour figure represents an estimated yearly consumption if mining continued at December 2025 levels, not the actual amount of electricity used throughout 2025.
Although electricity use went up, emissions didn’t rise as quickly because miners shifted to cleaner energy sources. However, the overall estimate of emissions still increased, going from around 40 million to 48 million tonnes of CO₂ equivalent. While using cleaner energy helped slow down the growth of emissions, it wasn’t enough to counteract the increase in electricity usage.
The network saw an increase in computing power as more mining machines came online. While newer machines are more efficient at processing calculations per unit of electricity, this improvement wasn’t enough to offset the overall rise in the network’s total processing power (hashrate). The Cambridge Bitcoin Electricity Consumption Index monitors factors like prices, transaction fees, mining hardware, and network difficulty to estimate changes in electricity usage over time.
Preliminary figures carry survey limits
The new estimates come primarily from data provided by mining companies that control just over half of the total computing power used for Bitcoin. This broader data collection allows researchers to work with a larger sample size than in their previous report. However, the published figures might change slightly as Cambridge continues to verify the information.
In my analysis of the 2025 report, I noted a potential issue with how we estimate activity by location. Because a lot of the survey responses came from U.S.-based companies, our data might show more mining happening in the U.S. than actually occurs globally. Also, the recent increase we’re seeing in reported hydropower use could be because we’re now getting more data from countries like Ethiopia, where hydroelectric power is a major energy source. This doesn’t necessarily mean hydropower use is *actually* increasing at the rate we’re seeing, just that our reporting is more comprehensive in those regions.
A previous study from Cambridge estimated carbon emissions at 39.8 million tonnes using survey data. However, a different model – one based on the physical location of mining operations – calculated significantly higher emissions, reaching 69.6 million tonnes. This large difference highlights how emission estimates can vary depending on factors like where mining takes place, how electricity is sourced, the composition of power grids, and whether waste energy is captured or released.
Miners explore AI, but deployments remain limited
The recent survey also looked at whether Bitcoin mining operations are starting to use their electricity for artificial intelligence and advanced computing. Around 10% reported they’ve already begun directing some power towards these areas, while over 40% of those who haven’t are currently considering it.
Neumueller pointed out that simply planning to explore AI isn’t the same as actually implementing it. AI data centers are expensive to build and maintain – they need advanced networking, cooling, and reliable power systems that typical Bitcoin mining operations often lack. Bitcoin miners can easily scale back when electricity costs go up, but AI users generally need a consistent power supply and guaranteed service levels.
Nearly 90% of those surveyed believe that investments in artificial intelligence (AI) and high-performance computing (HPC) will increase in the coming years. As crypto.news noted, publicly traded mining companies have already committed to over $70 billion in AI and HPC contracts, aiming for more consistent income beyond Bitcoin mining.
Some companies are already seeing a shift in their earnings. For example, TeraWulf made more money from providing high-performance computing (HPC) services than from Bitcoin mining in the first three months of 2026. They earned $21 million from HPC and less than $13 million from digital asset mining.
Research from Cambridge reveals two key trends in Bitcoin mining: electricity consumption is increasing, but more of that power is coming from low-carbon sources like hydropower. Additionally, many mining companies are now exploring if their infrastructure can also support artificial intelligence operations. A comprehensive report with detailed energy data and a full explanation of the research methods will be published by Cambridge in 2026.
2026-07-26 11:08