Up to 39% of Bitcoin Mining Activity is Powered by Renewable Energy

According to a new survey by the University of Cambridge, the main energy used by Bitcoin miners using proof-of-work is hydroelectric power.

The University of Cambridge conducted an extensive survey called the “Global Cryptoasset Benchmark Study” which provided many fresh facts about the world of cryptocurrency. One of the most interesting findings was that on average 39% of POW miners use renewable energy.

According to the chart, we can even see that up to 76% of miners use renewable energy as a part of their hybrid mining power source reserves.

As for the specific distribution of Bitcoin mining energy around the world, hydropower is clearly the most popular, accounting for 62% . Other types of energy such as coal power generation account for 38% and natural gas account for 36% . Only 17% of respondents use wind power for Bitcoin mining.

It is a well-known fact that electricity costs are the largest part of miners’ expenses, and some countries are now looking to take advantage of this situation to gain tax benefits. Recently, some Iranian power plants wanted to provide excess electricity specifically for cryptocurrency miners, and Kazakhstan is negotiating a huge investment worth $714 million in the cryptocurrency mining industry.