Bitcoin mining's annualized electricity demand has increased by 38% to about 190 terawatt-hours in December 2025, up from 138 terawatt-hours in June 2024, according to preliminary research by the Cambridge Centre for Alternative Finance. The research, presented by Alexander Neumueller at the Energy Investors Forum in Dallas, also found that hydropower has overtaken natural gas as the largest single energy source for Bitcoin mining. Low-carbon power now supplies 59.4% of the reported mining mix, up from 52.4% in the previous study.
Energy Source Shift
The shift in energy sources is largely attributed to stronger survey coverage in hydro-rich markets such as Ethiopia, where Bitcoin mining has expanded around low-cost electricity from the Grand Ethiopian Renaissance Dam. The preliminary update shows hydropower now ranks ahead of natural gas, although the full breakdown for each source has not been released.
Emissions and Efficiency
Despite the increase in electricity demand, emissions rose more slowly, by 20%, from about 40 million to 48 million tonnes of carbon-dioxide equivalent, due to miners using a lower-carbon power mix. Newer mining hardware has also improved efficiency, but not enough to fully counter the increase in hashrate.
Industry Trends
The survey also found that about 10% of respondents have already allocated some power to artificial intelligence and high-performance computing, with over 40% exploring the option. Almost nine in ten respondents expected AI and HPC diversification to gain ground over the next several years, with listed miners already announcing over $70 billion in AI and HPC contracts
Based on reporting from crypto.news.