As of December 2025, low-carbon sources accounted for 59.4% of the energy mix in Bitcoin mining. In June 2024, this figure was 52.4%, according to preliminary data presented by Alexander Neuemüller, a researcher at the Cambridge Centre for Alternative Finance (CCAF), at the Energy Investors Forum in Dallas.
Hydropower surpassed natural gas for the first time, becoming the largest single source. The expert attributed this to the expanded survey coverage in countries with developed hydropower, particularly Ethiopia. In September 2025, the “Hidase” dam on the Blue Nile, Africa’s largest at 5,150 MW, was inaugurated. Its turbines have been gradually activated since 2022. The availability of cheap hydropower has attracted Bitcoin miners. According to Hashrate Index, by January 2026, Ethiopia accounted for about 2.6% of the global hash rate.
Neuemüller presented these figures as a preview of the second edition of the Cambridge Digital Mining Industry Report, with the full version expected later in 2026. The data was collected through a survey of companies controlling more than half of the world’s Bitcoin mining capacity. The number of respondents increased compared to the first edition, but the 59.4% figure reflects the energy mix of the sample, not the entire industry.
Emissions Lag Behind Consumption Growth
Annual network consumption increased by 38% over the same 18-month period, from 138 TWh to 190 TWh. Emissions grew almost twice as slowly, by 20%, from 40 million to 48 million tons of CO₂ equivalent.
According to Neuemüller, the gap is explained by the shift in the energy mix, making each kilowatt-hour cleaner. However, the increase in low-carbon sources did not offset the rise in consumption, and the industry’s absolute emissions still increased.
Miners Reluctant to Shift to AI
The second part of the CCAF survey focused on miners’ plans to engage in AI computing. About 10% of respondents have already allocated some capacity to artificial intelligence and HPC. More than 40% are exploring this possibility, while 10% have rejected it.
A year earlier, the industry expressed more decisive intentions. In the 2025 survey, 64% of respondents identified business diversification, primarily in AI, as the main risk management strategy, surpassing hedging electricity costs and expanding data center locations.
“The intention to explore the issue is not a commitment to deploy capacity,” said Neuemüller.
The gap between interest and actual projects is significant for investors, as public miners are increasingly evaluated based on access to land and electricity, not just mining volumes. Several firms have announced AI hosting contracts or site conversions, but industry-wide deployment remains limited, the expert emphasized.
Respondents cited financial stability and strengthening market positions as reasons for diversification. The main obstacles were capital expenditures and reluctance to lose focus on mining.
Reconfiguring a site is more complex than simply replacing equipment. ASICs operate in simple buildings, tolerate interruptions, and shut down when electricity prices rise. AI servers require advanced networks, cooling, and high reliability. Connecting to the power grid does not guarantee the presence of fiber optics, water, engineering solutions, and a tenant with an acceptable credit history.
Nevertheless, nearly nine out of ten respondents expect AI and HPC diversification to become an industry theme in the coming years. Vertical integration into generation and services for power grids follow closely in mentions. All three scenarios hinge on one resource, Neuemüller noted.
“Electricity is becoming a scarce commodity, and many miners already have it,” he explained.
In June, researchers from Stanford University highlighted that major Bitcoin miners have accelerated the conversion of energy sites into data centers for AI and high-performance computing.
