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Cambridge Digital Mining Industry Report: Global Operations, Sentiment, and Energy Use
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Neumueller, Alexander, Gina C. Pieters, Kamiar Mohaddes, Valentin Rousseau, and Bryan Zheng Zhang. 2025. “Cambridge Digital Mining Industry Report: Global Operations, Sentiment, and Energy Use.” SSRN Scholarly Paper No. 5236060. Social Science Research Network, April 28. https://doi.org/10.2139/ssrn.5236060
From hobbyist communities to billion-dollar industrial operations, the digital mining industry has evolved at breakneck speed, and stands at the nexus of information technology and energy systems. Drawing on primary data from digital mining firms that collectively represented nearly half the computational power supplied to the Bitcoin network, we offer timely and granular insights into the ecosystem. Our findings reveal an estimated annual electricity usage of Bitcoin mining activity at approximately 138 TWh, resulting in around 39.8 MtCO2e attributable GHG emissions. Survey results further indicate that the U.S. has solidified its position as the largest global mining hub (75.4% of reported activity), and show that while sustainable energy sources collectively represent the majority of the electricity mix (52.4%), natural gas constitutes the single largest source (38.2%). Moreover, mining firms reported regulatory uncertainty and energy prices as their primary concerns, and cited business and geographical diversification as key risk management strategies; lack of deployment opportunities and logistical challenges were identified as the primary factors impeding their growth.
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