CambridgeDigital MiningIndustry Report: Global Operations,Sentiment, and Energy Use

From hobbyist communities to billion-dollar industrial operations, the digital mining industry hasevolved 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 thecomputational power supplied to the Bitcoin network, this report offers timely and granular insightsinto the ecosystem. Our findings reveal an estimated annual electricity usage of Bitcoin mining activityat approximately 138 TWh, resulting in around 39.8 MtCO2e attributable GHG emissions. Survey resultsfurther indicate that the U.S. has solidified its position as the largest global mining hub (75.4% ofreported activity), and show that while sustainable energy sources collectively represent the majorityof 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 citedbusiness and geographical diversification as key risk management strategies; lack of deploymentopportunities and logistical challenges were identified as the primary factors impeding their growth.