Preliminary data from the University of Cambridge indicates that hydropower has moved ahead of natural gas as the largest energy source used in bitcoin mining, according to reporting by The Miner Mag. If confirmed in final figures, the shift would affect how the mining industry’s power mix is described in public and policy discussions.

The dataset remains preliminary, and Cambridge may revise the figures before publishing final results. For that reason, the apparent change should be treated as an early indication rather than a settled conclusion.

Preliminary data points to a change in bitcoin mining’s energy mix

The central finding reported by The Miner Mag is that hydropower now ranks as the single largest energy source used by bitcoin miners, surpassing natural gas in the ordering of the industry’s energy mix.

The comparison is based on the University of Cambridge’s ongoing work tracking bitcoin electricity use through the Cambridge Bitcoin Electricity Consumption Index. The underlying figures have been described as preliminary, meaning the ranking could change as the data is reviewed, updated and finalized.

Cambridge is expected to provide updated or finalized figures in its forthcoming digital mining industry report. Until then, the reported move by hydropower ahead of natural gas should not be treated as permanent. The final report will be important because Cambridge’s datasets are frequently used as reference points by researchers, policymakers and industry participants discussing bitcoin mining’s electricity use.

Why the leading energy source matters

A change in bitcoin mining’s top energy source is notable because the composition of the network’s power supply is central to debates about mining’s environmental footprint. Hydropower and natural gas have different implications in those discussions, and the leading source can influence how the industry’s overall energy profile is characterized.

The issue also matters for miners’ public image at a time when some operators are weighing electricity costs against alternative uses for their infrastructure, including efforts by some firms to generate revenue from AI data center operations rather than bitcoin mining. The reported energy-mix shift also comes as bitcoin’s network hashrate has climbed past one zetahash per second, keeping total energy demand in focus.

Cambridge’s work on bitcoin mining follows its earlier research on other blockchain networks, including a report on Ethereum’s electricity use after the Merge. The institution’s research is widely cited as a reference point for crypto-related energy data.

However, a change in the leading energy source does not amount to a broad conclusion about bitcoin mining sustainability. Alexander Neumueller, who leads Cambridge’s digital assets work, has noted the relationship between rising power use and a greener energy mix in a LinkedIn post. That distinction separates the ranking of energy sources from wider claims about the network’s overall environmental impact.