On average, up to 39% of proof-of-work mining is powered by renewable energy
According to the latest survey from the University of Cambridge, proof-of-work miners use mainly hydroelectric energy.
The University of Cambridge has conducted an extensive survey called the “3rd Global Cryptoasset Benchmarking Study“, which provides many new facts about the world of cryptocurrencies. One of the most interesting findings is the fact that on average 39% of POW miners using renewable energy.
According to the graph, we can even see that up to 76% use renewable energy as part of their mix.
As for the specific distribution of energy sources, hydroelectric is a clear favorite coming in at 62%. Other positions were occupied by coal with 38% or such natural gas with 36%, only 17% of the respondents uses wind turbines.
A well known fact is that the cost of electricity is the largest part of miners’ spending, and some countries now want to use this situation to their advantage. We have only recently written to you that some Iranian power plants want to offer excess electricity exclusively for cryptocurrency miners and also that Kazakhstan is negotiating a Gigantic Investment in Cryptocurrency Mining worth $ 714M.
Another astonishing fact is that Ethereum Miners have the largest earnings, which received a record $ 113M in August.