A recent study, published by the cryptocurrency investment and research firm CoinShares, estimates that renewable energy powers roughly 74.1% of Bitcoin (BTC) mining operations.
The paper also indicated that Bitcoin (BTC) mining operations are often concentrated in areas where renewable energy sources are abundant. Miners are actually incentivized to do this because it is more profitable in the long term for them to use renewable energy in most cases.
However, it seems that renewable energy use in the industry is slightly down from last year, when roughly 77.8% of miners were using renewable sources.
According to the report:
“The renewables estimate is down from 77.8% in our November 2018 report and reflects increased visibility of the industry on our part as well as movements within the industry.”