Access to affordable energy is upping the street cred for the U.S. bitcoin mining industry, according to lead author of the “Cambridge Digital Mining Industry Report” Alexander Neumueller from the University of Cambridge Judge Business School.
Bitcoin miners are rapidly finding their way to the United States and putting down roots, with the U.S. capturing 75.4% of activity in North America, according to a new report, especially as firms exit China.
“The U.S. has, I think, the right mix of, in a way, capital markets but also kind of attractive energy access” Alexander Neumueller of the University of Cambridge Judge Business School and lead author of the “Cambridge Digital Mining Industry Report” released this week, told FOX Business. “This is very key for the industry, where you get them, where electricity costs are simply the main factor, essentially, that decides whether you’re competitive or not, and you also need to grow,” he explained.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| RIOT | RIOT PLATFORMS | 7.63 | -0.14 | -1.80% |
| MARA | MARA HOLDINGS | 14.01 | -0.29 | -2.03% |
“U.S. companies have grown very quickly. We see now the largest public companies are [the] U.S. We have Riot, we have Mara, which have grown substantially,” he said, noting private company participation.
Annual electricity usage tied to bitcoin mining saw a 17% year-over-year jump of 138 terawatt-hours and 0.54% of global electricity consumption. Miners note electricity accounts for 80% of their cash-based operating expenses.
Bitcoin mining machines are seen in the development area of Lancium on Nov. 14, 2022, in Houston. (Elizabeth Conley/Houston Chronicle via Getty Images)
‘GULF OF AMERICA’ GETS BUSY WITH EXPLORATION
Some 52.4% of sustainable energy sources are used for mining, led by 42.6% renewables, including wind and hydropower, as well as 9.8% nuclear. While natural gas is now the largest single source of energy at 38.2%, replacing coal, which has fallen to just 8.9% from 36.6% in 2022, the report cites.
The report is one of the more comprehensive data gatherings for this growing industry due to the participation of 49 digital mining firms spanning 23 countries.
Cooling fans sit atop buildings at the Blockfusion facility in Niagara Falls, N.Y., on Oct. 25, 2022. Residents familiar with the soothing rumble of famous waterfalls have recently discovered a much less pleasant sound: the roar of bitcoin mining far (Geoff Robins/AFP via Getty Images)
“This is where the value comes in directly from industry practitioners,” he added.
FIRST U.S. NUCLEAR PLANT READY TO RESTART
Bitcoin is trading between $94,000-$95,0000, down from its all-time high of $106,734.51 reached in December 2024. The largest cryptocurrency by market value has experienced volatility along with stocks and bonds as President Donald Trump pushes his tariff strategy.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| IBIT | ISHARES BITCOIN TRUST – USD ACC | 53.88 | -0.39 | -0.72% |
| BITO | PROSHARES BITCOIN STRATEGY ETF – USD DIS | 20.61 | -0.14 | -0.67% |
| BITQ | BITWISE CRYPTO INDUSTRY INNOVATORS ETF – USD DIS | 13.99 | -0.08 | -0.57% |
| ARKB | ARKB – ARK 21SHARES BITCOIN ETF – USD ACC | 94.55 | -0.64 | -0.67% |
CRYPTOCURRENCY PRICES: LIVE DATA
The crypto has benefited from the first approval of bitcoin exchange-traded funds in January 2024, which has made the asset available to more investors.