The most recent Cambridge Bitcoin Electricity Consumption Index (CBECI) data shows that most bitcoin mining is currently taking place in the United States, with Kazakhstan in second place and Russia in third.
Prior to that, China had peaked as the world’s largest bitcoin miner, but the CBECI showed that the country’s share of global bitcoin mining has fallen to zero after a crackdown that initially led to a 38% decline in mining globally.
While there is a serious desire to mine Bitcoin using renewable energy, U.S. Department of Commerce data shows that 87% of Kazakhstan’s electricity “is generated from fossil fuels” with coal accounting for 70%.
According to the CBECI, while there is a shift to the country with the largest bitcoin miners, it remains unknown how the change in geographical distribution will alter the mix of energy sources from which bitcoin is extracted, be it fossil fuels or renewables.