In part. According to the 2024 Cambridge study, about 52% of mining electricity comes from low-carbon sources (hydropower 23%, wind 15%, nuclear 10%, solar 3%). But gas remains the largest single source, at 38%, and consumption is so large that, even with this mix, the network emits nearly 40 million tonnes of CO2 a year. A mix that is more than half renewable therefore does not make the mining clean.
Read the source article: Bitcoin carbon footprint: 33 tCO2e/year per million euros held