Apparatus for processing data is provided with fetch circuitry for fetching program instructions for execution from one or more active threads of instructions having respective program counter values. Pipeline circuitry has a first operating mode and a second operating mode. Mode switching circuitry switches the pipeline circuitry, between the first operating mode and the second operating mode in dependence upon a number of active threads of program instructions having program instructions available to be executed. The first operating mode has a lower average energy consumption per instruction executed than the second operating mode and the second operating mode has a higher average rate of instruction execution for a single thread than the first operating mode. The first operating mode may utilise a barrel processing pipeline to perform interleaved multiple thread processing. The second operating mode may utilise an out-of-order processing pipeline for performing out-of-order processing.