Apparatus for processing data 2 is provided with fetch circuitry 16 for fetching program instructions for execution from one or more active threads of instructions having respective program counter values. Pipeline circuitry 22, 24 has a first operating mode and a second operating mode. Mode switching circuitry 30 switches the pipeline circuitry 22, 24, 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 22 to perform interleaved multiple thread processing. The second operating mode may utilise an out-of-order processing pipeline 24 for performing out-of-order processing.