Overview
- Luxor’s Hashrate Index estimates only 8%–10% of global hashrate operates in oil-sensitive power markets, with the UAE and Oman together around 6%.
- Roughly 90% of the network runs on grids priced by natural gas, coal, hydro or nuclear energy, limiting direct exposure to crude price swings.
- Luxor identifies revenue pressure from bitcoin’s market moves as the primary vulnerability for miners, not higher electricity costs.
- Hashprice hit an all-time low of $27.89 per PH/s/day in February, which Luxor attributes largely to a 23.8% drop in bitcoin’s price that month.
- CoinDesk reports oil has pushed past $100 on Middle East tensions and bitcoin held near $70,000, while Coindoo notes Iran-based capacity disruptions that the network’s difficulty adjustment can absorb.