Bitcoin Mining Costs: Limited Impact from Oil Price Shocks

According to NS3.AI, Luxor has reported that approximately 8–10% of the global Bitcoin hashrate operates in power markets closely linked to crude oil, which minimizes the direct impact of oil price fluctuations on mining costs. The remaining 90% of miners are situated in regions where electricity prices are determined by natural gas, coal, hydropower, or nuclear energy. Luxor further noted that if a geopolitical event were to drive oil prices above $100 per barrel, the resulting pressure on Bitcoin prices would likely have a more significant effect on miners than changes in electricity rates.