TechFlow News, March 13: According to a report by The Block, Hashrate Index—owned by Luxor Technology—analyzed that the oil price shock triggered by the Iran conflict impacts Bitcoin miners primarily through Bitcoin price volatility, rather than rising energy costs.
Data shows that approximately 90% of global Bitcoin hashrate operates in countries where electricity prices exhibit extremely low correlation with crude oil prices. Major mining nations—including the U.S., Russia, and China—largely rely on natural gas, coal, or hydropower; only about 8%–10% of global hashrate is directly affected by oil prices. The analysis suggests that the greater risk posed by rising oil prices lies in their potential to heighten inflation expectations and influence interest-rate trajectories, thereby suppressing Bitcoin’s price and pressuring miners’ hashrate revenue (hashprice).
