Iran war oil shock more likely to affect Bitcoin miners through BTC price than energy costs, analysts say

Research from Luxor Technology's Hashrate Index indicates that geopolitical oil shocks, such as those stemming from disruptions in the Strait of Hormuz, are more likely to affect Bitcoin miners through volatility in the BTC price than through direct increases in their energy bills. This is because over half of the Bitcoin network runs on non-fossil energy sources, and crude oil is negligible as a direct fuel for mining. Furthermore, data suggests about 90% of global hashrate operates in electricity markets with minimal correlation to crude oil prices, as many major mining hubs rely on natural gas, coal, or hydro power. The primary risk stems from the macroeconomic consequences of high oil prices, which can increase inflation expectations and influence interest rates, potentially leading investors away from volatile assets like Bitcoin. This dynamic compresses hashprice (revenue per unit of computing power). Only about 8% to 10% of the network's hashrate operates in power markets closely tied to crude oil pricing.

(Source：The Block)