Analysis: Limited Impact of Iran War Oil Shock on Bitcoin Miners, Price Risk Greater Than Energy Cost Risk

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Deep Tide TechFlow News, March 13, reports that according to Hashrate Index analysis by Luxor Technology, the impact of the oil price shock caused by the Iran conflict on Bitcoin miners mainly manifests in Bitcoin price fluctuations rather than rising energy costs.

Data shows that about 90% of global Bitcoin hash rate operates in countries where the correlation between electricity prices and crude oil prices is very low. Major mining countries like the United States, Russia, and China mainly rely on natural gas, coal, or hydropower, with only about 8% to 10% of hash rate directly affected by oil prices. Analysts believe that the greater risk of rising oil prices lies in increasing inflation expectations and affecting interest rate trends, which can suppress Bitcoin prices and put pressure on miners’ hash price earnings.

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