Oil prices have surged past $100, raising concerns for the Bitcoin network and miners about whether their power bills will increase. According to Luxor’s Hashrate Index, the direct impact on mining costs will be limited, but the macroeconomic consequences could significantly impact the industry. Luxor estimates that about 8 to 10 percent of global bitcoin hashrate operates in electricity markets where power prices are closely linked to crude oil. These operations are primarily in Gulf states such as the United Arab Emirates and Oman, with smaller contributions from Iran, Kuwait, Qatar and Libya. However, the remaining 90% of the network operates in regions where electricity prices are influenced by natural gas, coal, hydro or nuclear energy.