Hashrate Index reports that the impact of oil price fluctuations on Bitcoin mining economics is limited, with only about 6%–10% of global hash power located in regions where electricity prices are closely tied to oil prices, such as the UAE and Oman. The remaining 90% of hash power is in areas primarily reliant on hydroelectric, coal, or natural gas power, which are less affected by oil price changes. The report highlights that the real risk to miners from rising oil prices is the potential macroeconomic pressure that could lower Bitcoin prices, thereby reducing miner revenue (hashprice). In February 2026, the USD hashprice hit a historic low of $27.89 per PH/s per day, driven by a 23.8% drop in Bitcoin prices.