Here is what $100 oil means for Bitcoin network

Research shows that only 8% to 10% of global Bitcoin hashrate runs in oil-sensitive power markets, suggesting that geopolitical shocks may affect BTC prices more than mining costs. What to know : Luxor estimates that only 8 to 10 percent of global Bitcoin computing power is located in electricity markets linked to crude prices, mainly in Gulf countries such as the UAE and Oman. Luxor argues that geopolitical shocks pushing oil above $100 are more likely to impact mining through Bitcoin’s price rather than electricity costs.