About 20% of Bitcoin mining power is offline, according to Luxor
Idle mining capacity reaches 235 EH/s
Mining services firm Luxor estimates that about 235 exahashes per second (EH/s) of Bitcoin mining hardware is currently idle. This represents roughly one‑fifth of the estimated total net ASIC capacity of 1,150 EH/s.
Key numbers
- Idle capacity: ~235 EH/s
- Total net ASIC capacity: ~1,150 EH/s
- Hashprice (revenue per PH/s per day) rose 24.4 % in August, from $31.63 to $39.33.
- Bitcoin price rose 24.5 % in the same period, from $62,889 to $78,312.
- Less efficient fleet (25‑38 J/TH) earned about $45/MWh on average, below the $48/MWh benchmark, but exceeded it on 11 days.
- Block time in August averaged 9 min 34 s; difficulty increased 1.31 % on September 5.
Luxor’s analysis
Luxor’s August report groups idle machines into four categories: uneconomic, deliberately curtailed, in transit, and under maintenance. The report notes that improved mining economics in August—driven by higher Bitcoin prices and a rise in hashprice—could make some of these machines profitable to restart. However, the report also warns that as more operators bring equipment back online, competition may cut revenue gains, especially for less efficient hardware facing high electricity costs.
Industry context
Blockchain.com explains that the exact hash rate of the Bitcoin network is unknown and must be inferred from mining difficulty and block discovery rates. Daily fluctuations can arise from random block timing, and smoothing techniques cannot distinguish between miners who are financially distressed and those who are temporarily avoiding expensive electricity periods.
What is confirmed
- Luxor’s estimate of 235 EH/s idle capacity.
- Hashprice increased 24.4 % in August, from $31.63 to $39.33 per PH/s per day.
- Bitcoin price rose 24.5 % in August, from $62,889 to $78,312.
- Block time averaged 9 min 34 s in August; difficulty rose 1.31 % on September 5.
Uncertainties
- The exact amount of capacity that will restart at any given hashprice is unknown because Luxor does not break down the idle categories.
- Future Bitcoin price and electricity cost movements could affect the profitability of restarting machines.
Potential impact
If a significant portion of the idle 235 EH/s returns to operation, the overall network hash rate could rise, increasing competition among miners and potentially lowering individual miner margins, especially for older, less efficient equipment.
Next steps
Analysts will watch sustained hash‑rate data, difficulty adjustments, and operator disclosures to see whether the idle capacity actually comes back online.
