Luxor estimates 235 EH/s of Bitcoin mining capacity is idle, representing nearly a fifth of the total. Dollar-denominated hashprice surged 24.4% in August, rising from $31.63 to $39.33 per PH/s per day, driven by a 24.5% increase in Bitcoin’s price. Despite this improvement, the fleet consuming 25 to 38 joules per terahash generated roughly $45 per MWh on average, still below the estimated breakeven benchmark of $48. The end of Texas’s coincident peak season in September could bring intentionally curtailed capacity back online, increasing competition. The main risk is a margin trap: as miners restart operations, revenue gains from August could be eroded once enough operators make the same decision.
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