Luxor Experts: US Electricity Rate Surge Cuts Miners’ Profits

Analysts at Luxor report that soaring power tariffs in several southern US states significantly impacted miner profitability. They estimate electricity prices rose by an average of 25% during a cold snap, causing some mining activities to become unprofitable for 10–12 hours a day.

The report specifies that total active rig capacity nationwide fell by about 7%, as operators switched off devices temporarily. In Texas, one of the leading mining hubs, downtime reached 30%, when the grid faced peak loads driven by frigid weather.

Luxor experts noted this scenario recurs occasionally in winter, but this season’s severity was the highest in three years. While miners may ramp back up post-cold-spell, overall industry losses are projected in the range of $15–20 млн.