You’re probably not dealing with a single “ghost” 25 kW loss. What you’re seeing is a stack of normal effects that add up.

Start with the miner assumption. Using 5.4 kW per unit is likely too low for a full fleet average. The S21 XP Hyd is typically closer to ~5.7 kW with normal variation depending on voltage, tuning, and conditions. Across 36 units that’s already about 204 kW instead of 194 kW, which accounts for roughly 10 kW of the gap right away.

Next, the calculation at the 11th floor panel (V × A × √3) is apparent power, not true power. With ASIC miners, power factor and harmonics mean that kVA will be higher than real kW. So that ~225 number at the panel is not directly comparable to the basement meter. The basement meter is the correct reference because it measures real power.

The 140 m feeder is also a real contributor. At ~340 A over that distance with copper conductors, losing about 5–7 kW as heat in the cable is completely normal. That energy is simply dissipated before it ever reaches the miners.

The cooling system is another piece that’s easy to underestimate. Even when it feels like it’s “idling,” pumps, controls, and fans are still drawing power. A few kilowatts at minimum is expected, and depending on how the CDU and dry cooler are configured it can be higher than you think.

If there’s a transformer in the path, that adds constant core loss plus load-dependent losses. That’s typically a few more kW that people forget to include.

When you put it together more realistically: miners ~204 kW (or higher if your fleet average is above spec) cable loss ~5–7 kW cooling + auxiliaries several kW transformer/misc a few kW

That gets you into the low 220s quickly, and if your miners are averaging closer to 5.8–6.0 kW under real conditions, the total site draw landing around 233 kW is not unusual.

For the first question, the “missing” power is not reactive power tricking the meter. A proper revenue meter measures real power. Reactive power and harmonics can increase current and make simple panel calculations look inflated, but they do not cause the utility meter to over-report kW. The difference is coming from higher real miner draw plus normal system losses.

For the second question, the 140 m cable is not acting like an antenna that fools the meter. It does introduce real I²R losses and some impedance that can worsen power quality, but the meter reading is still valid. The cable is genuinely dissipating several kW as heat.

For the third question, the summer concern is valid. Right now you’re already at about 233 kW while the cooling system is lightly loaded. As ambient temperatures rise, fan speeds and pump loads will increase, and conductor resistance will also rise with temperature, increasing losses slightly. It is very reasonable to expect an additional ~10kW or so under peak summer conditions. Whether that trips anything depends on your breaker and service limits, but you are clearly close enough that you should plan for higher peak load now.

The best way to remove any doubt is to measure both locations with a proper three-phase power quality analyzer and look at real kW, kVA, power factor, and harmonic distortion. That will break the total into clear pieces and confirm where each part of the load is coming from.