A method for dynamically adjusting the power consumption of a multi-carrier receiver and a multi-carrier receiver with dynamically power adjustment. The method includes receiving a multi-carrier signal, wherein the multi-carrier signal comprises a plurality of sub-carriers. Channel characteristics of each sub-carrier are estimated according to the demodulated multi-carrier signal. ICI is estimated from the demodulated multi-carrier signal. A system performance is detected. The estimated ICI is subtracted when the ICI exceeds an ICI threshold and the system performance is less than a system performance threshold. The demodulated multi-carrier signal is then equalized is based on the estimated channel characteristics, and the system performance is updated according to the equalized multi-carrier signal.