Abstract-Unique interactions between soil and communication components in wireless underground communications necessitate revisiting fundamental communication concepts from a different perspective. In this paper, capacity profile of wireless underground (UG) channel for multi-carrier transmission techniques is analyzed based on empirical antenna return loss and channel frequency response models in different soil types and moisture values. It is shown that data rates in excess of 124 Mbps are possible for distances up to 12 m. For shorter distances and lower soil moisture conditions, data rates of 362 Mbps can be achieved. It is also shown that due to soil moisture variations, UG channel experiences significant variations in antenna bandwidth and coherence bandwidth, which demands dynamic subcarrier operation. Theoretical analysis based on this empirical data show that by adaption to soil moisture variations, 180% improvement in channel capacity is possible when soil moisture decreases. It is shown that compared to a fixed bandwidth system; soilbased, system and sub-carrier bandwidth adaptation leads to capacity gains of 56%-136%. The analysis is based on indoor and outdoor experiments with more than 1, 500 measurements taken over a period of 10 months. These semi-empirical capacity results provide further evidence on the potential of underground channel as a viable media for high data rate communication and highlight potential improvements in this area.