Development of low-orbiting constellations stimulated the demand for low-power Hall thrusters, as well as their accompanying low-current hollow cathodes. In this paper, such cathodes were tested on quite low currents to search their self-sustaining limit, and were found to exhibit an ultra-low frequency instability at lower current limit. The instability would grow fast when the cathode current was below 0.3A, and oscillate on 0.1Hz to a few Hz with a visibly blinking plume. At the same time, the emitter temperature was fluctuating with a 15 °C peak-to-peak amplitude. The instability was confirmed to originate from the cathode interior, as a result of depleted plasma heating. Then the thermionic cathode had to rely mainly on neutral gas to heat the emitter. Because thermionic emission was in exponential relation with emitter temperature, the temperature fluctuation was then amplified to cause larger fluctuation in total current as well as in total discharge power, which led to deeper fluctuation in temperature. Regarding the heating of both neutral gas and emitter, an instability model showed that multiple unnoticed factors could determine the onset of instability, including the thermal inertia of neutral gas and emitter, the heat transfer from discharging plasma to neutral gas, the heat loss of cathode and the response time of power supply. As a result of this instability, the plume ion energy was elevated from <50eV to 30∼120eV due to the fluctuating density on cathode exit and fluctuating discharge voltage. It was estimated that the increased ion energy could accelerate the keeper erosion by 4∼22 times.