JPMorgan: the cost of bitcoin production has fallen to $ 13,000
According to JPMorgan investment bank, the cost of producing bitcoin has fallen to about $13,000 from $20,000 in early June, as miners struggle with a bear market and mining efficiency increases.
According to JPMorgan strategists led by Nikolaos Panigirtsoglu, the drop in the cost of bitcoin production is due to "a decrease in electricity consumption caused by the Cambridge Bitcoin Electricity Consumption Index, while the hashrate fluctuated without a clear downward trend."
While an increase in profitability means that miners can put less pressure on them to sell their bitcoin holdings for liquidity purposes, a drop in production costs can be seen as negative for the overall price of bitcoin, JPMorgan added in a note to clients.
"The reduction in the cost of production can be perceived as negative for the bitcoin price forecast to the extent that the cost of production is perceived by some market participants as the lower limit of the bitcoin price range in a bear market."
https://coin-signal.com/cryptonews/jpmorgan-the-cost-of-bitcoin-production-has-fallen-to-13000/
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