JPMorgan Adjusts Bitcoin’s Production Cost: What This Means For BTC And Its M...
Recent adjustments by JPMorgan in its estimation of Bitcoin’s production costs have garnered attention. Previously standing at $21,000, JPMorgan’s revised Bitcoin production cost has now been pegged at $18,000. This move is closely tied to the Cambridge Bitcoin Electricity Consumption Index’s (CBECI) decision to update its methodology, highlighting the interconnectedness of financial analyses and industry metrics. Notably, the CBECI is known for its critical role in tracking and estimating the electricity consumption of the Bitcoin network. Related Reading: Analyst:....
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The recent crypto winter has affected miners negatively to the extent that many sold off their Bitcoin and other crypto holdings. In addition, many of these miners could not even pay their loans since their rigs’ values plummeted. As the price falls, there have been a lot of losses for them, given the cost of producing BTC. But now, recent events show that even the cost of producing the crypto for miners has also dropped. Recent news states there has been a 50% dip in the cost of producing Bitcoin. JP Morgan Chase & Co stated this in a recent report. JPMorgan Chase & Co is an....
Bitcoin and the crypto market are at the beginning of a healing process, JPMorgan analysts say in a note. Bitcoin’s (BTC) weekend dance between $30,000 and $34,000 seems to strengthen the short-term uncertainty narrative, as JPMorgan strategists believe the cryptocurrency market is not yet healthy.A Friday note from the JPMorgan Chase team suggested that the near-term setup for Bitcoin still looks challenging. Based on the on-chain data, JPMorgan strategists said that “there is likely still an overhang of underwater positions which need to be cleared through the market.” JPMorgan lists the....
It now costs less to mine a single Bitcoin which could help to reverse the falling profitability trend while lowering power demands on the network. The cost of mining one Bitcoin (BTC) has fallen to ten-month lows as mining hardware becomes more efficient, and difficulty has dropped 6.7% since its May peak.On July 13, strategists from JPMorgan led by Nikolaos Panigirtzoglou told investors that Bitcoin production costs have fallen to around $13,000 from $24,000 at the beginning of June. This is the lowest it has been since September 2021, according to the analysts citing a chart from....
Bitcoin price is barely above $20,000 per coin – a shock to most new and long-time holders of the cryptocurrency alike. The selloff took the cryptocurrency back down to its production cost, which has acted as a bottom in the past. In this article we’ll take a closer look at the cost to produce each […]
Data shows the cost of mining Bitcoin has now surged up to $19.3k, something that could spell doom for the miners. Bitcoin Difficulty Regression Model Shows Cost Of Production Now $19.3k As per the latest weekly report from Glassnode, the cost of BTC production has gone up recently due to the hashrate and difficulty setting […]