JP Morgan Claims Drop In Bitcoin Production Cost Is Negative For BTC Price
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....
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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's production cost is dropping, and price action often rebounds to new highs if it dips below it, data shows. China's crackdown on Bitcoin (BTC) mining may have unintended benefits for BTC price action, one analyst suggests.In a tweet on June 18, Charles Edwards, CEO of investment firm Capriole, argued that the Chinese miner exodus was already lowering Bitcoin's potential price floor.Don't believe the China FUDAs a shake-up sees Bitcoin hashing power redistributed away from China, Bitcoin's electrical cost — the combined cost of keeping the network running — is dropping.As Edwards....
Bitcoin price is trading lower today after forming another rounded wave top. Analysis considers mining production costs and the historical relationship of market price to this fundamental metric. Bitcoin price has continued rolling over a rounded top. As outlined in yesterday’s analysis post, downside support may be found at the local rising trendline near $440. If price bounces at this level then the market may resume the journey toward resistance at $470. Continuing decline below support opens up $400 and potentially $370, we’ll need to ascertain the degree of the next declining wave to....
JP Morgan’s analysts say that the U.S. Securities and Exchange Commission (SEC) approving a bitcoin exchange-traded fund (ETF) is likely negative for bitcoin in the near term. There is optimism around the prospect of the SEC approving a bitcoin ETF under new leadership, the analysts say. SEC Approving Bitcoin ETF Could Be Negative JP Morgan published a report on Friday that discusses the impact of an SEC-approved bitcoin ETF on the bitcoin market. “Optimism around the prospect of the SEC approving a bitcoin ETF in the US this year has risen in anticipation of SEC leadership....
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 […]