JPMorgan: the cost of Bitcoin mining dropped to $13,000
Investment bank experts believe it could impede the growth of crypto asset prices.
According to Bloomberg, the cost of mining bitcoin has fallen from $24,000 in early June to the current $13,000. The decline in the cost of mining the first cryptocurrency is due to lower energy consumption, JPMorgan analysts say, citing the Cambridge Bitcoin Electricity Consumption Index. The price change is due to the introduction of more and more energy-efficient equipment by giant miners.
Lower production costs could be perceived as negative news for Bitcoin's price. According to analysts, the cost of production is perceived by some market participants as the lower boundary of the price range of the first cryptocurrency.
The drop in revenues from cryptocurrency mining and the bitcoin exchange rate in recent months has significantly affected the financial position of mining companies. The report also notes that securities of major industry representatives have shown significant declines since the beginning of the year: shares of Marathon Digital Holdings fell by 76%, Riot Blockchain - by 78%, and Core Scientific - by 86%.
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