Banking Giant JPMorgan Says Lowered Cost of Bitcoin Production May Hurt Its Price – Here’s Why
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Analysts at financial giant JPMorgan say the reduced cost of producing Bitcoin (BTC) may hurt the price of the leading digital asset. According to a new report, JPMorgan analysts say Bitcoin’s cost of production has dipped from $24,000 in June to $13,000 now, a decrease that may not be so great for the top crypto asset by market cap’s price. Strategists led by Nikolaos Panigirtzoglou find that the lowered cost of production is most likely due to a decline in electricity use, which they say is related to BTC miners deploying more efficient mining rigs rather than less-efficient miners leaving
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