Bitcoin Production Cost Dropped To $13K, Says JP Morgan
Bitcoin production costs dropped from $24,000 to around $13,000 in June.
Accroding to JPMorgan Chase & Co. this drop can harm the priciing of the token.
The drop is prdicted by the decline in electricity use as proixed by the Cambidge Bitcoin Electricity Consumption Index.
BTC recorded its ATH at $69,000 in Novmber and had been down by 60% till date after the Federal Reserve increased the interest rate to curb inflation.
JPMorgan’s strategist said last month that sales of Bitcoin by miners could pressure the price into the third quarter as the operations boost liquidity, meet costs and possibly deleverage.
As per miner core’s report, publicly traded miners have struggled along with digital assets, Marathon Digital Holdings Inc.is down 76%, Riot Blockchain Inc. has dropped 78%.
More Crypto Stories
The report also showed that miners dumped most of their Bitcoin holdings in June.