Bitcoin Production Cost Dropped To $13K, Says JP Morgan

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Bitcoin production costs dropped from $24,000 to around $13,000 in June.

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Accroding to JPMorgan Chase & Co. this drop can harm the priciing of the token.

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The drop is prdicted by the decline in electricity use as proixed by the Cambidge Bitcoin Electricity Consumption Index.

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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.

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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.

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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%.

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The report also showed that miners dumped most of their Bitcoin holdings in June.

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