According to the American investment bank JPMorgan Chase & Co., the production cost of Bitcoin could drop as low as $13,000, and this could have a negative impact on Bitcoin prices.
Bloomberg’s 14 july According to the information in the news dated JPMorgan Chase & Co. In his statements, the production cost of Bitcoin at the beginning of June approximately 20,000 He said it was worth the dollar. Also, the company that it may fall as low as $13,000 in the current period. and low costs may adversely affect prices. told.
Nikolaos Panigirtzoglou led by strategistsin the report they published on Wednesday, almost all of the decrease in the production cost estimate Cambridge Bitcoin Electricity Consumption Index as represented by from a decrease in electricity use stated that it was due.
change, inefficient miners. withdraw from the market and this gap will be further miners with efficient devices attributed to the filling. In addition, the group led by Nikolaos an obstacle to rising prices He suggested that it might.
On the reduction in production costs, entrepreneurs:
Efficient machines increase the profitability of miners and ease pressures to sell Bitcoin to increase liquidity or reduce leverage, but the cost of production is used by some market participants as the lower end of the Bitcoin price range in a bear market, which could cause prices to slack further.
said.
Bitcoin has been continuing its decline since November. The market plunged into chaos with the bankruptcy of high-profile companies such as Terra/Luna and Three Arrows Capital. 75% dropped. mining company Core Scientific Inc.’s In its monthly update released on July 5, He sold a high portion of his Bitcoin holdings in June. showed.
Marathon Digital Holdings Inc. and Riot Blockchain Inc. public companies such as Its shares also lost more than 70% in value during this period..