Cost of Producing Bitcoin Dropped to around $13,000, says JPMorgan

The cost of producing Bitcoin has gone negative as it dropped from about $24,000 at the start of June to around $13,000 now, according to JPMorgan Chase & Co.

Bloomberg reported, citing a note from the Cambridge Bitcoin Electricity Consumption Index, strategists led by Nikolaos Panigirtzoglou, that the drop in the production cost estimate is almost entirely due to a decline in electricity use.
“They posit that the change is consistent with efforts by miners to protect profitability by deploying more efficient mining rigs, as opposed to a mass exodus by less efficient miners. They also say it could be seen as …

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