The recent crypto winter has affected miners negatively to the extent that many sold off their Bitcoin and other crypto holdings. In addition, many of these miners could not even pay their loans since their rigs’ values plummeted. As the price falls, there have been a lot of losses for them, given the cost of producing BTC. But now, recent events show that even the cost of producing the crypto for miners has also dropped. Recent news states there has been a 50% dip in the cost of producing Bitcoin. JP Morgan Chase & Co stated this in a recent report. JPMorgan Chase & Co is an American-based multinational investment bank. BTC Production Cost Drops To $13,000 Strategists headed by Nikolaos Panigirtzoglou at Wall Street banking announced the plunging of BTC production costs. According to the report, the Bitcoin production cost as of June 2022 was $24,000. But currently, the production cost stands at $13,000. The strategists added that this could, in turn, hurt the prices of digital tokens. Suggested Reading | Avalanche Notches Solid Mid-Week Bounce – Can AVAX Sustain The Positive Noise? They also cited that the primary cause of the decline in the production cost can be traced to the limited use of electricity. This report was drawn from the Cambridge Bitcoin Electricity Consumption Index data. As per JPMorgan, this can also affect the price of Bitcoin, looking at the present bearish trend of the digital currenc...
$285 Million in Bitcoin Shorts Wiped Out
