HomeCryptoThe bank "JPMorgan" estimates the production cost of one Bitcoin at $45,000...

The bank “JPMorgan” estimates the production cost of one Bitcoin at $45,000 dollars


The American bank “JPMorgan” has modified its estimate focused on the cost of production of one unit of the popular cryptocurrency “Bitcoin” (BTC) to $45,000. This, from the previous projection of $42,000, amid a slow change in the network’s mining hashrate.

“Previously, we anticipated a significant drop in hashrate post-halving as unprofitable BTC miners leave the Bitcoin network. This seems to be happening, although with some delay. JPMorgan analysts led by Nikolaos Panigirtzoglou expressed this Thursday in a report.

“The current hashrate and energy consumption put our central estimate of the cost of Bitcoin production at around $45,000, i.e. well below current prices of around $65,000,” the analysts added.

It should be noted that in February of this year, JPMorgan analysts estimated that the cost of producing one BTC was $42,000. Consequently, they also estimated $42,000 as the target price for Bitcoin, once the Halving-induced euphoria subsides after April.

Currently, Bitcoin is trading at $65,275.44 dollars, accumulating gains in the last 365 days of more than 140%. Fountain: CoinMarketCap

On the other hand, Nikolaos Panigirtzoglou pointed out that although the current estimate of the production cost of Bitcoin is $45,000, the target price of Bitcoin is still maintained at around $42,000 in the medium term.

“We have an estimate of $45,000 at the moment, but this current estimate could change as the hash rate and efficiency of mining equipment evolves.” Panigirtzoglou indicated. “Things will take some time to stabilize,” she added.

The “Runes protocol” temporarily boosted Bitcoin rates, but the subsequent drop dragged down unprofitable miners

On the other hand, JPMorgan analysts referred to the launch of the “Runes protocol”, which caused a temporary increase last month in BTC transaction fees, offering miners an increase in income after the reduction event. half of the Bitcoin network.

“However, Runes’ momentum proved short-lived, as user activity and rates dropped dramatically over the past week or two. “This highlights the current challenge that Bitcoin miners face in maintaining a sustainable source of income, particularly in the post-Halving environment.” The analysts expressed.

Additionally, analysts also noted that as enthusiasm for the Runes protocol dissipated and the temporary boost for Bitcoin miners slowed, power consumption on the network decreased more than hashrate, indicating the departure of miners. unprofitable with inefficient configurations.

It should be noted that this exodus is part of a “natural feedback cycle”, linked to Bitcoin prices, according to analysts.

“The more Bitcoin prices fall, the greater the number of unprofitable miners who are pressured to leave the network and the greater the resulting decline in BTC hashrate and mining production cost.” The report said.

However, JPMorgan forecasts “limited upside” in the future Bitcoin price due to several “previously identified headwinds,” including limited inflows into US spot Bitcoin ETFs and low demand for ETFs. of Bitcoin and Ethereum spot from Hong Kong.

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