JPMorgan: Production Cost of Bitcoin (BTC) Drops
Speaking on issues related to the crypto money industry and frequently coming to the fore, JPMorgan, one of the largest banks in the USA, stated that the production cost of Bitcoin has decreased significantly this time.
Bitcoin (BTC) Commentary from JPMorgan
The leading cryptocurrency Bitcoin wants to recover and return to its former levels with its decline. With this dream, the cost of Bitcoin production has also decreased. American banking giant JPMorgan stated that the cost of producing one Bitcoin has dropped to $13,000. It was reported that the decrease was mainly related to the decrease in electricity consumption.
Recently, JPMorgan published a report stating that the cost of Bitcoin production has dropped by 50 percent. According to the report in question, the cost of BTC production decreased from $24,000 in June 2022 to $13,000. On the other hand, it was emphasized that this is not a positive development for the Bitcoin price.
JPMorgan calculated the true value of Bitcoin based on the cost of production and reported that the fair value of Bitcoin was $38,000.
Also, to remind you, last June, JPMorgan said that sales of Bitcoin miners could continue to suppress the price. JPMorgan had warned BTC investors to be prepared for more pressure.