Bitcoin Mining Cost Drops to $45K as Inefficient Miners Exit: JPMorgan
Summary
JPMorgan's research report states that Bitcoin's current hashrate and power consumption suggest a mining cost of around $45,000, down from over $50,000. The bank anticipated a hashrate drop after the halving, which is now happening with a delay, likely due to the Runes protocol launch. As the Runes hype faded, power consumption on the network fell more than the hashrate, indicating the exit of unprofitable miners. JPMorgan also notes a feedback loop with bitcoin prices affecting miner numbers and production costs. The report sees limited upside for bitcoin in the near term due to various headwinds.
