TechFlow news, according to The Block, JPMorgan has revised downward its estimate of Bitcoin's production cost following recent updates to the methodology of the Cambridge Bitcoin Electricity Consumption Index (CBECI).
JPMorgan analysts, led by Nikolaos Panigirtzoglou, noted in a report on Wednesday: "Using the new methodology, the current Bitcoin production cost has dropped to approximately $18,000, compared to $21,000 under the old method." The analysts also pointed out that, as a result, changes in electricity prices now have a smaller impact on Bitcoin mining costs.
Earlier reports indicated that the Cambridge Bitcoin Electricity Consumption Index had formally updated its methodology for the first time since its launch in 2019.
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