TechFlow news: JPMorgan has raised its central estimate of Bitcoin production costs from the previous $42,000 to $45,000 due to changes in Bitcoin mining hash rate.
"We previously expected a significant decline in Bitcoin hash rate following the halving, as unprofitable miners exited the Bitcoin network. This scenario appears to be unfolding, albeit with some delay," JPMorgan analysts wrote in a report on Thursday. They added, "Current hash rate and energy consumption place our central estimate of Bitcoin production costs at around $45,000—well below the current price of approximately $65,000."
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