Sunday, December 22, 2024
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JPMorgan named the cost of mining one bitcoin

Investment bank JPMorgan Chase has changed its forecast for the cost of mining the first cryptocurrency, The Block reports. According to analysts, in order to mine 1 BTC you need $18,000 compared to $21,000 previously.

Experts made this assessment after reviewing the methodology of the Cambridge Bitcoin Electricity Consumption Index (CBECI).

“The current cost of Bitcoin mining has decreased to approximately $18,000 using the new method versus $21,000 using the old method. Accordingly, changes in electricity prices will now have less impact on the cost of Bitcoin mining,” analysts note.

Previously, a change in the cost of electricity by one cent per kWh led to a change in the cost of Bitcoin mining by $4,300. However, after a revision of the CBECI methodology, this figure dropped to $3,800, experts said.

They added that electricity price sensitivity will mechanically double after the 2024 halving.

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Source INCRYPTED
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