JPMorgan (JPM) said in a research report on Thursday that the current hash rate and power consumption on the Bitcoin (BTC) network would bring the estimated mining cost from more than $50,000 to around $45,000. He said it was suggested.
The bank said it had previously expected hashrate to drop significantly after the halving as unprofitable miners exit the network. This is currently happening, but with some delays.of Half-life once every 4 yearsAn issue arose last month that slowed the growth rate of Bitcoin supply as miners' rewards were cut by 50%.
hash rate Refers to the total computing power used to mine and process transactions. proof of work blockchain. The reason for the delay is probably rune protocola new form of token creation on the network, temporary spike The report will include transaction fees.
Analysts led by Nikolaos Panigirtzoglou said, “This led to a temporary increase in miner revenues immediately following the Bitcoin halving,” adding, “Bitcoin miners are expected to experience a loss in issuance fees due to the halving. “We were able to offset this by the rise in transaction fees, and were able to continue in the future.” Block rewards to miners remain largely unchanged. ”
“However, Rune's momentum proved short-lived, as user activity and fees declined dramatically over the past week or two,” the authors write, “This suggests that sustainable resources “This highlights the continuing challenges faced by Bitcoin miners to sustain their Bitcoin operations.” Earnings will improve, especially in a post-halving environment. ”
As the Rune hype fades and the temporary boost to miners disappears, power consumption on the network has fallen below the hashrate, which has led to the exit of unprofitable miners using inefficient rigs. the bank said.
There is also a feedback loop regarding Bitcoin price. “The more Bitcoin prices fall, the more unprofitable miners will be pressured to exit the Bitcoin network, resulting in a greater decline in hashrate and Bitcoin production.” [mining] cost,” the report added.
JPMorgan sees limited upside potential for Bitcoin in the short term due to several headwinds identified so far, including a lack of positive catalysts and a dissipation of retail impulse.
