With the announcement of the US inflation data, there was also a movement in the leading cryptocurrency Bitcoin (BTC). However, American banking giant JPMorgan stated that the cost of producing one Bitcoin has dropped to $13,000. It was reported that the decrease was mainly related to the decrease in electricity consumption.
JPMorgan: Bitcoin (BTC) Production Cost Drops
JPMorgan, one of the largest banks in the USA, which speaks on issues related to the crypto money industry and is frequently on the agenda, mentioned that the production cost of Bitcoin has decreased this time. He said it had dropped significantly. JPMorgan recently published a report suggesting that the cost of producing Bitcoin has dropped by 50 percent. The BTC production cost has dropped from $24,000 at the beginning of June 2022 to $13,000 as of now.
JPMorgan calculated the true value of Bitcoin based on the cost of production and reported that the fair value of Bitcoin was $38,000.
Also, as explained by Analyst Nikolaos Panigirtzoglou, the cost of production is used to measure the lowest possible level for the Bitcoin price during prolonged market downturns.
Finally, during the writing of the Bitcoin news, according to CoinGecko data; It is trading at $19,800.
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