- According to JPMorgan, the cost of mining one bitcoin is $18,000.
- This forecast was made after reviewing the Cambridge Energy Consumption Index methodology of the bitcoin network.
The investment bank JPMorgan Chase has changed its forecast on the cost of mining the first cryptocurrency, The Block reports. According to analysts, to mine 1 BTC it takes $18,000 compared to $21,000 previously.
This estimate was made after reviewing the methodology of the Bitcoin network’s Cambridge Energy Consumption Index (CBECI).
“The current cost of bitcoin mining has decreased to approximately $18,000 under the new methodology, compared to $21,000 under the old one. Therefore, changes in electricity prices will now have a smaller impact on the cost of bitcoin mining,” the analysts note.
Previously, a change of one cent in the price of electricity per kilowatt-hour caused a change of $4,300 in the cost of mining bitcoin. However, after reviewing the CBECI methodology, this figure was reduced to $3,800, according to experts.
They added that electricity price sensitivity will mechanically double after the halving in 2024.
Recall that previously, JPMorgan stated that bitcoin miners are investing in AI to diversify risks.
