Hope

Bitcoin

Block

Polygon

<ul>
 <li>After the halving, the crypto community expected the hashrate to fall sharply.</li>
 <li>In February, experts predicted that mining a single bitcoin will cost $42,000.</li>
</ul>
In response to a change in the bitcoin mining hashrate, <a href="https://thenewscrypto.com/jpmorgan-cautious-on-crypto-market-amid-retail-investor-pullback/" target="_blank" rel="noopener noreferrer nofollow">JPMorgan</a> has raised its primary estimate of the cost to produce one bitcoin from $42,000 to $45,000.
After the halving, the crypto community expected the <a href="https://www.coinwarz.com/mining/bitcoin/hashrate-chart" target="_blank" rel="noopener noreferrer nofollow">hashrate</a> to fall sharply as miners who couldn’t make a profit would leave the network. The team of analysts at JPMorgan headed by <a href="https://uk.linkedin.com/in/nikolaos-panigirtzoglou-5012975" target="_blank" rel="noopener noreferrer nofollow">Nikolaos Panigirtzoglou</a> released a report on Thursday stating that this is occurring, albeit at a slow pace.
The analysts stated:
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 “The current hashrate and power consumption put our central estimate of the bitcoin production cost to around $45,000, i.e., well below current prices” of around $65,000.
</blockquote>
<h3 class="wp-block-heading" id="h-hash-rate-and-mining-efficiency">Hash Rate and Mining Efficiency</h3>
In February, experts predicted that mining a single <a href="https://thenewscrypto.com/polygon-matic-shows-promising-signs-as-bitcoins-surge-reignites-hope/" target="_blank" rel="noopener noreferrer nofollow">bitcoin</a> will cost $42,000. Therefore, they also predicted that, as the halving-induced excitement fades in April, the price of bitcoin would reach $42,000.
In response to a question about whether JPMorgan anticipates a price increase for bitcoin to $45,000 (the current estimate), Panigirtzoglou informed The Block that, although the current estimate is $45,000, it still maintains the $42,000 level for the medium term.
Panigirtzoglou stated:
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 “The production cost estimate is a function of the hashrate and mining equipment efficiency, which are in a state of flux post-halving. We get a $45,000 estimate at the moment (which is slightly different from the $42,000 we envisage as things settle over time), but this $45,000 current estimate would change as the hash rate and mining equipment efficiency evolve.”
</blockquote>
Once mining efficiency and hash rate stabilise, the analysts anticipate a medium production cost target of $42,000. As an additional note, Panigirtzoglou said that things would need time to settle.
Highlighted Crypto News Today:
<a href="https://thenewscrypto.com/polygon-matic-shows-promising-signs-as-bitcoins-surge-reignites-hope/" target="_blank" rel="noopener noreferrer nofollow">Polygon (MATIC) Shows Promising Signs as Bitcoin’s Surge Reignites Hope</a>

JPMorgan Raises Bitcoin Production Cost Estimate to $45K from $42K

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