JPMorgan has recalculated the estimated producing price to be $45,000, as opposed to the older estimate of $42,000, in light of fluctuating Bitcoin mining rates.
In the words of an analyst at JPMorgan, Nicolaos Panigirtzoglou, they were of the understanding that for Bitcoin miners, the whole deal was becoming non-lucrative, compelling them to leave. However, the present calculation pegs the producing price to be $45,000, which is a lot lower than the quoted price of $65,000 earlier.
Earlier on, the analysts were under the impression that the producing of a single Bitcoin cost $42,000, Subsequently, they considered $42,000 to be the pricing aim of Bitcoin at a time when the halving factor dies down post April.
When questioned about JPMorgan anticipating an increase in the pricing of Bitcoin, since they had mentioned the $45,000 figure, Panigirtzoglou retorted that though the current Bitcoin producing price was remaining at $45,000, the $42,000 mark is significant for the middle factor.
He added that the producing price is linked to fluctuations and the effectiveness of mining tools, which are confusing after the halving scenario. He feels there will be further changes. They are closely holding on to the $42,000 figure until the dust settles.
Incidentally, the introduction of the Bitcoin Runes paved the way for increased Bitcoin transaction fees, providing miners with a rise in revenue collections after the halving factor. However, this came to a sudden end.
All of these situations seemingly had a somewhat negative influence on the miner’s expectations, and most of them decided to make their exit. Despite it all, hopes are being held high that the circumstances will inevitably change.
