Bitcoin Mining Costs Down by 50% Since June: JP Morgan Strategists

Azeez Mustapha


Unlock Daily Forex Signals

Select a Plan


1 - month



3 - month



6 - month






Separate Swing Trading Group



Get VIP forex signals, VIP crypto signals, swing signals, and forex course free for lifetime.

Just open an account with one our affiliate broker and make a minimum deposit: 250 USD.

Email [email protected] with a screenshot of funds on account to get access!

Sponsored by

Sponsored Sponsored

Service for copy trading. Our Algo automatically opens and closes trades.


The L2T Algo provides highly profitable signals with minimal risk.


24/7 cryptocurrency trading. While you sleep, we trade.


10 minute setup with substantial advantages. The manual is provided with the purchase.


79% Success rate. Our outcomes will excite you.


Up to 70 trades per month. There are more than 5 pairs available.


Monthly subscriptions begin at £58.

As the price of Bitcoin (BTC) remains under bearish pressure, strategists at behemoth financial institution JP Morgan Chase & Co. have revealed that the cost of minting new Bitcoins has declined by almost 50% in the past month.

In a note published by the Nikolaos Panigirtzoglou-led strategy department at JPM yesterday, the Bitcoin production cost currently hovers around $13,000, a notable fall from $24,000 recorded at the beginning of June. The strategists highlighted in the report that this decline in production cost could afflict the value of the benchmark cryptocurrency.

The Panigirtzoglou-led department further explained in the note that the decline in production cost is likely due to a drop in electricity use according to statistics from the Cambridge Bitcoin Electricity Consumption Index.

The JPM strategists explained that the drop in electricity use is a ploy by BTC miners to remain profitable by using only energy-efficient mining rigs instead of a mass migration of less efficient miners. However, this strategy could create a massive stumbling block against any meaningful price gains for Bitcoin. The strategists explained:

“While clearly helping miners’ profitability and potentially reducing pressures on miners to sell Bitcoin holdings to raise liquidity or for deleveraging, the decline in the production cost might be perceived as negative for the Bitcoin price outlook going forward. The production cost is perceived by some market participants as the lower bound of the Bitcoin’s price range in a bear market.”

Key Bitcoin Levels to Watch — July 14

As previously projected, Bitcoin suffered another dip to the $19,000 low after breaching the $20,000 level on Monday. The benchmark cryptocurrency managed to put up a fight, rising on the hot US inflation figures yesterday but could not manage a push above the 100 EMA line around $20,500, prompting another leg down.

BTCUSD – 4-Hour Chart on Gemini. Source: TradingView.

That said, I expect to see another retest of the $19,000 base before the weekend, where a possible continuation to the mid-$18,000 area could unfold. Overall, bears have $17,000 in sight and could attempt this level in the coming days.

Meanwhile, my resistance levels are at $20,700, $21,000, and $22,000, and my key support levels are at $19,000, $18,000, and $17,000.

Total Market Capitalization: $897.4 billion

Bitcoin Market Capitalization: $384.5 billion

Bitcoin Dominance: 42.7%

Market Rank: #1


You can purchase Lucky Block here. Buy LBlock

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit

Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

Leave a Reply

Your email address will not be published. Required fields are marked *