Since the beginning of the summer of 2022, the cost of Bitcoin mining has fallen from $24 thousand to $13 thousand, which will negatively affect the rates of digital assets and cryptocurrencies, according to a statement from the bank’s representatives. The drop in the cost of mining is primarily due to a decrease in energy consumption, since large miners are gradually putting into operation modern energy-saving equipment.
The news about the reduction in energy consumption by miners will not add optimism for hodlers due to the perception by the market of the cost of Bitcoin mining as a lower threshold for the value of the coin. The fall in BTC prices has had an extremely negative impact on the share price of major industry representatives since the beginning of this year, whose securities have fallen by an average of 80%.
A positive moment in the wake of negative news, according to JPMorgan experts, is the fact of a revival in the venture capital investment market, which is very important for the entire cryptocurrency sector.